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Started By
Message
Fund for goddaughter
Posted on 3/1/11 at 11:17 am
Posted on 3/1/11 at 11:17 am
I'm going to be godfather for my friends first child (daughter). The Christening is this weekend. I'm trying to think of a good gift to get her. I can do something easy like buying a specific gift, but I've been thinking about setting up some kind of fund that I can contribute to monthly or annually that she will get when she turns 18, 21, graduates college, or something along those lines.
Anyone else been godfather and gotten a gift? If it was a fund of some kind how/where did you set it up? TIA
Anyone else been godfather and gotten a gift? If it was a fund of some kind how/where did you set it up? TIA
5
Posted on 3/1/11 at 11:58 am to Chad504boy
quote:
best place is OT.
I made this post on the OT and someone suggested money board for questions about the fund. 
Posted on 3/1/11 at 12:17 pm to BRWhoDat34
Posted on 3/1/11 at 1:21 pm to TheHiddenFlask
quote:
Would you be interested in a college savings account?
If so, check out a 529 plan
That's the kind of thing I was thinking about. My concern is that I won't be wanting to put a lot in each month as I'm still young and just out of college. I have student loans and I'm trying to save at the same time. I wish I had something like this plan for when I went to school, but oh well.
What do you think a realistic sum of money to contribute each year would be that could be significant in the end for her?
Posted on 3/1/11 at 1:29 pm to BRWhoDat34
quote:
What do you think a realistic sum of money to contribute each year would be that could be significant in the end for her?
for reference:
100 bucks a month for 18 years at a 6% interest rate would yield just under 40,000 for her in 18 years.
50/month would yield just under 20k
Posted on 3/1/11 at 1:43 pm to TheHiddenFlask
quote:
100 bucks a month for 18 years at a 6% interest rate would yield just under 40,000 for her in 18 years.
50/month would yield just under 20k
thats what parents are for. Give your goddaughter a teddy bear.
Posted on 3/1/11 at 1:51 pm to BRWhoDat34
something small. you taking responsibility for her if something happens to her parents should be enough.
Posted on 3/1/11 at 1:51 pm to BRWhoDat34
You may want to just give her a saving bond or CD; something you are not stuck paying monthly for the next 18 years.
Posted on 3/1/11 at 1:53 pm to Chad504boy
I'm just answering the guys question.
I give my goddaughter money for her savings.
At one year old, it's not like they really appreciate a teddy bear.
Maybe when she's a teen I'll buy her something cool.
I give my goddaughter money for her savings.
At one year old, it's not like they really appreciate a teddy bear.
Maybe when she's a teen I'll buy her something cool.
Posted on 3/1/11 at 1:57 pm to TheHiddenFlask
quote:
Maybe when she's a teen I'll buy her something cool.
they don't appreciate at this time either.
Posted on 3/1/11 at 2:05 pm to TheHiddenFlask
let her parents worry about her college...be the good guy and open her a car savings account
Posted on 3/1/11 at 2:19 pm to BRWhoDat34
You could get her a small life insurance policy. They start at about 2 bucks a month. I would just do a savings account though. They pay nothing in interest right now, but you don't have a fixed amount that you have to contribute. Most everything else (college savings plans and annuities) require a minimum of $25 per month. If you can afford that, a 529 is a good choice.
Posted on 3/1/11 at 2:19 pm to Zilla
I buy my godchildren one share of XOM per year. That covers birthday and Christmas. I then buy them something small ($10-$15) as a gift on their birthday and Christmas.
Posted on 3/1/11 at 2:22 pm to saint308
quote:
I buy my godchildren one share of XOM per year. That covers birthday and Christmas. I then buy them something small ($10-$15) as a gift on their birthday and Christmas.
Transaction cost on that are pretty significant, no?
Posted on 3/2/11 at 2:47 pm to TheHiddenFlask
when my kids were little they used to get US Savings bonds for birthdays and such plus a small gift.
Posted on 3/2/11 at 3:04 pm to agdoctor
quote:
when my kids were little they used to get US Savings bonds for birthdays and such plus a small gift.
I was going to do that for my god daughter, but it was going to take 18 years to double in value, which is in effect locking her into an 18 year loan at just under 4%.
Not awful, but not the kind of environment I would want to lock her into.
Posted on 3/3/11 at 3:03 pm to TheHiddenFlask
quote:
locking her into an 18 year loan at just under 4%
used to be they guaranteed the interest rate.
* 4% for bonds issued March 1993 - April 1995
* 4% for bonds entering an extended maturity period since March 1993
* 6% for bonds issued or entering an extended maturity period between November 1986- February 1993
* 7.5% for bonds issued or extended from November 1982-October 1986
My kids were born in 84 and 89 so they got a very good rate
Posted on 3/5/11 at 12:01 pm to agdoctor
nickels before they mint new cheaper ones in the coming year or so. $188 of rolls will fit into a .30cal ammo can at about 40lbs. Double or more a year or two after new minting. Unlimited multiplication by the future of metals. Pre '64 coins have a 25X+ return currently at melt prices.
physical property they can watch appreciate
physical property they can watch appreciate
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