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Forum
-> Household Management
-> Finances
amother
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 Mon, Sep 16 2024, 5:19 pm
With all the threads on finances recently I'll start another...
Do you have a savings account for your kids? My husband and I both grew up in happy homes, but not alot of money. We got married and were on our own. We are hard workers and have bh so far done well for ourselves. My husband is now in school and hopefully when he graduates he can get a job and make good money.
We always talk about how we want to do better by our kids. And be able to hand them money when they get married/ready to buy a house.
I want to start putting away a little each month starting now (our oldest is 8). Anyone reccomend a good savings account? Is this something you do?
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amother
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Mon, Sep 16 2024, 5:20 pm
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Investment, not savings! We invest in index funds - we do it with a financial advisor but you can do it on your own.
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amother
Sand
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Mon, Sep 16 2024, 5:22 pm
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That's a lot of money you need to save in order to give each kid a down payment for a house. That's after paying tuition, seminary/yeshiva, camps, college and wedding. Unless you both plan on having a very high earning potential I don't think every parent should feel obligated to give each child money for a down payment. You also need to save money for yourself for when you retire. How do you plan on saving for all these things plus regular living expenses?
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amother
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Mon, Sep 16 2024, 5:24 pm
| amother Sand wrote: | | That's a lot of money you need to save in order to give each kid a down payment for a house. That's after paying tuition, seminary/yeshiva, camps, college and wedding. Unless you both plan on having a very high earning potential I don't think every parent should feel obligated to give each child money for a down payment. You also need to save money for yourself for when you retire. How do you plan on saving for all these things plus regular living expenses? |
She can invest $50/month per kid and watch it grow.
And have other investment accounts for college weddings and retirement.
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amother
Navy
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Mon, Sep 16 2024, 5:27 pm
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Has anyone done this successfully? Would love ideas to invest etc for financial stability.
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amother
Orange
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Mon, Sep 16 2024, 5:35 pm
I'm not OP.
Where do you all invest? What does index fund mean? I can afford a financial advisor.
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amother
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Mon, Sep 16 2024, 5:37 pm
| amother Orange wrote: | I'm not OP.
Where do you all invest? What does index fund mean? I can afford a financial advisor. |
Listen to the Kosher Money interviews with R’ Naftali Horowitz and Dr. Rich Roberts. See if Living Smarter Jewish has any info on their website.
Visit Eli Fried’s website GeltGuide.
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amother
Lavender
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Mon, Sep 16 2024, 6:13 pm
| amother Sand wrote: | | That's a lot of money you need to save in order to give each kid a down payment for a house. That's after paying tuition, seminary/yeshiva, camps, college and wedding. Unless you both plan on having a very high earning potential I don't think every parent should feel obligated to give each child money for a down payment. You also need to save money for yourself for when you retire. How do you plan on saving for all these things plus regular living expenses? |
Down payment doesn’t need to mean a ton of money. FHA loans can take only 3% down
I know plenty of people who’s parents gave them a small down payment for a small apartment or townhouse, which was a great starter home. Then they sold and used the funds to upgrade to a house
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amother
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Mon, Sep 16 2024, 6:21 pm
We don’t use a financial advisor
We use s&p 500 I think
Its pretty safe investments
Don’t worry about what to use it for. It’s good to invest for each kid anyway, for their wedding, parties, whatevers left over you can give to them once they’re married
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amother
Amaranthus
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Mon, Sep 16 2024, 6:31 pm
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I use vanguard and put into s&p500 for my kids.
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amother
Quince
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Tue, Sep 17 2024, 8:28 pm
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My oldest is 6 years old. When he was born we started putting $20 a week into an investment account (not a savings account or it won't grow) using an app. When each of my kids were born after we increased the amount by $20/week. It's now at about $20k. I plan to incrementally increase it every time we get a raise. I never notice the $20 per kid going out on a weekly basis, but it really adds up. I would definitely recommend starting something small now and increasing it as you're able.
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amother
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Tue, Sep 17 2024, 8:33 pm
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Thanks so much for all the replies. Can I ask what app you use?
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amother
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Tue, Sep 17 2024, 10:47 pm
| amother OP wrote: | | Thanks so much for all the replies. Can I ask what app you use? |
I use schwab
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amother
Dodgerblue
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Wed, Sep 18 2024, 12:27 am
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My dh is against putting things in the kids names. He thinks it could make make for fights or children feeling like it’s theirs or earned or they have a right to it. To prevent that dynamic, it’s all in our name. It’s all in mutual funds that a financial advisor told us to set up. It’s made a very nice sum.
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