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Monetary gift for nieces
Posted on 11/3/15 at 8:16 pm
Posted on 11/3/15 at 8:16 pm
I currently have 2 newborn nieces and my wife and I have been leaning towards giving each one of them a some sort of investment gift for Christmas. This will probably be a 1 time gift ($250) with the possibility of an extra $25-50/year (birthday). I need to keep it around that range because I want to be able to afford to do this for each new niece/nephew that is born.
Any suggestions? What have some of you on MT done?
Any suggestions? What have some of you on MT done?
3
Posted on 11/3/15 at 9:00 pm to dlmast87
EE savings bonds
Posted on 11/3/15 at 9:45 pm to dlmast87
I setup a DRIP for each of my nieces and nephews and put $50 in on birthdays and Christmas. My grandparents setup a DRIP for me when I was born and stopped contributing when I turned 10 because they couldn't afford it anymore. I let it sit there and after some great growth, several splits, and a buy out it gave me $25K towards the down payment on my first house.
I'm sure there are plenty of other great options, but setting up a simple DRIP on a blue chip stock has a bit of sentimental value for me and it's easy to handle.
I'm sure there are plenty of other great options, but setting up a simple DRIP on a blue chip stock has a bit of sentimental value for me and it's easy to handle.
Posted on 11/3/15 at 10:04 pm to TheChosenOne
I'll look into drips.....didnt really think of those. Are they usually run by the actual company? Not a brokerage?
Posted on 11/3/15 at 11:54 pm to dlmast87
It depends. Several blue chippers (XOM, T) are run by Comuptershare. Some brokerage firms also allow you to setup a drip, but you have to be careful of trading costs on the reinvestment.
Posted on 11/4/15 at 8:43 am to TheChosenOne
quote:
TheChosenOne
quote:
Monetary gift for nieces by TheChosenOneIt depends. Several blue chippers (XOM, T) are run by Comuptershare. Some brokerage firms also allow you to setup a drip, but you have to be careful of trading costs on the reinvestment.
Can I setup a DRIP thru Vanguard? i want to get in on some XOM for my daughter while it is so low. Does Vanguard have reinvestment costs?
Posted on 11/4/15 at 9:28 am to ThatsAFactJack
Vangaurd has a dividend reinvestment option, so you should be able to. Exxon's official DRIP is through computershare. You may look at the trade fees for both options to see which one makes sense.
Just keep good records so you have a cost basis. The records of my DRIP account were destroyed in Katrina and the internet wasn't around when the stock was purchased, so I basically had to pull a cost basis out of thin air when tax time came around.
Just keep good records so you have a cost basis. The records of my DRIP account were destroyed in Katrina and the internet wasn't around when the stock was purchased, so I basically had to pull a cost basis out of thin air when tax time came around.
Posted on 11/4/15 at 10:45 am to dlmast87
529s are perfect, and you can get a small tax benefit.
This is what I do for my nieces and nephews. I didn't start until the last one was born though. The oldest is going to get screwed compared to the youngest, but we will give her $500 a year for college. She starts next fall.
This is what I do for my nieces and nephews. I didn't start until the last one was born though. The oldest is going to get screwed compared to the youngest, but we will give her $500 a year for college. She starts next fall.
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