- May 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for the Future: Setting Up a Fund for Baby
My partner and I are excited to announce that we are expecting a baby in a few months. In preparation for our new arrival, we have made the decision to open a fund specifically for our child.
The plan is to initially contribute a sum of money to kickstart the fund and continue to add to it over time. While we have not yet determined the specific purpose of the fund (whether it be for college expenses, a first home, a car, etc.), our main goal is to provide our baby with a financial head start for their future. Our intention is to ensure that the money does not sit idle but instead grows through investment, allowing us to both gain experience in the world of investing and secure a solid financial foundation for our family.
However, with this new venture, we find ourselves unsure of where to begin and how to best set up and manage this fund. Any advice or insights on how to get started would be greatly appreciated as we navigate this exciting new chapter in our lives.
Thank you!
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I have a fund I intend to go to my kid but I’ve kept it in my name not a kids account. Yes it’s more tax but I don’t not want to hand a large amount of cash to an 18yr old who would likely blow it, I know I would have.
Personally, I’d focus on just growing your joint wealth and the child then benefits from that. I.e. if you pay your mortgage off quicker/get a deposit for your home together quicker then they benefit by you having more funds available to buy their car for them, help with their first home etc.
Look at Fisher Funds, shares in s&p 500 and mutual funds to get decent diversity of your investment.
First of all, congratulations!
My suggestion is to pick a single well-diversified fund and stick to it. Simplicity (not the fund manager) is an underrated feature. Off the top of my head,
– Kernel Wealth High Growth Fund: https://kernelwealth.co.nz/funds/kernel-high-growth-fund
– Simplicity High Growth Fund: https://simplicity.kiwi/investment-funds/funds/high-growth-fund
– BNZ YouWealth High Growth Fund: https://www.bnz.co.nz/personal-banking/investments/youwealth (more expensive than the other two in terms of fees, but much more diversified and more passive (no ESG tilts))
Do your own research first. Stay the course. Time is their friend. Good luck!
Hi there,
I started an index fund with simplicity 3 1/2 years ago. Deposited $5000 and deposited 250-300$ a fortnight. It’s now grown to about $35,000. I’ve decided to use this a baby fund. I’ve found simplicity very easy to work with, and I feel the diversity in the stocks they invest my money in keeps me at ease. Also, their fees are super low. Highly recommend them.
Firstly, congratulations on your blessing and enjoy it!
Initially build up savings with tax advantage accounts and TDs.
Also, be patient and don’t focus on the number too much. Let it grow over the next decade.
Also, take the opportunity to teach yourself about finances so that you can teach these lessons to your child
I have a one and four year old. I put 5k EA into safe term deposits. Boring.
We also hodl Bitcoin together in brrr ETF. I just split the amount into 3 I’m putting in. sharsies has kids accounts.
It’s way more fun