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We pay out 9th grader for the chores he does at home. Such as moving the lawn, laundry etc.
We are thinking of opening an account for him.
I am here looking for options on what kind of account should we open?
So he can see the amount he has, build credit now on.. also Lear to invest..
KarlGreenlight is nice, great for young kids it offers education designed for kids as well.
CoreyI opened one for my teens through my Fidelity brokerage.
NgaUTMA accounts and it gets ‘transferred’ to the child when they turn a certain age (21 in CO).
Money earned from household chores don’t qualify for Roth contributions.
SaulI recommend vanguard Roth IRA VOO or VTSAX (after $3k saved up)
StevieChase has kids checking account with a debit card. You can set up their ‘spending’, ‘savings’ and other buckets (I added giving)
Then if you want you can also set up a custodial brokerage account (I used Schwab) that can purchase partial stock slice ($5 a slice).
StacyAny earned income, you can put that amount into a Roth IRA for them
ChuiFidelity youth account has been great. Comes with a debit card and they can invest the money.
Money market fund as the sweep account.
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