Hello. My close friends just had their first baby and named me the Godfather. While I am very honored and thrilled I would like to do something for my godson like create a Roth IRA or some sort of financial plan for him so he can get a great head start financially. I looked into a Roth IRA for kids but I read that the minor has to have earnings of his own and that you cannot contribute more than what the minor makes (i.e. if they make $1,000 a year you can't contribute more than $1,000).
I am looking for options or ideas of things I can do to help him out. I have tried looking into different options and saw a 529 plan but I see that is more for tuition. I am looking for something that he can use for whatever he wants whether it is tuition, his first home, etc...
I am not extremely knowledgeable about investing and different financial plans (although I do have a Roth IRA of my own along with a 401k through my employer) I am just wondering if anyone has any suggestions of plans I can look into.
Any suggestions are greatly appreciated. Thank you!
Submitted January 08, 2019 at 10:19PM by RandyMarsh51 http://bit.ly/2TAXOiA
