Hi folks,
I'm looking for input & advice on investment strategies for minors; for DW and I, it is for our primary-school aged kids. Both already have 529s in our name with their For the Benefit Of. What I'd like to do is get Vanguard taxable accounts for each so they can see their own amounts rise, fall, and compound, but right now we only have sub-$3k amounts so don't meet the minimum fund buy-in amounts. Once they are old enough to have taxable income, I intend to get Roth IRAs for them, but in the meantime what are some suggestions that have worked well in your situation? Any nuances to avoid or be careful about? Tax or future Federal Application for Student Aid gotchas? Thanks!
I'm looking for input & advice on investment strategies for minors; for DW and I, it is for our primary-school aged kids. Both already have 529s in our name with their For the Benefit Of. What I'd like to do is get Vanguard taxable accounts for each so they can see their own amounts rise, fall, and compound, but right now we only have sub-$3k amounts so don't meet the minimum fund buy-in amounts. Once they are old enough to have taxable income, I intend to get Roth IRAs for them, but in the meantime what are some suggestions that have worked well in your situation? Any nuances to avoid or be careful about? Tax or future Federal Application for Student Aid gotchas? Thanks!