Buying a stock for my grandson
Hi, Terry. My grandson will be 18 soon, and I’m wondering if buying stock would be a great gift. If so, how is the best way to do this? Thanks very much!
Terry Says
Well, first you need to think about whether his family will file FAFSA –the financial aid form for college. Any stock or other assets in his name will weigh very heavily against the family in the financial aid formula.
If that’s not an issue, go to www.Stockpile.com, where you can gift shares of stock easily. You can give a fixed amount of money or a fixed number of shares, or you can make it a giftcard to open an account and let him choose the stock. Start at www.stockpile.com. The also provide support and education to help him learn about investing.