(07-14-2020, 09:05 AM)saimash Wrote: Hello Dividend Gurus -
I have a question that I've been grappling with over some time now (please tell me if this is not the right thread to be posting this).
So we have 2 kids (Son who is 18 and daughter who is 13)... While I started a Roth IRA for my son (ever since he started working around age 16), I want to start a similar account for my daughter (even though she cannot start working officially for another few years. In the past I refrained from starting any separate account for my son thinking it would impact his chances of getting any scholarships, but based on our combined income level we soon realized that he definitely didn't qualify for any kind of "Need Based" Scholarship (and so we essentially lost all the traction/savings that could've accumulated in his account if we had started an UTMA/UGMA account for him).
I see some of you here saying that you investing in stocks in your kids accounts... Can one of you please share what type of account this is and the reason (pros/cons) behind the investment.
Thanks once again in advance for your advice !
I have 7-8 year old boys. And each have a 529 savings plan. It tax feee and it’s used for college. I started them off early so they will me set once they turn 18. Both also have custodial IRA accounts which they cant touch until they are of legal age Lol. This is where I buy them stock. I buy names they know and follow to keep them interested. Names like MCD, AAPL, HD, NKE ect.