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re: savings for grandchild
Posted on 5/16/24 at 9:33 am to KWL85
Posted on 5/16/24 at 9:33 am to KWL85
Do a 529 or some other kind of account that you like, but set up a small savings account and put a little money in it at Christmas every year and discuss it with them but don't let them spend it. Then, when they get old enough to earn income, do a match on whatever they put in there. You can do a "bonus" when it comes time to buy a car, but teach them to earn their own money and save. This is better than having a chunk of money that they never thought about until age 18, which probably just teaches them to buy lottery tickets.
1
Posted on 5/17/24 at 8:22 am to CharlesUFarley
Doing something similar to this. Definitely not allowing it to be something " never thought about until age 18". We talk about it. My focus is on teaching them about investing for the long term. We have "Get Rich Slow" discussions on the regular.
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