Re: Your First Grandchild

ccassaday · ‎10-21-2010

Life insurance would be the dumbest thing you could do.

When my dad retired he had some company stock. Their financial planner set up a investment account for the three gran kids. By the time they are 21 they will each have 10k. They put 21on it because they do not want them to use it for college. They want them to use it to buy a car or help with a down payment on a house. If they are young your best bet is to talk to a good FP so the money actually grows. Those insurance things are scams.

CAcableGirl2 · ‎06-03-2010

I just transfer money from my account into the kids accounts for their birthdays and Christmas, plus some small gifts. Rather then spend a ton on gifts that will be overwhelming and not appreciated since other relatives go overboard on gifts, I put the money I would spend into their savings. It's not a huge amount, but starting when they are born, it will add up for when they are 18 Then they can decide what to do with it, but I'm sure Mom and Dad will help them make that decision.

Mom opened savings accounts for them with all the money they recieved for their birth and holidays.

......You look like I need a drink.....