We’ve all done it… Waiting in long lines on Black Friday, or running out last minute for this season’s “it toy”. Where are all those toys they just had to have now? Well, most likely ‘Tickle Me Elmo’ was lost or chewed up by the dog before New Years. There’s got to be a better way, right? There is! What child wouldn’t love to get a share of Walt Disney or McDonald’s stock this holiday? Investing and saving for your children and grandchildren is a great way to give them a good financial start in life. It’s never too soon for youngsters get familiar with investing. By encouraging involvement in the investment process, you can help your child develop good financial habits that will last a lifetime. Plus, it can be more fun than you might think!
Monetta Family of Mutual Funds, a company based out of Wheaton, Illinois believes that all children should be getting a head- start on investing to be a financially savvy adult. That’s why they’ve created the Monetta Young Investor Fund. This program and others like it have made it easy to get kids involved in investing. Upon opening an account, kids will receive an age-based financial kit. The kit may include things like a Piggy Bank, Disney Money Activity Book, Kid’s Wallet etc.
Another option you may consider is a 529 plan. A 529 Plan, named for the section of the tax code that created it, allows you to set money aside for future college costs, and enjoy some significant tax benefits for doing so. There are many programs out there that you can utilize to invest in your kids and grandkids, so talk to your financial advisor this holiday season and give your child the gift of financial security for years to come.