Hi. I've read through numerous posts on here in the past, but I couldn't find my answers to these question. So I figured it was time I joined and asked it myself.
My 10 year old just learned about stocks in school and wants to invest. I'm not sure what someone at school said about saving money that was more convincing than what my wife or I told him, but I'm happy that he is thinking about saving something. He wanted me to take him to the stock market so he could buy $10 of Amazon. At this point he only wants to invest $10 in the stock market, but I'm hoping he will want to invest more in the future. I have 2 questions about this.
1. What type of account to use? I was thinking of a UTMA. Is there a better option for this? The idea would be to give him a place to save money for long term. We already have 529's for the kids and they have savings accounts that they put a little money in (with the goal of having money for a car one day).
2. Where is the best place to invest $10. I was thinking VTI. Our Roth IRA's and my wife's roll over IRA are already at Vanguard. I've read conflicting information about the minimum investment of VTI. I've heard you can invest as little as $1 and I've also heard you need to buy a minimum of 1 share. Can he invest his $10 there? If not, is there a better place to invest $10 in the total stock market?
My 10 year old just learned about stocks in school and wants to invest. I'm not sure what someone at school said about saving money that was more convincing than what my wife or I told him, but I'm happy that he is thinking about saving something. He wanted me to take him to the stock market so he could buy $10 of Amazon. At this point he only wants to invest $10 in the stock market, but I'm hoping he will want to invest more in the future. I have 2 questions about this.
1. What type of account to use? I was thinking of a UTMA. Is there a better option for this? The idea would be to give him a place to save money for long term. We already have 529's for the kids and they have savings accounts that they put a little money in (with the goal of having money for a car one day).
2. Where is the best place to invest $10. I was thinking VTI. Our Roth IRA's and my wife's roll over IRA are already at Vanguard. I've read conflicting information about the minimum investment of VTI. I've heard you can invest as little as $1 and I've also heard you need to buy a minimum of 1 share. Can he invest his $10 there? If not, is there a better place to invest $10 in the total stock market?
Statistics: Posted by gary_the_indexer — Sat Jan 13, 2024 4:24 pm — Replies 2 — Views 126
