GRANDDAUGHTER SAVINGS, SCHOOL, OR IRA/?
Granddaughter turning 17 would like to help, open bank acct., I.R.A., long term with Fidelity , etc. ?
I don’t want to mess up her parents I.R.S. taxes or in the future, her taxes. Am willing to start off with 10K. Am leaning toward a Fidelity investor for long term. Any suggestions will be appreciated.
Thanks
Terry Says
This is the wrong time to start investing in her name if she is going to apply for financial aid to college. Money in her name weighs many times more heavily in the financial aid formula.
Here’s a better suggestion, assuming she is going to college. Offer to pay $1,000 (directly to the school) for her college tuition. AND, offer $500 for every A she gets, every semester!! Money should be paid directly to the bursar for school.
That should be motivating!
