ernest_t_bass
Posts: 24,984
Feb 16, 2012 2:51pm
Looking for advice from the OC elite (which includes about 99% of the people). I have a savings account set up for both of my children (I guess you can call it, in a sense, a trust fund), where $25 gets direct deposited into each child's account every time I get paid (biweekly). This savings account that I have setup only receives like .01% interest... next to nothing. What are some good (secure) investments that I can make, other than a savings account, that will reap a little greater rewards? One child is 6.5 yrs. old, and the other is almost 2. The EARLIEST we would ever even touch the money is when they are 18.
tl;dr version
What is the most secure long-term (10+ yrs) investment with the greatest potential return?
tl;dr version
What is the most secure long-term (10+ yrs) investment with the greatest potential return?
FatHobbit
Posts: 8,651
Feb 16, 2012 2:55pm
Lottery tickets?
THE4RINGZ
Posts: 16,816
Feb 16, 2012 2:56pm
ReppedFatHobbit;1087881 wrote:Lottery tickets?
ernest_t_bass
Posts: 24,984
Feb 16, 2012 2:56pm
Should I buy the $1, $5, or $10 kind?FatHobbit;1087881 wrote:Lottery tickets?
Raw Dawgin' it
Posts: 11,466
Feb 16, 2012 2:57pm
i think you'd be better off calling a place like Fidelity.ernest_t_bass;1087873 wrote:Looking for advice from the OC elite (which includes about 99% of the people). I have a savings account set up for both of my children (I guess you can call it, in a sense, a trust fund), where $25 gets direct deposited into each child's account every time I get paid (biweekly). This savings account that I have setup only receives like .01% interest... next to nothing. What are some good (secure) investments that I can make, other than a savings account, that will reap a little greater rewards? One child is 6.5 yrs. old, and the other is almost 2. The EARLIEST we would ever even touch the money is when they are 18.
tl;dr version
What is the most secure long-term (10+ yrs) investment with the greatest potential return?
FatHobbit
Posts: 8,651
Feb 16, 2012 2:57pm
10x $1, 1x $5 and 1x $10.ernest_t_bass;1087886 wrote:Should I buy the $1, $5, or $10 kind?
Little Danny
Posts: 4,288
Feb 16, 2012 2:57pm
What do you want the money to do? Fund a college education?
FatHobbit
Posts: 8,651
Feb 16, 2012 2:58pm
There are some smart people here. I am genuinely interested in what they have to say. But a good financial adviser is a great idea too.Raw Dawgin' it;1087889 wrote:i think you'd be better off calling a place like Fidelity.
ernest_t_bass
Posts: 24,984
Feb 16, 2012 2:59pm
When I actually go to invest, this is what I will do. I'm sure there are some valuable opinions here. Well, maybe.Raw Dawgin' it;1087889 wrote:i think you'd be better off calling a place like Fidelity.
ernest_t_bass
Posts: 24,984
Feb 16, 2012 3:00pm
My wife and I haven't decided yet. It is either for college or a wedding.Little Danny;1087891 wrote:What do you want the money to do? Fund a college education?
Raw Dawgin' it
Posts: 11,466
Feb 16, 2012 3:19pm
I wouldn't trust anyone on here when it came to decisions about my money.
But you're a guy who puts 50 bucks a month away to an account that gains no interest so this forum might actually help.
But you're a guy who puts 50 bucks a month away to an account that gains no interest so this forum might actually help.
Raw Dawgin' it
Posts: 11,466
Feb 16, 2012 3:19pm
this is why i pray i don't have girls.ernest_t_bass;1087898 wrote:My wife and I haven't decided yet. It is either for college or a wedding.
ernest_t_bass
Posts: 24,984
Feb 16, 2012 3:23pm
Not a bad idea, though. Might encourage my daughters to wait to get married. Let's say they get $1000 more/year after they turn 18. You get married young, you get a shit wedding. Be smart, live life, and marry a little later, and you can put a lot more money towards your wedding.Raw Dawgin' it;1087926 wrote:this is why i pray i don't have girls.
ernest_t_bass
Posts: 24,984
Feb 16, 2012 3:24pm
Admitting it is the first step.Raw Dawgin' it;1087925 wrote:But you're a guy who puts 50 bucks a month away to an account that gains no interest so this forum might actually help.
Raw Dawgin' it
Posts: 11,466
Feb 16, 2012 4:19pm
or just give away your girls at birth and try again.ernest_t_bass;1087930 wrote:Not a bad idea, though. Might encourage my daughters to wait to get married. Let's say they get $1000 more/year after they turn 18. You get married young, you get a shit wedding. Be smart, live life, and marry a little later, and you can put a lot more money towards your wedding.
R
rip34
Posts: 55
Feb 16, 2012 8:41pm
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.
ernest_t_bass
Posts: 24,984
Feb 16, 2012 8:48pm
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.
Only took this long for a solid answer. Thanks!
OneBuckeye
Posts: 5,888
Feb 16, 2012 9:35pm
From a guy with 32 posts no less. You struck gold!ernest_t_bass;1088273 wrote:Only took this long for a solid answer. Thanks!
ernest_t_bass
Posts: 24,984
Feb 16, 2012 9:39pm
OneBuckeye;1088304 wrote:From a guy with 32 posts no less. You struck gold!
Lol
thedynasty1998
Posts: 6,844
Feb 16, 2012 9:53pm
ING has online savings accounts that earn like .89%. Not great by any means, but better than the brick and mortar banks.
Just setup an investment account and buy some safe stocks. I usually earn at least 2.5-3% a year.
Just setup an investment account and buy some safe stocks. I usually earn at least 2.5-3% a year.
ernest_t_bass
Posts: 24,984
Feb 16, 2012 9:54pm
thedynasty1998;1088317 wrote:ING has online savings accounts that earn like .89%. Not great by any means, but better than the brick and mortar banks.
Just setup an investment account and buy some safe stocks. I usually earn at least 2.5-3% a year.
Friend of mine suggested a drip fund with PG stock. In whom do you invest?
thedynasty1998
Posts: 6,844
Feb 16, 2012 10:13pm
I use Sharebuilder. It's like $4 a trade, so I usually buy one stock per month. I'm 28 though and don't have kids, so my motivations may be different. At $4 a trade that is $48 a year. So if you are only investing $50/month it may not make sense but to pay $4/month to invest.ernest_t_bass;1088318 wrote:Friend of mine suggested a drip fund with PG stock. In whom do you invest?
ernest_t_bass
Posts: 24,984
Feb 16, 2012 10:15pm
I have between $2500-$3000 already saved between the two.
W
WebFire
Posts: 14,779
Feb 16, 2012 10:20pm
Call Turbo Tax.
ernest_t_bass
Posts: 24,984
Feb 16, 2012 10:21pm
WebFire;1088342 wrote:Call Turbo Tax.
Dynamite thread connection, Barry.