Grandchildren and Investing
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Grandchildren and Investing Any insights on how to begin educating my grandchildren (8-16 yrs) on stock investing? Thoughts and tips on methods of how to set up the purchases for them. I invest through Scottrade. 1. Buy some stocks in your account - things they can relate to: Disney, McDonalds, WalMart, Pepsi (better than coke), JNJ (bandaids), MAT or HASBRO, APPL, NASCAR (ISCA, for the older boys), something for the girls (clothes, ???) 2. Open Scottrade CUSTODIAL ACCOUNTS for each of them, in your name (their parents probably don't have time to deal with it). Must fund with $1,500 each. 3. Write a letter to Scottrade instructing them to transfer _____ shares of ___ from your account to theirs. 4. Build a yahoo account for each of them. Every 3 months there will be dividends; ask them where they want to put the money (or Christmas, birthday gifts etc). Have you looked in to 529 accounts? (college savings - can be used for books, tuition, any legitimate college expense, by anyone in their family, any college in Indiana.) 20% of the $ paid in can be deducted directly from Indiana state tax each year. (Every time the market is down I put some in) You can put up to $5,000 (total) in each year. On Sun, Oct 26, 2014 at 11:56 AM, Candice N. McKnight-Bell via bivio.com <user*24530200001@bivio.com> wrote: Any insights on how to begin educating my grandchildren How fun that you should answer my request first. Thank you for the tips. I'm thinking of doing this for Christmas this year. One grandson is really interested. I purchased a vintage board game called "Stocks and Bonds". Cramer talked about it on his show and said he played the game as a child and that helped him get interested in investing. Looking forward to seeing you @ the lecture this afternoon. Jim just left for his "Honor Flight" and my sister and I are working on stock stuff. From: Jeanne Tieken <jeannetieken@gmail.com> To: The Club Cafe <club_cafe@bivio.com> Sent: Sunday, October 26, 2014 12:09 PM Subject: Re: [club_cafe] Grandchildren and Investing 1. Buy some stocks in your account - things they can relate to: Disney, McDonalds, WalMart, Pepsi (better than coke), JNJ (bandaids), MAT or HASBRO, APPL, NASCAR (ISCA, for the older boys), something for the girls (clothes, ???) 2. Open Scottrade CUSTODIAL ACCOUNTS for each of them, in your name (their parents probably don't have time to deal with it). Must fund with $1,500 each. 3. Write a letter to Scottrade instructing them to transfer _____ shares of ___ from your account to theirs. 4. Build a yahoo account for each of them. Every 3 months there will be dividends; ask them where they want to put the money (or Christmas, birthday gifts etc). Have you looked in to 529 accounts? (college savings - can be used for books, tuition, any legitimate college expense, by anyone in their family, any college in Indiana.) 20% of the $ paid in can be deducted directly from Indiana state tax each year. (Every time the market is down I put some in) You can put up to $5,000 (total) in each year. On Sun, Oct 26, 2014 at 11:56 AM, Candice N. McKnight-Bell via bivio.com <user*24530200001@bivio.com> wrote: Any insights on how to begin educating my grandchildren Take them to investment club meetings. A great first financial education book was written by Jackie Koski, "Money Letters 2 my Daughter" available at Amazon. Boys might say 'no way' but if they can get past the pink :) the info contained is valuable to all, even adults. (BTW, I have no financial interest recommending this book.) Enroll one in BetterInvesting. Let them share the magazine and the now free webinar classes. -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Candice N. McKnight-Bell via bivio.com Sent: Sunday, October 26, 2014 12:57 PM To: club_cafe@bivio.com Subject: [club_cafe] Grandchildren and Investing Any insights on how to begin educating my grandchildren (8-16 yrs) on stock investing? Thoughts and tips on methods of how to set up the purchases for them. I invest through Scottrade. Have them watch a TV episode of "The Profit." I learned more about how to grow a business there than anything I've ever read. On Sun, Oct 26, 2014 at 12:39 PM, Marty Eckerle <bmeckerle@comcast.net> wrote: Take them to investment club meetings. A great first financial education Start a family investment club& use Bivio to track investment Sent from my iPhone
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