young investor mutual fund?
Hi Terry, I called in on the WGN line and you recommended a Vanguard Fund for my son living at home after college….he’s giving me $2000/month and I will put in the fun…..which one do you suggest??
Terry Says
Well, I can’t remember the details of your call. Since he is out of college, no need to save for that! But does he have student loans? If so, use the money to pay down the loans and save a fortune in interest!
If he is working, earning money, the money you collect should go into an Individual RetirementAccount for him. Start at Vanguard and use their S&P 500 fund. It will be a deduction on his tax return, and use his SS number –so it can’t be a secret from him!
And if he is ready to make long term investments, it doesn’t have to be an IRA account to invest in the S&P 500 fund. But maybe he would like to pick his own stocks. So you can open a brokerage account at Fidelity.
