@@ My kid wants to invest... now what?

[sugarbear]

DS1 (11) asked this morning if he could "buy some stock." I told him that I would investigate how he could do this and that I would give him some seed money.

Are there investment platforms that are kid-friendly? I have my investments in a private firm, Vanguard, and TDAmeritrade. Should I just open another TDAmeritrade account for him?

My investments are all inherited / gifted (which makes it sound like a lot... it's not, in total). I have no clue where to go from here.

[suzubell]

Yup, Greenlight. I cannot say enough good about it and how much my kid has learned. They can research and request to buy and sell. You have to approve. He loves researching and buying! I do an employer match of 50% to help him understand how important that is as an adult. It also has budgeting categories, savings, and a debit card. We are huge fans.

Sharing a referral link for $10 to each of our kids if you are interested!

app.greenlightcard.com/hjzmEb8YAfb

[Wallflower]

That sounds so great -- good for him!! I knew nothing, zero, zilch until I started in my mid-20s and I feel like I'm still pushing uphill on my understanding of it all.

If you can, you might also put a small amount in an index fund. I think it could provide a good comparison against actively-traded accounts.

[sugarbear]

These are both great ideas. Thank you!


suzubell, I'm looking at Greenlight and I like that there are no fees to trade, but that if he wants an investment account I'll have to pay $10/month. Am I reading that correctly?

[suzubell]

Apr 20, 2021 10:33:34 GMT -5 sugarbear said:

These are both great ideas. Thank you!


suzubell, I'm looking at Greenlight and I like that there are no fees to trade, but that if he wants an investment account I'll have to pay $10/month. Am I reading that correctly?

Yes. It’s $5/month for just the account and debit card, $10 for investing and banking. No fees for trading though, so well worth it!

[purplepenguin7]

I have several long-term investments through brokerage firms but I recently started using the Stash app to buy fun money stocks. I don't know how "kid" friendly it is but it seems easy enough. It allows you to buy partial shares so you can invest any amount you want and still own companies that may be out of reach. There is a $1 monthly fee at the lowest level.

i'll also drop my referral link....$20 to get started if you chose.

[sugarbear]

Apr 20, 2021 15:46:00 GMT -5 purplepenguin7 said:

I have several long-term investments through brokerage firms but I recently started using the Stash app to buy fun money stocks. I don't know how "kid" friendly it is but it seems easy enough. It allows you to buy partial shares so you can invest any amount you want and still own companies that may be out of reach. There is a $1 monthly fee at the lowest level.

i'll also drop my referral link....$20 to get started if you chose 

get.stash.com/stefanie_zpzch4s

Thank you!

I went with Stockpile, which does a no-fee custodial account, allows for partial purchases, and allows others to send giftcards for stock.

I think I'll open my own fun-money account there, too.

[purplepenguin7]

sugarbear, glad you found one that worked for your needs!

[lindyanne]

Thank you for asking this. We have had "investing" money since my DS started getting an allowance and he has also been asking and I had no idea what to do. 

[sugarbear]

Apr 26, 2021 14:14:05 GMT -5 lindyanne said:

Thank you for asking this. We have had "investing" money since my DS started getting an allowance and he has also been asking and I had no idea what to do. 

I am loving Stockpile! 
DS was super excited, as were his grandparents. The gifting aspect is going to be great, I think.