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  1. #18376
    Join Date
    Oct 2002
    Location
    my own little world
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    6,164
    Recommendations re: a place for kids (under 18 and after 18) to start tossing money into investments? I want to keep supporting my kids and bills and etc and I don’t need them to pay me back, but in lieu of that I would like them to contribute some equivalent amounts into the market. Where to have a kid deposit $250/month and learn about how this stuff works?
    focus.

  2. #18377
    Join Date
    Jan 2008
    Posts
    10,660

    Is the stock market going to tank?

    Quote Originally Posted by Mustonen View Post
    Recommendations re: a place for kids (under 18 and after 18) to start tossing money into investments? I want to keep supporting my kids and bills and etc and I don’t need them to pay me back, but in lieu of that I would like them to contribute some equivalent amounts into the market. Where to have a kid deposit $250/month and learn about how this stuff works?
    Schwab/TD if you want them to learn

    Robinhood and a link to r/wallstreetbets if you want them to learn the hard way

    https://www.schwab.com/custodial-account

  3. #18378
    Join Date
    Apr 2006
    Posts
    9,458
    BTC

  4. #18379
    Join Date
    Jan 2008
    Location
    Paper St. Soap Co.
    Posts
    3,481
    Quote Originally Posted by Mustonen View Post
    Recommendations re: a place for kids (under 18 and after 18) to start tossing money into investments? I want to keep supporting my kids and bills and etc and I don’t need them to pay me back, but in lieu of that I would like them to contribute some equivalent amounts into the market. Where to have a kid deposit $250/month and learn about how this stuff works?
    Like which brokerage company to use or a fund recommendation? I use schwab, but just because of over the years who I had prior got bought up. They seem fine. Funds, I would just tell them buy VOO and never sell.

  5. #18380
    Join Date
    Jan 2005
    Location
    cb, co
    Posts
    5,187
    For the learning side, I'd have them buy a few shares of a few stocks. It's a good way to learn about being a shareholder, voting, proxies, etc. When I was a kid I even went to the annual shareholder's meeting at my hometown Coors since I had a few shares. Stick the rest in VTI or some other similar low cost index fund.

  6. #18381
    Join Date
    Feb 2005
    Location
    North Vancouver/Whistler
    Posts
    14,223
    Quote Originally Posted by goldenboy View Post
    For the learning side, I'd have them buy a few shares of a few stocks. It's a good way to learn about being a shareholder, voting, proxies, etc. When I was a kid I even went to the annual shareholder's meeting at my hometown Coors since I had a few shares. Stick the rest in VTI or some other similar low cost index fund.
    That's awesome!

    I've bought my nieces one share of one company each of their birthdays. Figure I'd teach them something about boring stuff like compound interest as they get older and interested.

    In Canada - wealthsimple. Mainly due to low fees

  7. #18382
    Join Date
    Jan 2005
    Location
    cb, co
    Posts
    5,187
    Quote Originally Posted by LeeLau View Post

    I've bought my nieces one share of one company each of their birthdays.
    I bought all of my nieces and nephews one share of Disney. I went through my dad's old stockbroker and made sure I got an actual paper stock certificate, which had Mickey Mouse and Snow White and all the other characters on it, so it was frameable for a kid's room.

  8. #18383
    Join Date
    Apr 2006
    Location
    Movin' On
    Posts
    3,859
    Quote Originally Posted by Mustonen View Post
    Recommendations re: a place for kids (under 18 and after 18) to start tossing money into investments? I want to keep supporting my kids and bills and etc and I don’t need them to pay me back, but in lieu of that I would like them to contribute some equivalent amounts into the market. Where to have a kid deposit $250/month and learn about how this stuff works?
    In addition to what everyone else has said, make it so the kids are depositing money into a Roth IRA or 529 plan so that it is tax advantaged.

    My understanding is that there is an earned income requirement for the Roth IRA, so you may need to put a kid on some kind of payroll or said kid needs to have an income from somewhere else to qualify.

  9. #18384
    Join Date
    Apr 2006
    Posts
    9,458
    Good on you musty. They've got all the time in the world. If they get that discipline of putting a bit away each month they'll be golden.

  10. #18385
    Join Date
    Jan 2009
    Location
    Aspen
    Posts
    1,517
    Quote Originally Posted by Mustonen View Post
    Recommendations re: a place for kids (under 18 and after 18) to start tossing money into investments? I want to keep supporting my kids and bills and etc and I don’t need them to pay me back, but in lieu of that I would like them to contribute some equivalent amounts into the market. Where to have a kid deposit $250/month and learn about how this stuff works?
    For the minors a 529 plan is a no brainer, VTI or other well diversified low cost index fund of choice. Recent change allows conversion to a Roth IRA up to 35k tax/penalty free if they don't end up using it and/or needing it for education.

  11. #18386
    Join Date
    Jan 2008
    Location
    Paper St. Soap Co.
    Posts
    3,481
    I couldn't figure out why a minor would want a 529, so did some research on kids tax brackets. Had no idea... so a kid could have $100k of VOO and pay no tax on the 1.3% dividend payment each year.

