Single financial platform for teens?

[Anonymous]

My DS (15) is interested in more actively managing his money. He has a Navy Federal account and has just added a campus checking account to his savings account. He now would like to find a high yield savings account and explore what his IRA options are once he finds a job. He wants to start with a good index fund.

This is all great- but he wants all of the accounts to be accessible within 1 app. And we are currently stationed overseas.

Is there a good 1-stop shop for all of these accounts?

We are willing to open accounts for him the next time we are in the US if necessary. I’m not sure we can open anything from here. But I will miss the Navy Federal transfer convenience.

We would appreciate any recommendations!

[Anonymous]

He should be mostly in single stocks in order to learn. Too young for an ETF 100%.
My 11-year old know that Roblox went from $36 to $120 within a year, while funds added maybe 25%. Very different views of investing after knowing what a stock can do versus funds.
Checking account is useless. Get him your credit card and you can see how he spends.
There are mock apps for investing.
Have him read books and watch finance videos.
Open the accounts when he is 18. No need to have his name and possibly SS# out there now when identity is easily stolen.
Learning is more important than early investing. My last two year investment returns would take an ETF 14 years.
If his savings account is not earning 11%, he is losing money. You both know that, right. He needs to be in hard assets, not cash.
His money is melting in a savings account, because of the money printing.
Have him read the Lyn Alden's Broken Money, but there are many other good ones.
Peter Lynch is good.

[Anonymous]

My kid, a little younger, has a Greenlight account. He basically day trades in the brokerage part of his account. I am constantly getting notifications to approve his trades. I think it's great that he's learning. I also like that all his money is in one place and he thinks about money holistically, like if I buy x on my Greenlight debit card, it's that much less that I can invest in y in my Greenlight brokerage.

[Anonymous]

Totally don’t agree that a teenager should be buying individual stocks or day trading to “learn”. Active trading on average makes less than the long run than set it and forget it. (Source: many people knowledgeable about personal finance, plus I have an MBA)

I haven’t found an account that does everything, but I think you only really need two banks: something with a high interest, money market savings account and maybe checking account, and something where he could buy low cost mutual funds in a Roth IRA.

For the first one we have a Capital one Teen Money market account. I can easily transfer in and out of it. This is the one that would need a an app

For the second one, the Roth IRA, just use Vanguard or fidelity and buy a broad swath of the stock market in a mutual fund automatically every month, but don’t ever sell it. Low fees like 2 tenths of 1% are key.

For the second one, I would argue that you don’t need an app, because you don’t need to check it regularly. But you could have a second app if you wanted to check your holdings daily or something. Again, that’s not the point of the stock market. You’re not supposed to have stocks that you watch daily or that regularly.

[Anonymous]

PP here. My return of the last 10 years has been 10%. That is just with total stock funds in my Roth IRA. I am not some miracle wunderkind that knows the future, and neither is anybody else. That is also with the fees of less than one percent.

Ask the other people recommending active trading how much they paid in fees in day trading, plus it’s much riskier. An individual stock is much more likely to go down, relative to the entire stock market.

[Anonymous]

Perhaps a Fidelity Youth Account? Would give him access to all the low fee Fidelity funds, and money market.

[Anonymous]

Also, for the purpose of learning, would recommend that he invest, say, $1000 in a total market ETF or fund like FSKAX or VTI or whatever (though be mindful that some funds such as FZROX are not portable from Fidelity), and another $1,000 among individual stocks, and see how they do over time.

[Anonymous]

My kids have fidelity account for checking savings, investments and ira

[Anonymous]

Anonymous wrote:PP here. My return of the last 10 years has been 10%. That is just with total stock funds in my Roth IRA. I am not some miracle wunderkind that knows the future, and neither is anybody else. That is also with the fees of less than one percent.

Ask the other people recommending active trading how much they paid in fees in day trading, plus it’s much riskier. An individual stock is much more likely to go down, relative to the entire stock market.

But didn't you see that Roblox went up 4x in a year? Why would you take this opportunity away from your child?

[Anonymous]

Anonymous wrote:

Anonymous wrote:PP here. My return of the last 10 years has been 10%. That is just with total stock funds in my Roth IRA. I am not some miracle wunderkind that knows the future, and neither is anybody else. That is also with the fees of less than one percent.

Ask the other people recommending active trading how much they paid in fees in day trading, plus it’s much riskier. An individual stock is much more likely to go down, relative to the entire stock market.

But didn't you see that Roblox went up 4x in a year? Why would you take this opportunity away from your child?

Well done. I can’t tell if your post is brilliantly sarcastic or if you’re that dingbat that wants their 11yo to be a day trader.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PP here. My return of the last 10 years has been 10%. That is just with total stock funds in my Roth IRA. I am not some miracle wunderkind that knows the future, and neither is anybody else. That is also with the fees of less than one percent.

Ask the other people recommending active trading how much they paid in fees in day trading, plus it’s much riskier. An individual stock is much more likely to go down, relative to the entire stock market.

But didn't you see that Roblox went up 4x in a year? Why would you take this opportunity away from your child?

Well done. I can’t tell if your post is brilliantly sarcastic or if you’re that dingbat that wants their 11yo to be a day trader.

I was hoping to be ambiguous enough that it would make you scratch your head. Apparently I succeeded. In reality, it is dripping with sarcasm.

[Anonymous]

Guys just teach them about budgeting and the importance of saving a portion of every dollar you receive. These are kids. Money is stressful. Don't add this stress to them. Again let them enjoy their youth carefree.

[Anonymous]

Money doesn’t have to be stressful, and imho it’s less stressful if kids start learning about finances young. Just the basics re the value of budgeting, saving, compounding interest/returns, asset allocation, etc. Financial literacy is an important skill and one that everyone should have some sense of by early adulthood. Plus this kid is interested and wants to manage his own money, and sounds like parents want to encourage.

[Anonymous]

Anonymous wrote:He should be mostly in single stocks in order to learn. Too young for an ETF 100%.
My 11-year old know that Roblox went from $36 to $120 within a year, while funds added maybe 25%. Very different views of investing after knowing what a stock can do versus funds.
Checking account is useless. Get him your credit card and you can see how he spends.
There are mock apps for investing.
Have him read books and watch finance videos.
Open the accounts when he is 18. No need to have his name and possibly SS# out there now when identity is easily stolen.
Learning is more important than early investing. My last two year investment returns would take an ETF 14 years.
If his savings account is not earning 11%, he is losing money. You both know that, right. He needs to be in hard assets, not cash.
His money is melting in a savings account, because of the money printing.
Have him read the Lyn Alden's Broken Money, but there are many other good ones.
Peter Lynch is good.

What a ridiculous post.