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Investment ideas for kids

Investment ideas for kids

Deb1
Joined: Jul 2011
Posts: 540

Deb1
Joined: Jul 2011
Posts: 540

Investment ideas for kids
7/6/2015 at 7:13 PM

What are your ideas for a 15 years old investing his money to make it grow. With the small interest rate on saving account, putting the money there does not make it grow. With little bit of money that he has earned, I am not sure what other choices he has. Any idea?
Bee...
Joined: Mar 2011
Posts: 62

Bee...
Joined: Mar 2011
Posts: 62

Investment ideas for kids
7/6/2015 at 9:25 PM

My son is 15 he has an investment with Investors Group in Brandon.. He has had a summer job for the last 3 years and puts in a bit every year... Saving for his first Car...
Jaxon
Joined: Mar 2014
Posts: 409

Jaxon
Joined: Mar 2014
Posts: 409

be careful
7/6/2015 at 10:07 PM

the kind of investment you choose. I put every dime I could save from child tax benefit, birthday money and child support into mutual funds and GIC's to save for my daughters education. But the parent has to put it into their name, thus pay tax on any gains it makes. And mutual funds usually want it locked in for at least 3 years.
Kim W
Joined: Dec 2009
Posts: 189

Kim W
Joined: Dec 2009
Posts: 189

For our grandchild...
7/8/2015 at 10:37 PM

We put money into an Investors Group investment. Our rep knows we want it to be long term and very little risk and he was able to find what suited our needs. The investment is in our grandchild's name "In Trust". If you want the name of our rep pm me.
sweetsopi
Joined: Feb 2006
Posts: 523

sweetsopi
Joined: Feb 2006
Posts: 523

Mutual Funds
7/9/2015 at 8:29 AM

Mutual funds do not need a 3 year tie in window, the reps do that so they can get paid a commission. If it is long term money, than no big deal. Just be careful with Investors and their fees, they are widely recognized as some of the highest in the industry.
Jaxon
Joined: Mar 2014
Posts: 409

Jaxon
Joined: Mar 2014
Posts: 409

light and love, rise above
7/9/2015 at 9:49 AM

Yes the investments must be done in the childs name but in trust by an adult. And that adult must take any income earned by the investments. At least I sure did....until she turned 18.

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