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Trust Funds for Children

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THE4RINGZ's avatar

THE4RINGZ

R.I.P Thread Bomber

16,816 posts
Feb 16, 2012 10:23 PM
Land. As in real estate.
Feb 16, 2012 10:23pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Feb 16, 2012 10:25 PM
ernest_t_bass;1088334 wrote:I have between $2500-$3000 already saved between the two.
Buy some Apple or Walmart stock. Or wait for Facebook.
Feb 16, 2012 10:25pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Feb 16, 2012 10:26 PM
Kog. It's like 9 bucks. But it will be 40 in 2 years. I'm throwing all my spare money at it. Seriously.
Feb 16, 2012 10:26pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Feb 16, 2012 10:31 PM
I am serious. And am putting my money in it. But you know, I'm like, not a financial advisor.
Feb 16, 2012 10:31pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Feb 16, 2012 10:32 PM
So if you lose your ass don't cry to me. I will be just as bummed.
Feb 16, 2012 10:32pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Feb 16, 2012 10:32 PM
thedynasty1998;1088351 wrote:Buy some Apple or Walmart stock. Or wait for Facebook.
Id say the best days of facebook are behind it, unless they tap into China.
Feb 16, 2012 10:32pm
THE4RINGZ's avatar

THE4RINGZ

R.I.P Thread Bomber

16,816 posts
Feb 16, 2012 10:32 PM
Let Apple split from the $500 range and hop on that bitch.
Feb 16, 2012 10:32pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Feb 16, 2012 10:34 PM
THE4RINGZ;1088364 wrote:Let Apple split from the $500 range and hop on that bitch.

They'd have to have a major split. 5:1, which ain't happening!
Feb 16, 2012 10:34pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Feb 16, 2012 10:36 PM
j_crazy;1088353 wrote:Kog. It's like 9 bucks. But it will be 40 in 2 years. I'm throwing all my spare money at it. Seriously.
what makes you say that?
Feb 16, 2012 10:36pm
W

WebFire

Go Bucks!

14,779 posts
Feb 16, 2012 10:36 PM
THE4RINGZ;1088347 wrote:Land. As in real estate.
Farm land is where it's at.
Feb 16, 2012 10:36pm
THE4RINGZ's avatar

THE4RINGZ

R.I.P Thread Bomber

16,816 posts
Feb 16, 2012 10:37 PM
Whatever price it splits at seems like a horse to ride.
Feb 16, 2012 10:37pm
password's avatar

password

Senior Member

2,360 posts
Feb 16, 2012 10:39 PM
What you need to do is keep saving your money then when they turn 15, invest $5000.00 in a Roth for each of them and they will never have to worry about retirement.
Feb 16, 2012 10:39pm
McFly1955's avatar

McFly1955

Senior Member

1,441 posts
Feb 16, 2012 10:40 PM
rip34;1088262 wrote:If you are looking at saving for college open a 529 account for both your kids at college advantage.com. the money grows like a Roth Ira as the gains can be used tax free as long as it is spent on education. Plus up to 2000 can be deducted on your Ohio state tax.
This. We do this for our daughter.

Another option is to contribute to a Roth IRA (in your name). When the time comes if you need some cash for a wedding or whatever, you can take out the contributions penalty/tax free (since it has already been taxed once).

I just started maxing out a Roth ($5,000/yr) --- and according to an investment calculator I just used ---

Max Roth for next 17 years (my daughter is 1), there will be around $85,000 I can take if needed with no penalties, but the value of the account assuming avg 8% return = $192,000 ---- chaching.
Feb 16, 2012 10:40pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Feb 16, 2012 10:41 PM
Pick6;1088361 wrote:Id say the best days of facebook are behind it, unless they tap into China.
Why do you say that? It's just starting to tap into its potential. Imagine a day where bank accounts, music, shopping, message boards and everything else you use the internet for is accessible from Facebook.com. It's a matter of opinion, but I think Facebook is nowhere near its potential.
Feb 16, 2012 10:41pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Feb 16, 2012 10:42 PM
McFly1955;1088387 wrote:This. We do this for our daughter.

Another option is to contribute to a Roth IRA (in your name). When the time comes if you need some cash for a wedding or whatever, you can take out the contributions penalty/tax free (since it has already been taxed once).

