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A 529 College savings plan.You can deduct it on your taxes and the money grows taxed deferred if used for college.
It invests in mutual funds and can change bond allocations over time automatically.Saving for the future is the best gift.
Check out Fidelity.com
Good Luck |
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derek
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Stock mutual fund. |
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GirlsRock
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put it in my bucket!! |
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AVANISH JI
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Normally the mutual funds give the most returns and I would advise the same, Other investment options r Gold/Bonds/Bank deposits.... |
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Rags37
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First of all Congratulations:) We have found the best way to put money up for a child at any age is to go to your bank and ask about some of there plans they offer. In our experiences we put money into different accounts like a savings account for our new baby girl. Then we opened up another account for her college:) There are many ways to put money up for a child or any other person it depends on what fits you and your needs first. |
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Actuary
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try to invest in life insurance products............!!!! |
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Queen of Cards
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You can open a special college savings account for the child that will earn dividends tax-free. Ask a banker to help you with that. |
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John L
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stock market index fund |
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Jessica .
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a bank. Think of the interest (its not a lot, but it will put the total at more than $1000). Even over the 18 years you can add to it whenever you want to (50 bucks here, 20 bucks there). It all adds up. |
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Frank Castle
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Open a brokerage account at Zecco and invest in Sony, Nintendo, Toyota, Apple, Microsoft and Yahoo! |
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nkellingley@btinternet.com
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Try - gold. |
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Gasom
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in bank |
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HL
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Congratulations on having a grandchild. Hope you spoil him/her rotten. :-)
There are two questions you need to answer before deciding:
1. What purpose do you want to save the money for? College? Nest egg? Something else?
2. What is your risk tolerance? Usually higher risk means higher returns.
If for college, then a 529 plan is a very good way to save money on his/her behalf and the money grows tax-free. Here's a link to understanding all sorts of college savings plans, including 529s:
http://www.fool.com/college/college.htm
If you have a low risk tolerance, then savings bonds are a good way to save money for your grandchild, and it is a very safe investment. Here's a link to how you can buy savings bonds directly from the U.S. government:
http://www.treasurydirect.gov/
Another low risk investment is a bank CD or savings account. This site will give you names of banks with the highest yields for CDs:
http://www.bankrate.com/brm/rate/deposits_home.asp
If you have a little higher risk tolerance, an index stock fund or an EFT is a good way to go. Here's a link on how to start investing:
http://www.fool.com/school/basics/basics.htm |
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OLLIE
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If you had $2,000 to invest, I'd say get an annuity that has monthly point to point indexing. Ask for one that has a 10% up front bonus. Don't touch it for 17 years. You can never lose money like you can with a money market and you get way way more increase than a bank could ever think of giving. Equitrust has them in Alabama, I don't know what state you are in but a larger insurance company will most likely have a similar annuity product.
Since you only have $1,000; go to an investment company and do a 529 plan and put the grand in there and if anyone wants to add to it, (birthday money, monthly piggy bank deposit ) they can and they usually grow similarly to a money market but are a little safer.
A bank CD will grow, but not nearly as much. |
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