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Started By
Message
what to do with my toddlers money instead of leaving in their money box?
Posted on 12/31/19 at 10:39 am
Posted on 12/31/19 at 10:39 am
My three and almost two year old have 500-600 bucks just sitting in their money boxes the grandparents gave to them.
What should I do with it?
What should I do with it?
14
Posted on 12/31/19 at 10:44 am to LSUvegasbombed
Get them both Ledger Nano S devices and store the $ in BTC. Might be worth quite a bit when they are older.
Posted on 12/31/19 at 10:44 am to LSUvegasbombed
Do you have a college savings plan?
This post was edited on 12/31/19 at 10:45 am
Posted on 12/31/19 at 10:45 am to LSUvegasbombed
Open a Kids Savings account at a bank with a good interest rate. Capital One Online Kids Accounts get 1% I think.
Posted on 12/31/19 at 10:48 am to LSUvegasbombed
My hedge fund is looking for new investors
Posted on 12/31/19 at 10:51 am to greenwave
not yet
Posted on 12/31/19 at 10:56 am to LSUvegasbombed
Utma accounts.
Posted on 12/31/19 at 11:17 am to LSUvegasbombed
If you haven't started a college account for them, you are a couple years late. Do that
Posted on 12/31/19 at 12:13 pm to LSUvegasbombed
Someone on this board recommend this and I've been using it for my two kids.
It's an app called M1.
Look into it and see if it works for you but the basic idea is you create a "pie" (essentially a basket of stocks/ETFs) and when you transfer money to your account, it automatically invests the cash in the pie at your prescribed percentages that you initially set up. The thing I like is that it allows you to invest in fractional shares, so you can take that $500-$600 and invest it in a variety of stocks for your kids.
It's an app called M1.
Look into it and see if it works for you but the basic idea is you create a "pie" (essentially a basket of stocks/ETFs) and when you transfer money to your account, it automatically invests the cash in the pie at your prescribed percentages that you initially set up. The thing I like is that it allows you to invest in fractional shares, so you can take that $500-$600 and invest it in a variety of stocks for your kids.
Posted on 12/31/19 at 2:32 pm to LSUvegasbombed
I put my kids Christmas and birthday money in a Wealthfront high yield savings account.
Posted on 12/31/19 at 9:33 pm to LSUvegasbombed
What I've been doing with my kids since around 5 or 6 is ask them what they want to do with their birthday/Christmas money - spend some, save some, spend all, or save all. I try to explain to them the pros and cons of each decision and inevitably they decide to either spend it all within a short time frame or save it for a little while until they find something they think they really want. Of course this is what I expect from small children.
On the side I buy an equal dollar amount of total market ETF shares on their behalf and I figure someday when they're starting out as adults, getting married or whenever, I'll ask them if they have any of those toys or even remember what all they bought and if it was worth it to spend that money on junk instead of saving it. And depending on what kind of mood I'm in maybe I'll give them the ETF shares, or maybe I'll lord it over them and just say let that be a lesson to you.
On the side I buy an equal dollar amount of total market ETF shares on their behalf and I figure someday when they're starting out as adults, getting married or whenever, I'll ask them if they have any of those toys or even remember what all they bought and if it was worth it to spend that money on junk instead of saving it. And depending on what kind of mood I'm in maybe I'll give them the ETF shares, or maybe I'll lord it over them and just say let that be a lesson to you.
Posted on 12/31/19 at 11:14 pm to LSUvegasbombed
529.
A 1% savings rate isn’t going to get you anywhere.
A 1% savings rate isn’t going to get you anywhere.
Posted on 12/31/19 at 11:17 pm to LSUvegasbombed
I usually let my kids spend a little, then put the rest in their 529.
Posted on 1/1/20 at 8:39 am to MSTiger33
quote:
Utma accounts
This. Up to a certain age, a utma investment account is tax free for like the first $1000/yr in capital gains.
Posted on 1/1/20 at 8:57 am to LSUvegasbombed
Lifetime hunting and fishing license. I don't know about the rest after that.
Posted on 1/1/20 at 9:24 pm to LSUvegasbombed
Started teaching our children at about seven years old about investing and encourage them to save and invest. We set up a matching plan with them as well to encourage them saving their own money. It’s been pretty fun to have young children asking about how their stocks are doing and teaching them simple financial concepts that should benefit them later in life. On top of that, they will each have a nice little sum of money one day that should give them a head start of some sort financially.
Posted on 1/1/20 at 10:31 pm to TigerGrad2011
Dividend reinvestment plan DRIP pick whatever company you fancy.
Posted on 1/2/20 at 8:16 am to LSUvegasbombed
Practical answers: stash, acorns, betterment, CIM drip
Slightly less practical: 25-30 shares of AUPH
Slightly less practical: 25-30 shares of AUPH
Posted on 1/2/20 at 9:50 am to LSUvegasbombed
LSU moneyline against clemson
This post was edited on 1/2/20 at 9:56 am
Posted on 1/2/20 at 9:55 am to Fat Bastard
if LSU wins the ship, i make 3200
put 200 on LSU to win it all before season started
put 200 on LSU to win it all before season started
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