Investing for children

[michele_b]

Reply: 3.1.2.1.1.2.1.1
From: Michele B


Hey Ian, don't get me wrong! All I'm saying is don't let auntie's gift go to waste because she expects you to keep it on deposit at whichbank till baby turns 18. You are the guardian of his interests - it's your decision how best to use what is given to him.

On the other hand, what Dale and others are saying is true too. You also have to set up token investing so kids learn that saving gives you options and then rewards. And we all need to enjoy the rewards occasionally or what's the point?

Heard a speaker recently describe taking her 8 kids on an overseas trip. It took 2 years to plan and everyone over 8 years old had to come up with their own fare. It was a great trip though. She said some Frenchman on a train thought they were an orphanage.

 

[GameBoy]

Reply: 3.1.2.1.1.2.1.1.1
From: Game Boy


Thanks for the replies and suggestions.

There are a few reasons I’m looking at separating their money. My son received his $10,000 via inheritance, it was given to him in his name and from what I understand must stay that way?. Especially given the executors of the Will decided to hold it in an interest bearing account until he is 18. Also I was looking at the educational benefits, as Dale mentions, his kids have taken an active role in monitoring their investments. This is exactly what I hope my kids will do, I’m not so sure they will be to excited in monitoring my investments. This is why I primary thought of IPs, as its something they can see and touch, its real to them.