    "
    Unearned income from interest, dividends, and capital gains are taxed in tiers defined by the IRS.

    For a child with no earned income, the amount of unearned income up to $1,300 is not taxed in 2024.
    The next $1,300 is taxed at the child's rate.
    Any amount above $2,600 is taxed at the parents' rate.
    These rules cover children under the age of 18, and also those up to the age of 24 who are full-time students.
    "

  12. #18387
    Join Date
    Jan 2008
    Posts
    10,660
    Quote Originally Posted by 406 View Post
    I couldn't figure out why a minor would want a 529, so did some research on kids tax brackets. Had no idea... so a kid could have $100k of VOO and pay no tax on the 1.3% dividend payment each year.

    "
    Unearned income from interest, dividends, and capital gains are taxed in tiers defined by the IRS.

    For a child with no earned income, the amount of unearned income up to $1,300 is not taxed in 2024.
    The next $1,300 is taxed at the child's rate.
    Any amount above $2,600 is taxed at the parents' rate.
    These rules cover children under the age of 18, and also those up to the age of 24 who are full-time students.
    "
    There are some stipulations with the money in the 529 account though - you don’t really want to over contribute because non qualified withdrawals get hit with a penalty tax of 10+%.
    That said there are some new options I haven’t looked into since I opened them for my kids, like I hear you can contribute any leftover money to a Roth in the kids name now.

  13. #18388
    Join Date
    Jan 2008
    Location
    Paper St. Soap Co.
    Posts
    3,481
    ^^^right, my point was I still don't understand why a minor would open their own 529 as Jaytemoney suggested. But reading more about it:
    "When used for qualified education expenses, distributions are federally tax free.".

  14. #18389
    Join Date
    Jan 2008
    Posts
    10,660
    Quote Originally Posted by 406 View Post
    ^^^right, my point was I still don't understand why a minor would open their own 529 as Jaytemoney suggested.
    Ahh, I just reread your post and now I get it.

  15. #18390
    Join Date
    Oct 2003
    Location
    Sandy
    Posts
    14,904
    Quote Originally Posted by 406 View Post
    ^^^right, my point was I still don't understand why a minor would open their own 529 as Jaytemoney suggested. But reading more about it:
    "When used for qualified education expenses, distributions are federally tax free.".
    Every single parent/grandparent should be doing this.
    My dad started an account for my daughter’s college fund when she was born. Put in $2k a year till she turned 18. It’s made some decent dividends over those years. And now she is using it tax free for expenses at the U.

  16. #18391
    Join Date
    Jan 2008
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    Paper St. Soap Co.
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    3,481
    ^^^that would be nice, my kids grandparents seem to just spend on themselves.

    I guess I had written off 529 because I didn't like all the rules and was focused on investing so I can retiring in my 40's. But seeing 2024 rule that can be rolled into a ira if kid doesn't go to university, has me reconsidering. Glad the post got me to do research.
    Youngest should be out of daycare soon, so that will free up some money.

  17. #18392
    Join Date
    Dec 2010
    Location
    Last Best City in the Last Best Place
    Posts
    7,808
    Any opinions on Pershing vs. Schwab as account custodian?

  18. #18393
    Join Date
    Dec 2008
    Location
    PDX
    Posts
    5,059
    REKT

    So we a lock for rate cut by Sept. now?

  19. #18394
    Join Date
    Oct 2006
    Location
    MA
    Posts
    7,091
    Quote Originally Posted by stalefish3169 View Post
    REKT

    So we a lock for rate cut by Sept. now?
    Unless Aug PCE print is on the high side
    Decisions Decisions

  20. #18395
    Join Date
    Mar 2006
    Posts
    19,965
    Quote Originally Posted by yeahman View Post
    Any opinions on Pershing vs. Schwab as account custodian?
    Zero difference

  21. #18396
    Join Date
    Mar 2006
    Posts
    19,965
    10y rate ticking higher on 2% sell off. Look out below.
    2% daily selloff in bigger picture is nothing.

    TSLA will have an island top if it gaps lower tomorrow.

  22. #18397
    Join Date
    Mar 2006
    Posts
    19,965
    NVDA has a gap 10% lower.

  23. #18398
    Join Date
    Oct 2003
    Location
    9,300ft
    Posts
    22,461
    bloody
    Quote Originally Posted by blurred
    skiing is hiking all day so that you can ski on shitty gear for 5 minutes.

  24. #18399
    Join Date
    Jan 2009
    Location
    Squaw valley
    Posts
    4,847
    Quote Originally Posted by 4matic View Post
    Zero difference
    I would look though at their websites to see who had better info, reports, trading, etc

    Sent from my moto g 5G using Tapatalk

  25. #18400
    Join Date
    Mar 2006
    Posts
    19,965
    Quote Originally Posted by rod9301 View Post
    I would look though at their websites to see who had better info, reports, trading, etc
    Custody has nothing to with trading.

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