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Started By
Message
Investing 10000 dollars
Posted on 6/25/24 at 12:58 pm
Posted on 6/25/24 at 12:58 pm
Where should I invest this amount for my granddaughter? Should it just stay in savings.
9
Posted on 6/25/24 at 1:03 pm to H newman
VOO and forget it.
Posted on 6/25/24 at 1:40 pm to H newman
quote:Impossible to answer cogently without knowing:
Where should I invest this amount for my granddaughter? Should it just stay in savings.
the overall denominator
her age
the goal
Posted on 6/25/24 at 2:27 pm to H newman
open a 529 college plan. Or a Roth.
Posted on 6/25/24 at 4:15 pm to H newman
Where should I invest this amount for my granddaughter? Should it just stay in savings.
Anyone who answers without asking questions first... is not worth listening to.
Age? Spouse?
Work life expectancy years?
Income?
Debts?
Tolerance?
Goals?
Anyone who gives advice without asking... Is either telling you THEIR story, or selling you something...
If it is fun money,
Anyone who answers without asking questions first... is not worth listening to.
Age? Spouse?
Work life expectancy years?
Income?
Debts?
Tolerance?
Goals?
Anyone who gives advice without asking... Is either telling you THEIR story, or selling you something...
If it is fun money,
Posted on 6/25/24 at 4:36 pm to OTIS2
Solid advice. VOO
Posted on 6/25/24 at 8:50 pm to H newman
quote:
Should it just stay in savings
Only if she's in high school and it's a college fund.
For a longer time horizon go with SPY.
Posted on 6/26/24 at 6:28 am to H newman
VGT
Posted on 6/26/24 at 7:33 am to H newman
Like others said, depends on the situation and the goal.
Some options that come to mind are Roth, UTMA, 529.
Roth - Could be used for college or retirement, but can't be withdrawn for anything else really without taking a tax hit. 7000 max contribution this year. And the kid would have to have a job in which they earned at least 7000 dollars post tax.
529 - I don't know as much about this, but I know it's good for college and can be rolled to a Roth later if it's not used for that.
UTMA - Can be opened if the kid is under 18. Does not grow tax free exactly, but is taxed at the child's rate even though you control it until they are 21. Kids don't pay tax if they earn less that 1250 a year though from a job, dividends and capital gains, etc. Can be use for anything at anytime for the kid, but once you put it in there it is automatically their money and has to be turned over to them at ~ 21 (age depending on state).
Once you pick which one you are going to put it in, then you can decide what to invest it in. Alot of that will be based on how long before they need it.
Some options that come to mind are Roth, UTMA, 529.
Roth - Could be used for college or retirement, but can't be withdrawn for anything else really without taking a tax hit. 7000 max contribution this year. And the kid would have to have a job in which they earned at least 7000 dollars post tax.
529 - I don't know as much about this, but I know it's good for college and can be rolled to a Roth later if it's not used for that.
UTMA - Can be opened if the kid is under 18. Does not grow tax free exactly, but is taxed at the child's rate even though you control it until they are 21. Kids don't pay tax if they earn less that 1250 a year though from a job, dividends and capital gains, etc. Can be use for anything at anytime for the kid, but once you put it in there it is automatically their money and has to be turned over to them at ~ 21 (age depending on state).
Once you pick which one you are going to put it in, then you can decide what to invest it in. Alot of that will be based on how long before they need it.
This post was edited on 6/26/24 at 9:59 am
Posted on 6/26/24 at 8:54 am to H newman
quote:
Should it just stay in savings.
Yes. Leave it in savings where it makes zero money.
Find a good fund that diversifies and tracks the market. A few noted here.
Historical doubling of the money every 7-8 years.
The grandkid has a nest egg in the millions for retirement.
Posted on 6/26/24 at 9:10 am to H newman
HKRS
YAYO
YAYO
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