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Started By
Message
Best way to help son get started investing
Posted on 1/29/25 at 7:18 am
Posted on 1/29/25 at 7:18 am
Son is 19, has a good bit of money saved in his savings. He (nor I for that matter) is not overly savvy on what is best way to have the money work for him. Till now was doing CDs over the last couple years to get good interest rates. Appreciate any feedback. Thanks
8
Posted on 1/29/25 at 7:21 am to Bamboozles
Have him open a Roth IRA. Look up 3 fund portfolio. Super basic and low effort. At that age he’s got all the time in the world to let it grow.
Posted on 1/29/25 at 7:31 am to horsesandbulls
Yes, getting him set up with opening a Roth IRA today in fact. He still will have decent amount of money available to put into ETFs or what not.
Posted on 1/29/25 at 7:38 am to Bamboozles
Agree with the above - Roth IRA and put into an ETF like VOO, QQQ, etc.
That’d be the easiest thing, I’d get out of bonds at his age unless it’s money that he may need soon.
That’d be the easiest thing, I’d get out of bonds at his age unless it’s money that he may need soon.
This post was edited on 1/29/25 at 7:39 am
Posted on 1/29/25 at 8:05 am to Bamboozles
quote:
He still will have decent amount of money available to put into ETFs or what not.
Make sure you max 2024 and 2025 in his Roth before looking for other areas to put the extra money.
Posted on 1/29/25 at 8:31 am to Bamboozles
Roth IRA and I'd just buy VTI.
Both of you should read The Simple Path to Wealth by J.L. Collins.
You probably need to get informed more urgently than him good on ya'll both for asking and getting started.
Both of you should read The Simple Path to Wealth by J.L. Collins.
You probably need to get informed more urgently than him good on ya'll both for asking and getting started.
Posted on 1/29/25 at 8:33 am to Bamboozles
Start out with VOO
Posted on 1/29/25 at 8:51 am to horsesandbulls
quote:
Look up 3 fund portfolio
Like this idea and do it for myself actually
- Brokerage through Fidelity
- Allocate most into Core holding of VOO or VTI
- Chunk into Info/tech of VGT or QQQ
- Chunk into high dividend SCHD or VYM
Later on, he can update his portfolio into international exposure, crypto, whatever.... But I like the simplicity of a 3 fund. Just make sure you reinvest dividends when/if you set up the account yourself.
Posted on 1/29/25 at 10:20 am to Pirate0714
Thank you all for the responses, gives a very good starting point indeed!
Posted on 1/29/25 at 10:23 am to horsesandbulls
quote:
Have him open a Roth IRA
You have to have earned income for a Roth, fyi
Posted on 1/29/25 at 10:27 am to Bamboozles
If he's interested in getting into it, and wants to test investment theories, ThinkOrSwim allows you to create a fake money account so he can "buy" and "sell" stocks/ETFs/Index funds with play money. It's fun to try to test aggressive and "safe" strategies without having any repercussions. It's also a safe way for him to learn that picking individual stocks is usually a sucker's sport unless you REALLY know what you're doing and have a lot of luck.
There is also a somewhat similar but different feature in seeking alpha. You can create portfolios and watch their performance.
Given his age, sticking to tried and true ETF's, he will kill it and retire way early.
There is also a somewhat similar but different feature in seeking alpha. You can create portfolios and watch their performance.
Given his age, sticking to tried and true ETF's, he will kill it and retire way early.
Posted on 1/29/25 at 10:39 am to Pirate0714
quote:
Brokerage through Fidelity
This is critical! Pick a low cost brokerage such as Fidelity, Schwab, Vanguard.
DONT use an advisor or bank to set up IRA.
Posted on 1/29/25 at 11:21 am to Bamboozles
Buy a pressure washer with the money and make more money with it
ETA:
The whole “retirement” thing is going away by design
Either way putting 5k in now with the promise that you’ll have 100k in 50 years isn’t a great bet with the way inflation is going
I have another good moneymaking scheme but I’ll only tell it to you if you don’t live near me
ETA:
quote:
he will kill it and retire way early
The whole “retirement” thing is going away by design
Either way putting 5k in now with the promise that you’ll have 100k in 50 years isn’t a great bet with the way inflation is going
I have another good moneymaking scheme but I’ll only tell it to you if you don’t live near me
This post was edited on 1/29/25 at 11:26 am
Posted on 1/29/25 at 11:38 am to el Gaucho
quote:
I have another good moneymaking scheme but I’ll only tell it to you if you don’t live near me
He doesn’t. Spill it.
Posted on 1/29/25 at 11:45 am to Mingo Was His NameO
He got the income from a hobby he does in his spare time thankfully.
Posted on 1/29/25 at 11:46 am to Honest Tune
You live in Louisiana don’t steal my idea
This will only work if you have a pool
This will only work if you have a pool
Posted on 1/29/25 at 12:00 pm to el Gaucho
quote:
The whole “retirement” thing is going away by design
What are you on about?
Retirement is more accessible than ever. My parents and grandparents never dreamed of FIRE. Investments without high trading fees and commissions are now available to everyone.
Meanwhile, index funds are consistently outpacing inflation. Go ahead, dont invest but dont dissuade this young buck from getting started early.
Posted on 1/29/25 at 12:09 pm to TorchtheFlyingTiger
quote:
What are you on about?
Look who you are responding to
Posted on 1/29/25 at 12:11 pm to el Gaucho
Even better, I have a friend with a pool. I just mainly like good ideas and rarely act on them, if that eases your concerns.
Posted on 1/29/25 at 12:19 pm to Bamboozles
Robinhood is offering a 3% match on IRA contributions if you sign up for Gold for a year, which is $5 a month.
So if he has 5000 to start the account with he'll earn his first $150 automatically.
hypothetical investment of $5,000:
I would tell him to put 3k into SPY (S&P500), 1.5k into QQQ (Nasdaq), and $500 into a company of his choosing. He'll learn the ropes this way.
So if he has 5000 to start the account with he'll earn his first $150 automatically.
hypothetical investment of $5,000:
I would tell him to put 3k into SPY (S&P500), 1.5k into QQQ (Nasdaq), and $500 into a company of his choosing. He'll learn the ropes this way.
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