Hello, we have younger kids who are starting to add money to their savings accounts with the intention of being able to tap into prior to being 18 but but also want to practice good discipline and keep a good chunk of it there long term. I am referring to money they get for bday presents, small jobs around the house, etc. Would you please suggest what you would recommend in this scenario? A few of my thoughts are to open an account through Vanguard or M1Finance under my name but set each kid as the Custodian of the account to take ownership when they are 18. Then, I would look at investing funds into something that suits a savings account - maybe VUSXX, BIL, or potentially also some stock holdings too. Any advice is much appreciated on how you would approach this scenario. Thank you.
Statistics: Posted by ruanddu — Wed Jan 10, 2024 2:28 pm — Replies 7 — Views 342