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Started By
Message
Best way to set aside money for children
Posted on 5/2/16 at 10:21 am
Posted on 5/2/16 at 10:21 am
as in they would receive this money when they turn 18 or maybe 21 years old.
4
Posted on 5/2/16 at 10:34 am to mpar98
For education or not?
Posted on 5/2/16 at 10:39 am to LSUFanHouston
no I guess sort of a happy 21st bday, heres some money to help with life...at that point they should already be in college.
Posted on 5/2/16 at 10:49 am to mpar98
I have a taxable account for investing that I plan on using for my wife and I down the road to buy stuff with as well as giving money to my kids if and when they are ready. I would like to help them out after college with a first house or something like that.
Posted on 5/2/16 at 11:17 am to mpar98
At the moment we just have share accounts at our credit union for each of the kids. Not enough at this point to mess with investing, but we kick in a few bucks automatically with each paycheck and they put most of their birthday/christmas money in there as well.
We've talked about once it gets to the level of a few thousand we might put it in an index type fund. I would probably not put it in an UTMA account as at this point, myu ability to control the account when they are 18 outweighs the few bucks in tax savings.
We've talked about once it gets to the level of a few thousand we might put it in an index type fund. I would probably not put it in an UTMA account as at this point, myu ability to control the account when they are 18 outweighs the few bucks in tax savings.
Posted on 5/2/16 at 11:19 am to mpar98
My 17 yr old daughter just started her first job. I am going to start a Roth account for her if she makes enough to contribute. I figure a $1000 per year for the next 5 years (until she finishes college) will be a nice start of investment income for her. The 5 year widow on withdrawl will be up and if she chooses can use for house DP etc. I want her to have some skin in the savings game and have encouraged her to save. I plan on doing this for all 4 of my kids as long as they have a job.
Posted on 5/2/16 at 11:27 am to lsufan1971
quote:
My 17 yr old daughter just started her first job.
Did you wait till she could drive?
I'm planning to make mine work at 15, or the earliest the law allows
Posted on 5/2/16 at 11:34 am to Mr.Perfect
quote:
Did you wait till she could drive?
Yes. I bought her a used Jetta. I paid for the car and she pays the insurance. She wanted to wait until she was 17 to get her license.
Posted on 5/2/16 at 11:36 am to lsufan1971
quote:
Yes. I bought her a used Jetta. I paid for the car and she pays the insurance. She
Gotcha. I may plan on them working at 15, but the mobility aspect could change that
Posted on 5/2/16 at 11:41 am to mpar98
quote:UGMA
no I guess sort of a happy 21st bday, heres some money to help with life...at that point they should already be in college.
Posted on 5/2/16 at 12:23 pm to lsufan1971
quote:
The 5 year widow on withdrawl will be up
You can withdraw the ROTH IRA contributions immediately, you do not need to wait.
Posted on 5/2/16 at 1:17 pm to Mr.Perfect
quote:
Gotcha. I may plan on them working at 15, but the mobility aspect could change that
If you have boys, they can push a lawnmower around the neighborhood at that age, so no mobility issues there).
I umpired youth baseball games at that age and made enough money to last all year. I could walk to a couple of the playgrounds or if it was further my dad was happy to drop me off and pick me up 3-4 hours later.
Posted on 5/2/16 at 1:33 pm to LSUFanHouston
quote:
If you have boys, they can push a lawnmower around the neighborhood at that age, so no mobility issues there).
As can girls...dunno why being male would somehow better qualify a young or mid-teen to operate power tools?
That point aside, however you begin to save w/your kids, make sure to talk to them about "their" savings. Explain why you put money aside, how you decide how much to save, and how important it is that they also contribute to "their" fund. I know too many (relatively intelligent) people who hit college with zero money management skills, and this deficit derailed their personal & professional progress. Start building financial literacy in the tween years...including giving them limited access to their own spending money. If they can learn to make good purchasing decisions, to save up for bigger items, and to defer immediate gratification, you will have accomplished a huge parenting win.
Posted on 5/2/16 at 3:23 pm to mpar98
I'd like to hear any pro/con opinions on buying whole life for your child that's under 10 let's say. I personally don't carry it but it seems like a pretty good option for a child.
Posted on 5/2/16 at 3:44 pm to Cdawg
My godfather got it for me.
Lamented that he didn't just invest the money ever since.
Cashed it out and put it in a Roth as soon as I could.
Lamented that he didn't just invest the money ever since.
Cashed it out and put it in a Roth as soon as I could.
This post was edited on 5/2/16 at 3:45 pm
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