 I have $150,000. where should I invest it? |
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I just sold one of my homes and now I have $150,000. to invest.. my question is where should I invest it.. what bank has the highest paying CD's ... should I put it in a ... |
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Brent W | I have four children that I want to start investments for. What do you think is better Ira's or mutual funds? |
The kids ages range from two threw ten. |
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Still reading
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An IRA is available for individuals with earned income and their spouses. So, your children wouldn't qualify. For children, you may want to consider a 529 educational investment account, which is a wonderful way to save for their educations. The funds must ultimately be used for education, however, not to setup a household or buy a farm or to travel the world.
A mutual fund is one investment choice which can be included inside an IRA or a 529 educational investment account. You need to determine the type of account you want and then look into investment choices. You might do best to consult a financial advisor, maybe through your bank, or talk to the folks who manage any accounts you have. |
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girlwhoknowsitstrue
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I think the best investment for children is a 529.
That way the money can acrue tax free - if one doesn't use it for college, it can be transferred to another child.
You cannot put an IRA in the name of a child who has no income, only list them as a beneficiary, and you're limited to $5,000 per year total.
You can do mutual funds in their names, you will have to manage the taxes for them, but it will be taxed every year. |
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nate s.
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Set up four accounts with mutual funds for your children. Set up a system so that you deposit money each paycheck into all four accounts. Set it up so the oldest (most likely to go to college first) receives the most money per pay check into the account.
Example:
Child 1) RYTRX - $200 monthly
Child 2) HRVIX - $150 monthly
Child 3) RYTCX - $100 monthly
child 4) RYTFX - $50 monthly
You don't have to use these as they are just used for my example, however, by setting up a system such as this you should have a prospering investment. |
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zyberianwarrior
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forget the ira go to a 529 plan. Mutual funds could be used as an option providing you get a good one. |
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cmeduck
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Not sure, but here's a page for finding a good good mutual fund to invest in:
http://www.best-stock-trading-systems.com/mutual_fund_ratings.html |
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who?
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I think you should buy them savings bonds or CD's with a maturity date for when they turn 18 or 21 or whatever. |
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rob26_us
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My wife and I are about to have our first daughter in two months. Since I am also about to finish my MBA with a concentration in financing, I have been thinking about this very subject for a while. I have two different scenarios. The first one is more practical. The second is from what I can tell, legal but might be risky with the IRS.
What I don't like about a 529 plan is that unless your kids end up going to a college in the State where the 529 is set up (I know that federal 529's a little different), they will be taxed when the withdraw the funds. What I don't like about mutual funds is that they will be charged capital gains taxes when the take out their money.
My first plan is about having your dollar do more than one thing at a time. There are some products that fall under the umbrella of life insurance but still allow you to invest in mutual funds. True part of the money towards the life insurance policy, but the gains from the mutual funds are tax free when they withdraw, either for education or purchase of new home, etc. You don't have a limit of how much you can put into those accounts unlike the IRA's. This gives them additional insurance as well as investments at the same time with some tax sheltering benefits.
The second is something that is a little different. Start a company and hire your kids. Pay them for little things like doing chores....allowances can be viewed as paychecks. Of course, don't pay them enough that they have to file a return and you can't claim them as dependents anymore. This will give them a W-2 which will allow you to set up a Roth IRA for each child. The main benefit is that in a Roth IRA, you realize your benefits when you take out the earnings tax-free. It is true that there are some limitations of how and when they can take out their money before their are 59 1/2 but education and first home purchase are exceptions. Now my financial advisor and informed me that legally this is ok, but it might raise some red flags with the IRS. So that's the risk.
As you can see, I favor things that help me or my kids paying anymore taxes than they absolutely have to.
Good luck! |
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astatine
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From personal experience, I would never put any sizable amount of money in kids' names. The two angels you have today may want to go to Univ of Woodstock when they get their hands on the money, and there's nothing you can do about it.
If your main objective is to provide for their education, open a 529 account with *you* not the children as the account owner, and them as the beneficiaries. This way 1) you control the money, 2) there may be tax benefits, and 3) if it's education where you want it spent, that's where this will go.
If your objective is provide for them in case something happens to you, go with life or disability insurance. |
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Jess2424
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Rob-
Given the fact that you are getting a MBA in finance I am so disappointed for the future of my field. First of all the tax issue.... The 529 if say done in Virginia because you want American Funds and your child goes to a school in Pennsylvania you are ONLY paying state tax's. 3.5% exactly with that scenario. Not much for a life-time of savings, tax-deferred benefits-and overall average of growth in the accounts. You do not pay for any capital gains when you get the money out for school with the children are ready to go.
2nd. Setting up the kids for jobs. By the time you are allowed to do that in most states/banks, they are ready for college. Even though the federal government does not have an age limit for an IRA(obviously has to have earned income), but you will have to follow state/bank policy. Most banks in this country are 18 years of age.
I think its time to leave school rob, and start hitting the street with "real life" practical experience.
and ASTATINE-
what is going on on these sites anymore. Such WRONG INFORMATION. YOU CAN NOT PUT A 529 IN YOUR NAME. One of the BENEFITS to opening a 529 that if your child ends up going to "woodstock" you can transfer that money to another childs name or a cousin, any lateral family member in your chain. YOU AS THE PARENT HAVE THE CONTROL, BUT CAN NOT PUT IN YOUR NAME.
where does people get their information, it amazes me. |
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smarty smarty pants
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I would get both don't ever put all your eggs in one basket. |
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Chris
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Well why choose when you can have both. IRAs are accounts mutual funds are investments. You can start an educational IRA or a 529 plan if in fact the accounts are for education. If you are not investing for education then custodial accounts are probably your best choice. Some states have plans where you can invest in credits now and cash them in later. You are buying actual credits. It depends on what your objective is. If you indicate your objective we can probably give better advice. |
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Yardbird
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Neither one. If they have money saved, they won't be able to get financial aid for college. |
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Frank Castle
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Open a brokerage account at Zecco for each of them and invest in DIA. |
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