I want to open an investment account for my daughter. I already have a 529 and high interest savings account for her.
My parents want to contribute money to her future that does not go toward school.
Before I go and open a custodial brokerage account, I want to look into what my options are. Is it even possible to open a Roth IRA for a 3 year old? From what I am reading online, they need to have earned income. Is there any other custodial account that could act like a Roth IRA but not require earned income? Or is my best bet to open a custodial brokerage account?
Any advice is appreciated! If this is the wrong sub, please direct me to the correct sub.
Thanks!
Submitted March 21, 2020 at 09:26PM by FlimsyArgument https://ift.tt/2QAPArO
