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Sounds good. We are doing 529s and custodial brokerage accounts for birthday money. We then put a portion in an index fund and let them choose companies they are interested in for the rest.
We also contribute appreciated stock occasionally which they can keep or sell (under the $1350 threshold so 0% tax rate, no kiddie tax issues).
Look into the newly introduced 530a accounts, too. Something else outside of that is just education and conversations. I came into a lot of hard learned lessons and would love to see my kids not have to repeat as many of those as possible.
I did too until some coworkers were discussing taxes and all the updates coming. Always worth looking into anything you can.
Can I invest my money in the bank of mom and dad
529s for now, still thinking about custodial accounts or other options (trusts, annual gifting, etc) but haven't made a decision yet
In addition to what others said — we also model good financial habits and explain the decisions we make in little things (such as why driving an older car, and why getting a good education helped mommy land a cushy job)
529 and UTMA since my parents and in laws like to gift cash. Also plan on a Roth IRA once she’s old enough to work
Make them your employees
Mentor
529, lots of attempts at financial education, occasionally yelling at them about winding up living in a van down by the river.
I'm not sure where we learned this but it's been a good habit. They get weekly allowance ($10) and they have 3 envelopes; Spending, Saving, and Donating. $5 goes into the spending, $4 into savings, $1 for donating. They get to choose how they spend (toys, 7-11 trips, etc) and the savings is for bigger items (video games and expensive lego sets) and then they decide how to donate (usually just the collection basket at church). It's been a nice tool to introduce them to 3 strong habits for long term.
also, they have 529's and Vanguard accounts which has a weekly purchase of VOO, which they'll get when they're older.