We have bank accounts for our kids, currently earning 1.75% because we aren't depositing money every month. If money is deposited it's another 3.3%.
I really need to get around to setting up Vanguard for them. Thanks for the reminder!
I really need to get around to setting up Vanguard for them. Thanks for the reminder!
We’ve also setup tax-deferred retirement investment accounts for them. $1 at 20 can 70x or more by retirement. Mostly it’s the mental training though. Being ok “losing” money during a market correction, saving for wealth in parallel with saving to buy, seeing interest and returns over time, and having a long term plan.
My oldest is 8 and can get a debit card now.
When I think back I made a lot of mistakes that I made with money was around the time I was 18. They were expensive to undo later.
My parents didn't teach me being responsive with money as they shown me how but didn't explain why.
Bank accounts are for 6-8 months of salary for an emergency fund.
You can read this wiki or ask an AI about the strategy.
Inflation is usually estimated at 3% + annually over a long enough time horizon. You're losing money.