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re: My 20 year old son will be bringing in 40-50k per month for the foreseeable future.
Posted on 6/6/25 at 5:41 pm to JackDempsey
Posted on 6/6/25 at 5:41 pm to JackDempsey
(no message)
This post was edited on 6/6/25 at 5:53 pm
1
Posted on 6/6/25 at 5:46 pm to Woolfpack
quote:
He needs to put college on hold and work to retain his position in this group.
From what I understand he’s pretty high up within this group and has the second highest payout percentage, second to the lead coder who is at 10%. Everyone else is under 5%.
He also wants to finish school. He still works waiting tables, in addition to doing this gaming work. I’ve had him doing restaurant work since he was 15.
Posted on 6/6/25 at 5:48 pm to Asleepinthecove
Fantastic. Best of luck to your son and you. Congratulations!
Posted on 6/6/25 at 6:01 pm to Asleepinthecove
I guess I was thinking he would feel the need to learn if this is a repeatable.
Sounds to me like you’ve raised a responsible young man. Congratulations.
Sounds to me like you’ve raised a responsible young man. Congratulations.
Posted on 6/6/25 at 6:07 pm to Woolfpack
quote:
I guess I was thinking he would feel the need to learn if this is a repeatable. Sounds to me like you’ve raised a responsible young man. Congratulations.
Back in the day I would fuss at him for spending so much time on his games and now I feel like when he comes out of his room, I need to tell his to get back in your room and get on your games!
Most of the other guys in the group, from what I understand, are all in school/college and are 18-21 in age.
This post was edited on 6/6/25 at 6:08 pm
Posted on 6/6/25 at 6:10 pm to Asleepinthecove
Make an LLC and S-corp. have Roblox 1099 the corporation.
Open a solok. He can do that as a 1099. Then put the 401k limit as employee then profit sharing 25% of the 400k as a match to it. That way deduct the contributions up to 70k.
Open a solok. He can do that as a 1099. Then put the 401k limit as employee then profit sharing 25% of the 400k as a match to it. That way deduct the contributions up to 70k.
Posted on 6/6/25 at 6:29 pm to Asleepinthecove
That is truly amazing.
The gaming world has certainly changed from back in my day.
I remember packing up my PS3 and giving it away because I would stay up too late.
There is so much opportunity for talented youngsters nowadays. Whatever he decides to do, having a hit game on his resume will open doors for sure!!!
The gaming world has certainly changed from back in my day.
I remember packing up my PS3 and giving it away because I would stay up too late.
There is so much opportunity for talented youngsters nowadays. Whatever he decides to do, having a hit game on his resume will open doors for sure!!!
Posted on 6/6/25 at 6:37 pm to Asleepinthecove
Just an amazing set up. He will have generational wealth
Posted on 6/6/25 at 6:41 pm to Asleepinthecove
quote:
Let’s say he makes 400k and can put 70k into a solo 401k. If he opts to do it traditional, he’s only taxed on 330k income. Based on what Grok said, he would save 25k in taxes. Now if he took that 25k and invested it annually in a separate brokerage account, wouldn’t he be better off in the end vs doing an up front Roth?
You need to consider the taxes on the 401k withdrawals too. When RMDs hit the govt will get their share. I'd rather pay taxes on $70K today rather than $70k+40 years of growth.
Posted on 6/6/25 at 6:46 pm to hob
quote:
I'd rather pay taxes on $70K today rather than $70k+40 years of growth.
But you’d also miss out of 40 years of growth for the amount you paid in taxes today.
At 35% on 70k (plus state income taxes, if applicable), that’s a lot.
Posted on 6/6/25 at 6:54 pm to Asleepinthecove
Damn.
That’s awesome.
That’s awesome.
Posted on 6/6/25 at 6:56 pm to Asleepinthecove
quote:Wow. CONGRATS!
My 20 year old son will be bringing in 40-50k per month for the foreseeable future.
You can honestly get some generic high quality advice here, but you really should be sitting down with pros with whom you can share personal details, goals, etc.
Posted on 6/6/25 at 6:57 pm to Asleepinthecove
That’s amazing. My nephew gets paid 10,000-20,000 a month to play folks in some war game online but stayed in the Army for the cool shite he gets to shoot as a sniper.
Posted on 6/6/25 at 7:09 pm to NC_Tigah
I would think legal advice is probably the first step but it isn’t an area where I have a lot of first hand experience. Formation of an LLC would seem smart just to create a corporate veil the protect this ownership from a personal lawsuit.
Make sure enough is withheld for FICA, state, and federal. It could be closer to 40-50% but this would be straightforward to model.
He’s super young…traditional 401K contributions and back door Roth IRA are fine but they are a drop in this bucket. That’s like $30K in savings contributions and he will have like $250-300K in after tax earnings.
Therefore, set up a personal taxable brokerage account. Invest it very simply in total market funds like VTI and SCHB and he will be financially independent at a very young age.
Make sure enough is withheld for FICA, state, and federal. It could be closer to 40-50% but this would be straightforward to model.
He’s super young…traditional 401K contributions and back door Roth IRA are fine but they are a drop in this bucket. That’s like $30K in savings contributions and he will have like $250-300K in after tax earnings.
Therefore, set up a personal taxable brokerage account. Invest it very simply in total market funds like VTI and SCHB and he will be financially independent at a very young age.
Posted on 6/6/25 at 7:35 pm to Asleepinthecove
Make sure to set aside 20k for strippers and coacine
Posted on 6/6/25 at 7:49 pm to boogiewoogie1978
Solo 401k can make him a retirement millionaire! I did it and hired my wife
and had her put 90% of her income from me in the solo 401k. I put in 50% and we have made bank!!
and had her put 90% of her income from me in the solo 401k. I put in 50% and we have made bank!!
Posted on 6/6/25 at 7:52 pm to boogiewoogie1978
quote:
Make sure to set aside 20k for strippers and coacine
And I need a commission for being his father.
I kid. I do ok but his monthly number is definitely higher than mine. I remember thinking it was my late 30’s before I got to the income my father was making prior to his retirement.
This post was edited on 6/6/25 at 7:53 pm
Posted on 6/6/25 at 7:55 pm to Asleepinthecove
quote:
Can he do a separate HSA if he’s still on my health insurance plan? Would I have to kick him off and make him go that route?
I am almost certain he can open up an HSA no matter who is carrying his insurance, but speak to a CPA to verify that.
This video explains benefits of HSA's very well.
LINK
I know you are proud of your son, hell i am proud of him for you. LOL
Posted on 6/6/25 at 7:56 pm to Asleepinthecove
Congrats to your son. Amazing!
Posted on 6/6/25 at 8:02 pm to Asleepinthecove
This
And this
Don’t make sense. Is this passive or active income? His payments should be distributions which are not on a 1099 but on a K-1.
I highly recommend him setting up a S corp for his ownership and running his new found expenses through it to reduce taxable income. Get on a quarterly payment plan.
quote:
He has 5% monetary ownership in the game revenue.
And this
quote:
getting paid as a 1099 employee
Don’t make sense. Is this passive or active income? His payments should be distributions which are not on a 1099 but on a K-1.
I highly recommend him setting up a S corp for his ownership and running his new found expenses through it to reduce taxable income. Get on a quarterly payment plan.
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