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Yeti | What should I do with 1000.? |
My son who is 11 just inherited 1000.
Any idea of what should I do with it for his future. |
 |
 
BigBen
 |
use it to pay your debt first. indirectly, it will help you to save the interest charge. If no debt, invest in CD or college fund. |
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Rick B
 |
Put it in his 529 plan for college.
Or, put it in a good quality mutual fund.
If you want to be pretty safe, you can actually get good rates on C.D.s right now, or on money markets. |
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jc_karma
|
invest it |
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David S
|
College fund acount. CD. Invest it to make it grow. |
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Yamtaro™
|
COLLEGE FUNDS |
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Poetic
|
My answer would depend a lot on where you live and on the child involved.
If you live in a state with a pay-now, study later tuition plan AND the kid is a good student with college goals or college-educated adult examples, you might consider paying the money to a state supported institution of higher learning to cover part of his tuition. The advantage is that you lock in that much tuition at today's prices, which, because tuition is increasing faster than general inflation, makes it a good investment.
If the kid is not obvious college material, I would spend it on trips and activities designed to demonstrate the need for a good education and/or to inspire some curiosity he might attempt to satisfy with academic achievement. Visits to places like NASA, Washington DC, and museums come to mind.
$1,000 is not a lot of money so I would not get too excited about where to invest it, but if you do want to invest it, you might just get the kid a savings account so you can review statements with him to let him see that money makes money, thus giving him the savings habit. Down side to this is that he may feel rich when he gets rebellious, thus making it harder to convince him he is not yet ready for life on his own.
Hope that helps. |
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Terry
|
Yes, open a guardian account and put the money into a fund for his future. Buy something like the Vanguard Star Fund. This has a starting investment price of $1000, so you can afford it. It is a no-load mutual fund - you do not have to pay any fees to buy or sell it. It also has very low management fees, so you will not be paying much annually to Vanguard for their operation of the account. You'll probably have to pay $20 a year - but if you sign up for email delivery of statements, I think they even waive that.
Go to http://www.vanguard.com to learn more, and call their 800 number to discuss this with one of their advisors.
I've used them for many years, and they've always been very helpful and professional. |
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mitchell h
|
A thousand bucks isn't much these days but I would encourage the kid to consider an entrepreneurial venture. Maybe take the some money and go to buy some candy from to resell. In fact, a better idea would be to invest in some software for the kid to pick up some web developing/programming skills. I would go with Macromedia Dreamweaver. If none of the forementioned options sound like an enlightened course money market and CD yields are still pretty good. |
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Chuck P
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Buy some shares of stock and by the time he needs it, it will have doubled. |
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