I just had a baby and want to save for her future. I don’t know what type of account I should use to do this.
I’ve heard 529 funds are good for higher education expenses, but they are limited to only that kind of expense. I don’t want to limit my child in how they can spend the money.
Should I open a I.r.a in her name, or just use my regular brokerage account?
I’ve heard about “Trust funds” where kids get control of some money once they reach a certain age, but I don’t really know what they are or the benefits/limitations.
I’m not sure how much I will be saving, but I’m thinking about $500 each month for now. I would probably put it into a target allocation fund or just an equity ETF. Something I can set and forget.
Any thoughts on the best place to put my money to save for my child’s future?
Submitted September 30, 2018 at 12:44AM by haragoshi https://ift.tt/2DOZKRs
