- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Saving for the Future: Investing for My Children
As a firm believer in financial planning for my children’s future, I am dedicated to setting aside funds for their long-term benefit. In addition to an existing investing account with ASB for my firstborn, I am considering similar investment options for my second child. However, I am facing a dilemma on whether to entrust the funds to traditional banking or seek advice from investment professionals, or explore the option of creating a kids investing account with platforms like Sharesies to personally manage my shares and ETFs for them.
## Assessing the Best Investment Strategy
While I am determined to secure the best possible financial outcomes for my children, I am also aware of the inherent risks associated with investment decisions. I understand that strategic and well-informed investments could potentially yield higher returns in the long run, hence the importance of making the right investment choices.
AI Legalese Decoder can assist in this decision-making process by providing insights into the legal implications and risks associated with different investment options. By utilizing AI technology to decode complex legal jargon and assess potential legal ramifications, I can make more informed decisions about the best investment strategy for my children’s future.
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****** just grabbed a
My kids have a growth fund with simplicity. Low fees and no picking or choosing
I went a slightly different way, since I have a mortgage that costs ~7% a year. I had an account for each of them that I put money into, but still under my umbrella. At some point that will likely change, but not when the money sitting their saves me mortgage interest. End goal is to not have the mortgage sooner rather than later. At which point I will look into something like sharesies.
Sharesies perhaps?
Piggybacking on this. I’m interested in setting something up in the sprogs name (and critically, their IRD number) but my preferred options (investnow, simplicity) will vest to them at 18YO. I was a fuckwit at age 18, and while I only marginally improved by age 25, I would prefer that as the age they get control.
Kiwisaver is tempting but I don’t like the way it’s been tinkered with and the withdrawal conditions can change on the whims of the government.
If you’re looking for something like investnow foundation total world, and want control to pass at age 25, is there a good option? or are you stuck with setting up a trust?
For your kids the best option is to find the lowest cost index fund/ETF and let it ride. I use the Vanguard TWF with 0.07% management fee. It will save $50k+ in fees compared to the same index at 1% fee for my kids.
Index fund. Rely on the law of averages to get you through the peaks and the troughs.
/r/bogleheads
Sharesies all day. It makes it easy for grandparents etc to put money in on birthdays and xmas (it generates a link for them etc). Its also very easy for them to use and learn as they get older. So if you want them to have view access, or over time some control over what gets invested in, its a good option.
Plus as I’ve said many a time, its the original first investment platform that started up for the masses in NZ and the only one not owned by, and being a puppet for, big investment firms. It makes money for its shareholders too, but runs as a B corp and has a mission statement of actually raising the bar of financial literacy and security for the average nzer.
I asked a similar question here and struggled to find a suitable product because I wanted an account that friends and family could contribute to directly for birthdays and Christmas gifts.
Our LOs have investnow accounts, and a set and forget into one of the vanguard funds.
If you have a 25 year time horizon, you can have a low cost index fund. Just put the money in, leave it alone and wait.
Your kids will also be able to work for school and you’ll have extra income by then as well. The savings won’t be the only source to pay.
We are doing the same re investing for our daughters future. How do you have it locked into age 25 before they can access it?
Our daughter is yet to turn 1, but we have set up a savings account and simplicity investment account in her name. Key reason is that her tax rate is 10.5%, vs 33% for me. But as it is under her name she will be able to access and control these funds when she hits 16… which we are a bit nervous about.
Have not thought about that! The fee issue is not to bad if you pay 3 dollars a month I think u can invest up to certain amount and it covers that
I didn’t know either . I just found out today here
Thank you