Ever since my kids were babies I have been putting 25 a month into an account I deemed “slush account” - not for college, not for anything particular, just so they have some money when they are older. When they get birthday money or tooth fairy money they have put it in as well. The money is in a mutual fund, low fees and now that they are in their teens I am happy to report that these funds have almost 40k! I am not saying this is so much money, but it’s pretty cool how much it’s grown. Would recommend doing this! That’s all folks!
What fund and which bank?
Just a vanguard
you opened a joint account with their name? I get a lot from my parents but we co-mingle it. We’ll have a lot to give dcs but it makes me feel guilty
It’s a vanguard fund not sure if it joint or if or my husband is listed as custodian? I don’t know what you mean by co- mingle and why you feel guilty. We won’t have a lot to give that’s why I’ve done this, so they have something of their own when they start in the world. we don’t comingle anything - when they get a gift we ask if they want to save it spend it split it etc.
You must have been putting in much more than the $25 a month, that only comes out to something like $5,000k, which even if that doubled...
Nope 25 per month and then birthday Hanukkah gifts etc so maybe an additional 5-600 each year. Maybe we put in over 1000 each year which over 17 years has amounted to this. It’s not so crazy.