Monetary Gift for Grandchild
Good Morning 🙂
I would like to give a monetary gift to my grandchild for her birthdays every year until maybe the age of 18 or so. Don’t have a lot of money to invest. Maybe $500 a year. What would you suggest.
Thank you, Kim
Terry Says
You should open a 529 College Savings Plan. Read this:
https://www.terrysavage.com/529-plans-even-better-now-2/
If — as many of my readers — you live in Illinois, you should use the state’s Brightstart.com 529 plan, because you get a tax deduction on your Illinois state taxes for your contributions. If not, use the link in the article to find your state’s plan.
