My kids ages are 13, 18, and 20. If I want to start accounts for them online how do I go about that?

For those that are confused.. my oldest is Class of 26.

Do they have earned income? Could start them a Roth.

Overall it's really simple. Look at platforms used by Fidelity, Vanguard, etc and see which one you prefer. All pretty easy and some even have branch locations if you need in person support.

This is what I've done for my teens: https://www.fidelity.com/go/youth-account/overview

After some thinking and talking to my two oldest. I'm just going to put money into either a mutual fund, or an ETF through my account for then. When they get older they can take over. I really just want to get something going.

There's more to this but I'll leave it at that. Kids can be so difficult these days

I started custodial brokerage accounts for my kids almost as soon as they were issued SSN. I have trickled money into it monthly. They are teenagers now. The amount of money in the account isn't not enough to pay for everything at college, but it put a dent in it. I did all this through Schwab because I already had a relationship with them, and it made it really easy to move money around. Most of the investing was done in index mutual funds. I am sure most other investment firms will be similarly accommodating.

The key word here is "custodial". When they turn 21 under the laws of Texas they get to control the account. Since one of your kids is already 20, it may not make a lot of sense to do that. If you want to keep control your best choice might be to just keep a separate account in your own name and give it to them when you decide.

Just started sub accounts for my kids at ML. Didn't want to give up control as in a custodial acct or have it fixed like in a trust. I imagine it's what I'll give them for a down on their first house.

MyNameIsJeff said:

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flashplayer said:

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We made trusts for our kids and stipulated that they cannot be trustee until age 35, that way what money is there doesn't ever turn them lazy. They also won't even know those exist until we decide to tell them, which probably will be well into their 20s or whenever they have a full time job and demonstrate financial competence, whichever comes first.

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I keep hoping to find out in a few more years my parents did the same thing for me...

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I'm hoping mine just keep forgetting to tell me.

I just started an Acorns account in 2020 when everything tanked and it's been pretty successful (27.5% ITD return). Set it to the preset Aggressive investment option (55% Large Cap, 10% Med Cap, 5% Small Cap, 30% International)

Comes to around $250 a month contributed and will be a nice little sum for my 2 girls (6 and 8) first car, wedding expense or graduation gift.

If they disappoint me, I'll just put it towards my dream car...