So far, in my “Birthday Bonanza” series, I’ve discussed:
- Why investing for your child at birth is a great idea
- The advantage of investing in the stock market for this purpose, as opposed to a savings account
- Why to invest in an individual stock instead of a fund, and what to look for when selecting this stock
- Teaching your child about investing in stocks in age-appropriate ways
Now, it’s time to take action.
If you have $1000 ready to open your child’s investment account, great!
Saving a thousand dollars, though, is a very challenging task for some. This includes married couples and single parents alike.
However, there are a number of ways to come up with the money.
Here are some ideas:
1) Use your income tax refund to fund your child’s investment account.
2) Save $83 per month for 12 months. The goal of saving for your child’s future should be more than enough motivation to do so!
3) Work a second job, or start a side business, with the purpose of using the first $1000 in profit to fund your child’s investment account.
4) If you are so financially strapped that you can only put $25 a month aside, then put $25 a month aside! Some money is far better than no money.
I’m sure that many of you have income-generating and/or money-saving ideas to share. Please don’t be shy! Tell us about them in the comments section here, or on my Facebook, Twitter or LinkedIn page.
In the next installment, you’re going to open your account!
My book, The Stock Market is For Everyone, is a short guide for the beginning, inexperienced investor that is easy to understand and can be put into action immediately.
Click here to be taken to its Amazon page.
(Disclosure: As a participant in the Amazon Services LLC Associates Program, I earn a small commission on each sale generated through these links.)
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