Trust Funds for Children

• ernest_t_bass

  

  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

  

  Lottery tickets?
• THE4RINGZ

  

  FatHobbit;1087881 wrote:Lottery tickets?

  Repped
• ernest_t_bass

  

  FatHobbit;1087881 wrote:Lottery tickets?

  Should I buy the $1, $5, or $10 kind?
• Raw Dawgin' it

  

  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?

  i think you'd be better off calling a place like Fidelity.
• FatHobbit

  

  ernest_t_bass;1087886 wrote:Should I buy the $1, $5, or $10 kind?

  10x $1, 1x $5 and 1x $10.
• Little Danny

  

  What do you want the money to do? Fund a college education?
• FatHobbit

  

  Raw Dawgin' it;1087889 wrote:i think you'd be better off calling a place like Fidelity.

  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.
• ernest_t_bass

  

  Raw Dawgin' it;1087889 wrote:i think you'd be better off calling a place like Fidelity.

  When I actually go to invest, this is what I will do. I'm sure there are some valuable opinions here. Well, maybe.
• ernest_t_bass

  

  Little Danny;1087891 wrote:What do you want the money to do? Fund a college education?

  My wife and I haven't decided yet. It is either for college or a wedding.
• Raw Dawgin' it

  

  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.
• Raw Dawgin' it

  

  ernest_t_bass;1087898 wrote:My wife and I haven't decided yet. It is either for college or a wedding.

  this is why i pray i don't have girls.
• ernest_t_bass

  

  Raw Dawgin' it;1087926 wrote:this is why i pray i don't have girls.

  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.
• ernest_t_bass

  

  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.

  Admitting it is the first step.
• Raw Dawgin' it

  

  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.

  or just give away your girls at birth and try again.
• rip34

  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

  

  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

  

  ernest_t_bass;1088273 wrote:Only took this long for a solid answer. Thanks!

  From a guy with 32 posts no less. You struck gold!
• ernest_t_bass

  

  OneBuckeye;1088304 wrote:From a guy with 32 posts no less. You struck gold!

  
  Lol
• thedynasty1998

  

  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.
• ernest_t_bass

  

  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

  

  ernest_t_bass;1088318 wrote:Friend of mine suggested a drip fund with PG stock. In whom do you invest?

  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

  

  I have between $2500-$3000 already saved between the two.
• WebFire

  Call Turbo Tax.
• ernest_t_bass

  

  WebFire;1088342 wrote:Call Turbo Tax.

  
  Dynamite thread connection, Barry.