He's 9 months and basically i want to start him a retirement fund that i can put into once a month. This way when he is 18 or older i can show him that investing a small amount now will turn into a nice amount later. Hopefully encouraging him to keep contributing. What would be some good ideas to invest in?

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Posted by KosmoCramer

Member since Dec 2007

76518 posts

Posted on 3/25/15 at 9:43 am to jojothetireguy

Roth IRA

ETA:

Sorry, I thought he was 9 years old

This post was edited on 3/25/15 at 9:44 am

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Posted by jojothetireguy

Live out in Coconut Grove

Member since Jan 2009

10484 posts

Posted on 3/25/15 at 9:56 am to KosmoCramer

nope, just want to get something started so he can see the advantage of what i did and understand the importance of it when he gets older.

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Posted by anc

Member since Nov 2012

18054 posts

Posted on 3/25/15 at 10:05 am to jojothetireguy

Roth IRA.

Added bonus: Little Known Savings Vehicle for College Expenses

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Posted by SomeGuyFromLA

Texas

Member since Dec 2014

139 posts

Posted on 3/25/15 at 10:06 am to anc

$3000 in VTSMX ought to be worth a pretty penny by the time he's 18

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

37084 posts

Posted on 3/25/15 at 10:13 am to anc

quote:
Roth IRA.

You have to have earned income to start a Roth or any IRA. Does a 9 month old have earned income?

Set him up a UTMA/UGMA account and put a bit into it each month, and use that to teach him about money. He can learn at various ages about saving, earning, and investing.

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Posted by jondavid11

benton,la

Member since Aug 2007

1152 posts

Posted on 3/25/15 at 10:08 pm to jojothetireguy

$287/mo for 40 years with avg return gets you a million. You will be almost half way there by time he is 18

This post was edited on 3/25/15 at 10:09 pm

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Posted by LSUneaux