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Forum
-> Household Management
-> Finances
amother
Olive
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Wed, Jul 06 2016, 10:45 am
Hi all.
So I'm trying to put away some money for the kids every month for them to have in the future, for college or to start a business etc. Once I reach a few thousand iyh I would like to invest it so it grows faster than it would in a bank account. What's the best place to invest? Mutual funds? Some kind of tax-free account? I considered those college only accounts but I don't want the money to be locked into using just for college. CDs are worth pennies now, not worth it.
My kids are young so I have time to invest in long term options. Any ideas? Any leads on how to invest in mutual funds or open a tax free account? Thanks!
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amother
Aqua
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Wed, Jul 06 2016, 10:56 am
Talk to a financial advisor = someone with good references, and trusted by the community.
We invest 50 - 150 per child each month in conservative mutual funds.
The money is taken out through direct deposit so it always happens.
We do it monthly rather then one lump sump so we sometimes buy when high and sometimes low and hopefully it will even out in the end.
So far this has worked for us. Our oldest is 10 and has a nice sum already. We start putting in on the higher end and as they get older and the amount gets closer to our goal we start putting in less, so we have we have enough to put in for younger children.
We haven't had to pay taxes until now, but my 10 year old child's is over 25K now and did very well this year and I believe we had to pay something but it was negligible. when we pull the money out I'm guessing we will have to pay taxes on earnings.
We plan on using this money for weddings iy'h, seminary\yeshiva in Israel and support. If we need it for bar mitzvas we will also use it then.
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