My 10 year old has saved a little over $1,000. What are the best options to look into for him to get it out of his piggy bank and into a place where it can grow a little ?
Best option for kids?
byu/Anonymouslyanon929 inpersonalfinance
Posted by Anonymouslyanon929
2 Comments
saving for kids: https://reddit.com/r/personalfinance/comments/104tjyn/_/j36u2dm/?context=1
Open a brokerage account with your child. UTMA (Uniform Transfers to Minors Act) brokerage account is a taxable custodial investment account managed by an adult for a minor, allowing for unlimited contributions. It holds assets like stocks, bonds, and real estate, which become the child’s property at the age of majority (18–25).