How to Save Money for Kids

Video Transcript

"So how to save money for kids? Well if you are just looking at money in very simple secure assets, if you are saving money for kids or children you know, a bank with a cd, high yielding money markets are very safe instruments. If you are looking really for more long term investing and not just savings for the children then you can look more towards the stock market, longer term cd vehicles with banks. You can also look at brokerage accounts that will also have certificates of deport, bonds, stock, mutual funds, those type of vehicles so saving money for kids is great because you give them a leg up. They actually have a history with a bank or with a brokerage institution. If they are under the age of 18 they will need a custodian so the child's account will be under, you'll have to have a parent or a guardian as a custodian to be there until the child turns 18 and at 18 they can run they account themselves and they are free to do with that money as they wish."