I just started maxing out a Roth ($5,000/yr) --- and according to an investment calculator I just used ---

Max Roth for next 17 years (my daughter is 1), there will be around $85,000 I can take if needed with no penalties, but the value of the account assuming avg 8% return = $192,000 ---- chaching.
Who assumes an 8% return?
Feb 16, 2012 10:42pm
McFly1955's avatar

McFly1955

Senior Member

1,441 posts
Feb 16, 2012 10:43 PM
password;1088383 wrote:What you need to do is keep saving your money then when they turn 15, invest $5000.00 in a Roth for each of them and they will never have to worry about retirement.
That will only get them around $250,000 - $275,000 in today's dollars when they are 65.
Feb 16, 2012 10:43pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Feb 16, 2012 10:45 PM
McFly1955;1088387 wrote:This. We do this for our daughter.

Another option is to contribute to a Roth IRA (in your name). When the time comes if you need some cash for a wedding or whatever, you can take out the contributions penalty/tax free (since it has already been taxed once).

I just started maxing out a Roth ($5,000/yr) --- and according to an investment calculator I just used ---

Max Roth for next 17 years (my daughter is 1), there will be around $85,000 I can take if needed with no penalties, but the value of the account assuming avg 8% return = $192,000 ---- chaching.

Don't know about the op, but I make too much to start a roth. 529 is a good choice too. But KOG is still my advice.
Feb 16, 2012 10:45pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Feb 16, 2012 10:47 PM
j_crazy;1088402 wrote:Don't know about the op, but I make too much to start a roth. 529 is a good choice too. But KOG is still my advice.
How do you make too much for a Roth?
Feb 16, 2012 10:47pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Feb 16, 2012 10:48 PM
thedynasty1998;1088405 wrote:How do you make too much for a Roth?

My job pays too much?
Feb 16, 2012 10:48pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Feb 16, 2012 10:49 PM
j_crazy;1088407 wrote:My job pays too much?
I deleted my post, wasn't thinking.
Feb 16, 2012 10:49pm
McFly1955's avatar

McFly1955

Senior Member

1,441 posts
Feb 16, 2012 10:52 PM
thedynasty1998;1088395 wrote:Who assumes an 8% return?
It's been a few years, but when I was in investment sales that seemed to be the most common ROR assumption, probably for the benefit of the fund companies... Nobody knows, it's just a starting point. Everyone should obviously make the assumptions they are comfortable with, some might use 10% and feel OK with that, some might only use 3-5%.

5% in my example means I'll have $140,000 in a Roth in the same time period. Not bad for choosing to invest just $400 per month which everyone should be able to accomplish (cut smart phone bill, car payment, and cable package and there you have it.)
Feb 16, 2012 10:52pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Feb 16, 2012 11:00 PM
McFly1955;1088387 wrote:This. We do this for our daughter.

Another option is to contribute to a Roth IRA (in your name). When the time comes if you need some cash for a wedding or whatever, you can take out the contributions penalty/tax free (since it has already been taxed once).

I just started maxing out a Roth ($5,000/yr) --- and according to an investment calculator I just used ---

Max Roth for next 17 years (my daughter is 1), there will be around $85,000 I can take if needed with no penalties, but the value of the account assuming avg 8% return = $192,000 ---- chaching.
I only put in $600/year.
Feb 16, 2012 11:00pm
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Feb 16, 2012 11:02 PM
Fuck, I can't even take myself serious with my hideous fucking avatar.
Feb 16, 2012 11:02pm
password's avatar

password

Senior Member

2,360 posts
Feb 16, 2012 11:06 PM
McFly1955;1088397 wrote:That will only get them around $250,000 - $275,000 in today's dollars when they are 65.
For a one time investment of $5000.00, that is not a bad gift to give your kids.
Feb 16, 2012 11:06pm
McFly1955's avatar

McFly1955

Senior Member

1,441 posts
Feb 16, 2012 11:08 PM
password;1088432 wrote:For a one time investment of $5000.00, that is not a bad gift to give your kids.

Hell yeah, I wish someone thought to do that for me :)

I was just disagreeing with the not having to worry about retirement part ;)
Feb 16, 2012 11:08pm