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Investment gurus , investments for kids. #8158571
06/21/24 12:57 PM
06/21/24 12:57 PM
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Wy
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Giant Sage Offline OP
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Looking to invest in our grand kiddos.
Seeking advice from someone who knows.

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158572
06/21/24 01:01 PM
06/21/24 01:01 PM
Joined: Mar 2007
Posts: 35,853
McGrath, AK
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white17 Offline

"General (Mr.Sunshine) Washington"
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How old, how many, who will be the trustee ?


Mean As Nails
Re: Investment gurus , investments for kids. [Re: white17] #8158584
06/21/24 02:10 PM
06/21/24 02:10 PM
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Giant Sage Offline OP
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Originally Posted by white17
How old, how many, who will be the trustee ?

7-13 years 3 kids . Trustee parents.

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158586
06/21/24 02:20 PM
06/21/24 02:20 PM
Joined: Mar 2007
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McGrath, AK
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white17 Offline

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Well I am no expert by any means but what I did for my grand daughters was open a brokerage account for each of them and funded them with equal amounts when opened. Their mother is the trustee but I have the trading permissions.
I also stipulated at what point the girls could access the account without the trustee's permission....that age will vary by the state you are in.

The broker you choose will have any paperwork you might need. Just show up with SSN# for each kid and your check book.

I also tried to buy the same investments for each child and in the same dollar amount ......so no whining about favorites later ))))

Obviously the youngest has the best chance of outperforming her two older sisters..........but I haven't mentioned that. I don't think they'd care anyway.

Hopefully you can get the kids interested in what they own and how things work. That was my goal in addition to providing something better than birthday and Christmas presents that become obsolete as the kids get older.

Are the parents conversant with investing ?

Good luck. It's a very worthwhile endeavor IMO


Mean As Nails
Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158596
06/21/24 02:36 PM
06/21/24 02:36 PM
Joined: Nov 2012
Posts: 1,512
midland, michigan
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midlander Offline
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Yep, what White said. If they (parents) arent comfortable with handling those things, they can always open through Edward Jones or the likes. Kids seem to enjoy watching accounts go up and down and learning how the market works. Youll be getting their toes wet with learning financial lessons without them even knowing it at the time....

529 plans are another option if you think they might want to go to college...

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158607
06/21/24 02:48 PM
06/21/24 02:48 PM
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Posts: 562
SW MISSOURI
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Rockfarmer Offline
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Roth Ira - you can do a custodial account until they make enough / are old enough themselves.
I did this for my kids.
No taxes on withdrawal of their contributions after 5 years. No taxes on anything at age 59 1/2


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Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158615
06/21/24 03:01 PM
06/21/24 03:01 PM
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Posts: 1,464
alberta
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Getting young people into investing/entrepreneurship is very important. Good for you!

Myself, I would MATCH anything THEY put towards it themselves

Would also allow them to participate in the decision making

I did with my son. He’s done well with it, and has learned some difficult lessons along the way

7 might be alittle young,,13 is perfect


Straight up “free money” rarely ends well IMHO

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158625
06/21/24 03:22 PM
06/21/24 03:22 PM
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Posts: 3,075
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WI Outdoors Offline
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Just hope they never divorce.

Re: Investment gurus , investments for kids. [Re: WI Outdoors] #8158673
06/21/24 05:02 PM
06/21/24 05:02 PM
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Posts: 11,690
Indiana
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Providence Farm Offline
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Originally Posted by WI Outdoors
Just hope they never divorce.


Pre nup


I opened accounts for my kids at Edward Jones. Monthly money goes from my checking directly into their accounts.

If you own a business they can work for you giving them earned income, they won't make enough to have to pay taxes, your business gets the deduction of money paid out as an expense, since they have earned income you can now open a Roth for them and fund it up to 7 k but not above the amount of many that they have earned what ever is most.

Edit their money goes into a growth fund. Ytd they have a 26% return. You need to sit down with them and explain growth compounding over time, needs vs wants, planning and goals. Then run investment #s to show them and ask them if they want to become millionaires and how it's possible to get there. I believe my daughter will be able to retire in her 40s if she sticke to the plan.

7k in a Roth at 13 with 10% growth never adding any more to it can grow to 600k + at 60 with a 10% growth rate.

Last edited by Providence Farm; 06/21/24 05:08 PM.
Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158675
06/21/24 05:15 PM
06/21/24 05:15 PM
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Ohio
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stinkypete Offline
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The earlier you get children involved with money, saving, investing the better IMO. As White17 stated presents are out grown.
Investments grow for a lifetime.

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158678
06/21/24 05:19 PM
06/21/24 05:19 PM
Joined: Apr 2010
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Ohio
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stinkypete Offline
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This is a fantastic thread. Glad to see this come up!!!!!!

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158703
06/21/24 06:57 PM
06/21/24 06:57 PM
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East-Central Wisconsin
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bblwi Online content
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As mentioned above. I would do custodial ROTHS until they have earned income to put in. We did 529s for our 3 granddaughters which two of them will start using next year. If one has investments that can stick around for 60-70 some years that will help create some wealth.

Bryce

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158709
06/21/24 07:09 PM
06/21/24 07:09 PM
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Giant Sage Offline OP
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Thanks for the replies.
Some advise I didn't think of.

Re: Investment gurus , investments for kids. [Re: Giant Sage] #8158714
06/21/24 07:19 PM
06/21/24 07:19 PM
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Virginia
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We took advantage of the tax benefits by having each of the 3 boys work for my wife’s business and put what we could max out into a Roth for each. Youngest just turned 18. Tried to show them everything I knew about investing, compounding interest, etc., while they were coming up. My oldest is 24 and working post college. Fully taking advantage of his work 401k, invests in a personal Roth and has a brokerage acct for his ‘side’ investing.

Middle boy is a Senior in college and has contributed 10% of what he earns part time. Same with my 18 yr old who just finished HS.

Hopeful to start a 529 for any future grandkids.

Re: Investment gurus , investments for kids. [Re: GUNNLEG] #8158784
06/21/24 10:28 PM
06/21/24 10:28 PM
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Providence Farm Offline
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Originally Posted by GUNNLEG
We took advantage of the tax benefits by having each of the 3 boys work for my wife’s business and put what we could max out into a Roth for each. Youngest just turned 18. Tried to show them everything I knew about investing, compounding interest, etc., while they were coming up. My oldest is 24 and working post college. Fully taking advantage of his work 401k, invests in a personal Roth and has a brokerage acct for his ‘side’ investing.

Middle boy is a Senior in college and has contributed 10% of what he earns part time. Same with my 18 yr old who just finished HS.

Hopeful to start a 529 for any future grandkids.



Indiana offers a 20% tax deduction for 529 accounts up to $750 if you file single and $1500 if you file taxes married jointly so if you put in $7500 you get $1500 back on taxes if you are married and file taxes jointly. Needless to say I opened one this year once I knew my daughter was going to be going to college just to get the state tax credit. I didn't get the tax free growth not having started it earlier but I will get the tax credit making it worth while Opening the account.

So check and see if your state offers anything similar.

Last edited by Providence Farm; 06/21/24 10:32 PM.
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