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Message
Best investment vehicle for minor children
Posted on 3/9/10 at 11:09 am
Posted on 3/9/10 at 11:09 am
I have a 2-1/2 yr old and a 2 month old and would like to set them up something other than CD's. Open to any suggestions. Grandparents give the little ones about $5k per year.
6
Posted on 3/9/10 at 11:12 am to bayoudude
Stock market index fund (SPX) and let it ride. I did and it paid for both of my childrens' college with money left over after they graduated. And I don't think I ever put in $5,000/year like you have the opportunity to do.
Posted on 3/9/10 at 11:13 am to bayoudude
Hire them as employees and pay them $5,400 yearly or whatever you can afford. Pay the taxes for them on the income and then put it directly into a Roth IRA.
Set up a life insurance trust on you and your wife that buys whole life insurance inside a trust with the children named as beneficiaries(sp?).
Set up a life insurance trust on you and your wife that buys whole life insurance inside a trust with the children named as beneficiaries(sp?).
Posted on 3/9/10 at 11:14 am to bayoudude
I'd dump at least 2.5K a year into a 529 plan.
Posted on 3/9/10 at 11:15 am to LSURussian
quote:
And I don't think I ever put in $5,000/year like you have the opportunity to do.
No I wouldn't do anything like that. Only a percentage of their yearly would be invested. I want my boys to have a decent amount of liquid cash when they graduate college so that they can buy a house, car etc..
Posted on 3/9/10 at 11:18 am to bayoudude
quote:
I want my boys to have a decent amount of liquid cash when they graduate college so that they can buy a house, car etc..
The Roth idea is for their retirement. If you are investing with a 22-23 year timeline then disregard my previous advice.
Posted on 3/9/10 at 11:23 am to John Merlyn
I just feel like I should do something for them. My father saved for me but all I had was cash savings. Not that that was a bad thing because it gave me a big jump on life but I feel that with the time I have with them and the situation I am in I can do much more for them.
Posted on 3/9/10 at 11:23 am to bayoudude
quote:
Grandparents give the little ones about $5k per year.
Will they adopt me? That's over $100k by the time they graduate HS.
Posted on 3/9/10 at 11:25 am to Parliament
quote:
Will they adopt me?
you are definitely not the first to ask this
Posted on 3/9/10 at 1:57 pm to bayoudude
You have great parents, man. I send my mom $$$ every once in a while. 
My grandmother is useless (not b/c she's old but b/c she's such a horrid person).
My grandmother is useless (not b/c she's old but b/c she's such a horrid person).
Posted on 3/9/10 at 2:09 pm to Parliament
quote:
That's over $100k by the time they graduate HS.
You weren't very good at school were you?
Posted on 3/9/10 at 2:10 pm to TheHiddenFlask
Posted on 3/9/10 at 2:32 pm to bayoudude
Universal life insurance policy with seg funds as investment.
Posted on 3/9/10 at 3:14 pm to TheHiddenFlask
quote:
You weren't very good at school were you?
maybe he was assuming this would get a little interest over time
Posted on 3/9/10 at 3:46 pm to TheHiddenFlask
quote:
You weren't very good at school were you?
I couldn't find a reverse annuity calculator online, and no way can I do it long-hand. So I went 18 x $5,000 = $90k. Add interest to that, and you get "over $100k by the time they graduate HS."
ETA: Saved from edit:
quote:
quote: That's over $100k by the time they graduate HS. You weren't very good at school were you?
This post was edited on 3/9/10 at 3:48 pm
Posted on 3/9/10 at 3:49 pm to bayoudude
quote:
Best investment vehicle for minor children
All my parents ever gave me was a power wheels..
Posted on 3/9/10 at 3:51 pm to Catman88
quote:
All my parents ever gave me was a power wheels..
My dad bought an old, cast iron pedal tractor at an auction for $15, painted it up, and gave it to me for my birthday. That thing is worth over $1,500 today. But every time I try to sell it, he threatens to take it back.
Posted on 3/9/10 at 3:54 pm to Parliament
quote:
I couldn't find a reverse annuity calculator online, and no way can I do it long-hand. So I went 18 x $5,000 = $90k. Add interest to that, and you get "over $100k by the time they graduate HS."
It's all in the eye of the beholder.
You're right with interest, it's over 100k, but the burn was too good to pass on.
Posted on 3/10/10 at 1:35 pm to TheHiddenFlask
try La's 529 college savings plan. Believe or not, but it is actually quite good.
www.startsaving.la.gov
www.startsaving.la.gov
Posted on 3/10/10 at 3:52 pm to LSUCanFAN
quote:
Universal life insurance policy with seg funds as investment
Horrible idea. Life insurance is not an investment. It's life insurance.
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