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Message
Better than a Savings Account?
Posted on 8/31/17 at 2:11 pm
Posted on 8/31/17 at 2:11 pm
I currently deposit $100 a month in a savings account for each of my daughters.
This money will be used for buying a car for them at 16 or maybe for a future wedding fund or whatever when they get older.
I know this is a horrible place to put it but wasn't sure where the best place to keep this money is.
This money will be used for buying a car for them at 16 or maybe for a future wedding fund or whatever when they get older.
I know this is a horrible place to put it but wasn't sure where the best place to keep this money is.
6
Posted on 8/31/17 at 2:21 pm to geauxcats10
I wish there was such a thing as a CD that you could regularly deposit into until the term of the CD was up. That would be great for this stuff.
Posted on 8/31/17 at 2:35 pm to geauxcats10
Surely you can trust the cryptocurrency of your choosing.
Posted on 8/31/17 at 2:45 pm to geauxcats10
You could put the money in a Roth IRA. When it is time to withdraw the money, you can only pull out what you have put in and not the interest (until you meet certain age requirements), but the interest grows tax free.
Posted on 8/31/17 at 2:55 pm to geauxcats10
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Posted on 8/31/17 at 4:29 pm to geauxcats10
Honestly it is what your comfort level is.
I have a taxable robo advisor account using Wealthfront.com for things like what you described. House improvements, car down payment savings, vacations etc. This is not for my emergency fund, but anything above and beyond that. You can set your comfort risk level as well.
Wealthfront is just one option, vanguard has one, betterment, etc all similar options.
As the memes above stated you can also just open a vanguard taxable account and invest in any of their ETFs or Mutual funds as well.
Keep in mind this has risk to go with it, but you can set your risk level.
I have a taxable robo advisor account using Wealthfront.com for things like what you described. House improvements, car down payment savings, vacations etc. This is not for my emergency fund, but anything above and beyond that. You can set your comfort risk level as well.
Wealthfront is just one option, vanguard has one, betterment, etc all similar options.
As the memes above stated you can also just open a vanguard taxable account and invest in any of their ETFs or Mutual funds as well.
Keep in mind this has risk to go with it, but you can set your risk level.
Posted on 8/31/17 at 9:11 pm to geauxcats10
How old is she now?
We put money in Roth IRA for weddings. And money in cds for kids cars.
We put money in Roth IRA for weddings. And money in cds for kids cars.
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