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Started By
Message
Kid's money
Posted on 2/20/24 at 7:17 am
Posted on 2/20/24 at 7:17 am
My kids, ages 13 and 17, each just received $5-6k from their grandparents. Where should I park these for good returns? 17 year old doesn't have a job yet, or I would have opened her a roth ira. Look forward to your suggestions!
9
Posted on 2/20/24 at 7:21 am to bubba102105
Bitcoin or a Bitcoin ETF like IBIT.
Posted on 2/20/24 at 7:23 am to bubba102105
SPY
Posted on 2/20/24 at 7:34 am to bubba102105
What is the intent of this money? Teach investing and growth over time?
Low cost broad index funds over a long period of time is the best way to get good returns. VTI or VOO and the like
Low cost broad index funds over a long period of time is the best way to get good returns. VTI or VOO and the like
Posted on 2/20/24 at 8:35 am to bubba102105
You can't put money into an IRA unless you have earned income. It is early in the year so work out something with him where he gets a job and he gets $1 for every $2 saved from the money. If you can get him to save 2or 3k, that would be great at such a young age.
Another option is put all of it into a 529 for college.
With the new rules, they can convert up to a certain $ amount (I think 30k) into a Roth if not spent on qualified expenses.
Another option is put all of it into a 529 for college.
With the new rules, they can convert up to a certain $ amount (I think 30k) into a Roth if not spent on qualified expenses.
Posted on 2/20/24 at 11:36 am to bubba102105
My child, who is 12, has had a Cap One savings account for a couple years now. She is a saver so she likes to put money in it. I also put in $75 a week for her. It get a pretty good return, something like 4% or something.
Figured she can use it for spending in college, new car, or something useful to take a big burden off of me at some point.
Figured she can use it for spending in college, new car, or something useful to take a big burden off of me at some point.
Posted on 2/22/24 at 7:15 am to bubba102105
quote:
Where should I park these for good returns?
send to me. I will manage it for you. my commissions are cheap.
Posted on 2/22/24 at 5:13 pm to bubba102105
I just went through the process of transferring assets from UNiform gift to minor accounts of stock to registering in their name as adults.
Save yourself the trouble.
Just put it in your account and keep a book.
When they are mature enough, gift it to them over time using the gift tax exclusion.
Save yourself the trouble.
Just put it in your account and keep a book.
When they are mature enough, gift it to them over time using the gift tax exclusion.
Posted on 2/24/24 at 6:39 pm to bubba102105
I have both of my kids, 9 and 5, with vanguard custodial accounts. Currently in the growth lifestrategy growth fund. Started both of them when each kid was around 3. Monthly deposits of 50.00 each. My hope is that they either use the money for college of recognize what saving a little a month can do for them as they get older.
This post was edited on 2/24/24 at 7:20 pm
Posted on 2/24/24 at 8:26 pm to bubba102105
VGT
VOO
Let them have it.
VOO
Let them have it.
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