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Posted on 5/29/25 at 11:04 am to meeple
Last year, I opened a Fidelity youth account and custodial Roth for my high school son. We were already contributing to a 529 plan for him. When he started his part-time job, we stopped contributing to the 529 and shifted those deposits into his Roth (up to his earned income) and then the remainder went into the youth account. He’s then responsible for his own gas, truck insurance, and spending money out of his work pay.
Posted on 5/29/25 at 9:11 pm to meeple
I want to agree with the Roth however he is 16yo. All kinds of reasons a Roth is a great idea and over long time period especially.
However, at 16yo, would encourage learning to invest while having access to the money that he may need building the skills he will use to earn income for his career, at which time a Roth will also make (better) sense.
VTSAX after tax (non Roth), for example.
However, at 16yo, would encourage learning to invest while having access to the money that he may need building the skills he will use to earn income for his career, at which time a Roth will also make (better) sense.
VTSAX after tax (non Roth), for example.
Posted on 6/2/25 at 2:46 pm to Artificial Ignorance
I funded accounts for my kids and grandkids and struggled with deciding about using a Roth. I ended up using taxable accounts. My primary goal was/is to help them develop an investing mindset. I decided that this was more difficult to do by funding a retirement account. Hopefully, try learn to fund their own retirement. Time will tell.
Posted on 6/2/25 at 7:32 pm to meeple
quote:First congrats to you and your son!
My 16 yr old son has saved around $4k in a fidelity youth account. What advice should I give him to get his feet wet in investing?
Here was our approach.
We set up Yahoo Finance "monopoly money" accounts, with rules (taxes, transaction costs, etc) for our kids. Each was given a conservative, moderate, and risky account. They worked those while we handled their real 529 money. Then we compared results. In terms of their "monopoly money" vs real investments, suffice it to say they underperformed.
Great lesson for them. They are now far more savvy.
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