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Started By
Message
Kid's Piggybank
Posted on 1/27/18 at 9:56 am
Posted on 1/27/18 at 9:56 am
My kid, over the last couple if years, has collected a few hundred dollars or so from great grandparents, etc. I want it to go somewhere for her that will earn interest and can be a teaching lesson later on in life about how to save, where to put money, etc.
She isnt 3 yet, so I've got time.
Where should I put it?
She isnt 3 yet, so I've got time.
Where should I put it?
6
Posted on 1/27/18 at 10:00 am to The Johnny Lawrence
529?
Posted on 1/27/18 at 10:16 am to The Johnny Lawrence
Start a brokerage account and let her choose the companies she invests in based on things she likes.
Posted on 1/27/18 at 10:24 am to GEAUXT
I don't want her to have to use it for school. I just want her to have it.
Posted on 1/27/18 at 10:38 am to The Johnny Lawrence
If you put it in Stellar Lumens you might want to raid then piggy bank for a Scandinavian cruise in a couple of years.
Seriously, why NOT throw $200 in a PROMISING crypto for your young child?
Seriously, why NOT throw $200 in a PROMISING crypto for your young child?
Posted on 1/27/18 at 10:39 am to SLafourche07
quote:she’s 2...Pampers???
Start a brokerage account and let her choose the companies she invests in based on things she likes.
This post was edited on 1/27/18 at 10:40 am
Posted on 1/27/18 at 11:41 am to bayoubengals88
quote:
Seriously, why NOT throw $200 in a PROMISING crypto for your young child?
Good way to teach an early lesson on investing vs gambling
Posted on 1/27/18 at 11:57 am to The Johnny Lawrence
I would suggest a high yield online savings account for this amount of money. While it won't accumulate great growth, it won't go down (in nominal terms). And this would teach her the "magic" of compound interest once she gets to an age where math makes sense. Some people are in their 30's or 40's, and they still don't grasp the concept.
*Disclaimer, although I don't have kids of my own, rumor is, I once was a kid... though firm evidence of that is sketchy.
My dad and mom taught me about money and business by "selling" me a calf and showing me how expenses, profits and losses worked. I think I was about 5.
Edit: Good on you for getting her started early.
*Disclaimer, although I don't have kids of my own, rumor is, I once was a kid... though firm evidence of that is sketchy.
My dad and mom taught me about money and business by "selling" me a calf and showing me how expenses, profits and losses worked. I think I was about 5.
Edit: Good on you for getting her started early.
This post was edited on 1/27/18 at 11:59 am
Posted on 1/27/18 at 12:36 pm to Jag_Warrior
quote:
I would suggest a high yield online savings account for this amount of money
quote:ain't no magic at 1.55%.
And this would teach her the "magic" of compound interest once she gets to an age where math makes sense
Posted on 1/27/18 at 3:10 pm to castorinho
I bought my little girl 2 shares of Apple with hers about 7 years ago. I thought it would be a good way in the future to explain investing to her. She will know about Apple products and I can explain how much we started with compared to what she has now.
Posted on 1/27/18 at 11:04 pm to bayoubengals88
Disney?
Mattel?
And yeah Johnson and Johnson, P&G, etc.
Mattel?
And yeah Johnson and Johnson, P&G, etc.
Posted on 1/28/18 at 3:39 am to The Johnny Lawrence
Teach her how to spend well too. The classic way is to let them progressively be responsible for buying their own stuff, and be prepared to bite your tongue all the time while they screw up.
A kid who learns the hard way not to blow all her money on the hip clothes that all the cool kids wear is less likely to blow the money you've invested for her since she was three.
A kid who learns the hard way not to blow all her money on the hip clothes that all the cool kids wear is less likely to blow the money you've invested for her since she was three.
Posted on 1/28/18 at 6:08 am to The Johnny Lawrence
I would wait until age 5 or so. A kid who is not even 3 years old isn’t going to remember this later on.
Posted on 2/5/18 at 5:02 am to Ric Flair
Right now isn't exactly about teaching. That's a long term goal. Right now is about not having her money sitting in her room not making any money.
Can I throw it in a Roth for her? That way the earnings aren't taxed? Not that the earnings will be a lot, but could I add to it some for her birthdays, etc.?
Can I throw it in a Roth for her? That way the earnings aren't taxed? Not that the earnings will be a lot, but could I add to it some for her birthdays, etc.?
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