Kids investments

[Covey]

I have a 7 year old and have the 529 and a savings account and sharebuilder account. How do you all invest for your kids? Just trying to get some ideas.

In a few years my son will be able to go online and start trading and hopefully learn that money works for you. It's very small amounts for now but at least it's a start.

 

[Sniper1]

I don't know that its much of an investment but I got a ten month old little girl and I'm getting a savings account for her and putting in 20 bucks a pay check. Not alot but its a start.
Trading huh..

 

[Phantom Hunter]

After our kids were old enough to do chores or get small jobs we started them a mutual fund in which they had $25 automatically deducted from their savings acct. My son is 21 now and has enough in his account for his honeymoon!!!

 

[Cornhusker]

Invest time in your kids. If they learn to try, and work hard they will probably go to college for free. If they get a useable major they will be set for life if you have taught them well. I only invested time in my kids there was no college fund and none was needed. My kids are 32 and 28 and both could if they choose to retire before I do. Both own businesses, geophysics, and internet apps. for the other.

As a teacher I see the kids that get time from parents invested in them almost always are successful in some form or another. Both mine ran a lawn mowing business as kids. I like things like that creating a work ethic, invest a work ethic in kids and they'll do fine.

 

[YukonDall]

I AGREE WITH CORNHUSKER.......I HAD A LOT OF TIME TO INVEST IN MY SON & DAUGHTER. THEY ARE NOW A BUSINESS CEO TYPE & A LAWYER, THAT BEING SAID I WOULD ALSO START A COUPLE OF MONEY MKT. ACCOUNTS AS YOU WILL NEVER MISS THE CASH OVER TIME. TIME IS THE KEY, IT WILL ADD UP.

ALSO MAKE SURE THEY HAVE A CLEAR PICTURE THAT A COLLEGE EDUCATION IS A MUST THESE DAYS. WITH A DEGREE THEY CAN ACCOMPLISH ANYTHING, THE SKY IS THE LIMIT.....AND DOORS WILL OPEN........................YD.

 

[justr_86]

UESP, look into it.

 

[Covey]

>UESP, look into it.
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That looks like what we've got going. Nice! We started 3 years ago so there won't be a ton but at least it's something. I would rather be giving now then when they are 18 and broke. I would say .01 percent of kids get college paid for but its always worth the try obviously. I didn't know at a young age that money should be put to work. When my kid is 10-12 he will be able to log in to his sharebuilder account and start trading and learn to make money grow besides working 40 hours a week. Things I wish I would have learned 30 years ago.

I can honestly say that no one invests more time in their kid and family than I do. It's priority #1. Apparently not everyone does. I'm just curious what others do in case there is something else out there that is worth investing a few dollars a month.

Thanks for the replies.

 

[Cornhusker]

Covey a lot more kids get college paid for academically than you think. A score of 30 on the ACT is almost a guarantee at least tuition in many schools Harvard, Yale and other Ivy's excluded. If a student scores 31 I have seldom seen them not go free with Room and Board and books. I see some families that don't have a lot of money that work hard at getting good grades and learning, where all their kids went free.

This is my 32nd year at the same school we have a family that has 8 kids they are spread out of 22 years the youngest is a senior this year. He just became the last of their children to receive a full academic scholarship. They do a lot of reading and work hard in the classroom and the parents always were invested in their kids learning, but otherwise fairly average intelligent people who work hard.

I like your attitude Covey keep it up. I agree the USEP is also a good idea because money saved for education is always a good idea.

 

[HuntinFool]

LAST EDITED ON Jan-15-13 AT 08:24PM (MST)[p]I have been trying to figure this out myself lately. I have a good job and have quite a bit of money saved up that I plan on investing, and if all goes as planned cashing out in about ten years or so and starting a business. My grades should pay for most of my schooling, and the rest I will pay for out of pocket. The only problem is that I really don't have a clue where to invest. What do you guys suggest? What I am thinking is that I need to find a reputable financial adviser and have a sit down with them.

 

[woodruffhunter]

"What do you guys suggest? What I am thinking is that I need to find a reputable financial adviser and have a sit down with them"

You just answered your own question. Get references for a good financial advisor. Do not take advice from friends and family who have no experience in these matters.

Its best to take advice from experienced people with a good track record. Although some great advice has probably been offered, MM is hardly the first option for financial success...

A good work ethic is will go far, a good education comes in 2nd. Both are necessary IMO. But, that is just me.

 

[mntman]

If you invest 5k for your kid when they are 8 and 9 years old, average 7.5% (I think) they will have a million dollars when they are 65 without contributing another dime. Granted not many of us have 5k sitting around to invest into MF's for our kids (twice) but if you can do it, they will be set up... You either need time or money to invest, time is always easier....
7.5% is rather easy to achieve over the long run.

Also the second they start working start them a ROTH IRA, have them invest every dollar they can, gets them in the habit of investing and gives them a bunch of money to grow for decades! They will be limited to 5k/year but it they will be estactic when they turn 30 for you forcing them to do it when they realize how far ahead they are for investing towards retirement.

Mntman

"Hunting is where you prove yourself"


Let me guess, you drive a 1 ton with oak trees for smoke stacks, 12" lift kit and 40" tires to pull a single place lawn mower trailer?