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Reply to "Bank account and debit card for 14 yr old"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Perfect time to teach him about money and saving. He should have a checking account and a debit card, but more importantly get him a Vanguard account and have him put 15% into their s&p 500 index. Tell him this account will be for large purchases (house down payment, wedding, etc.) when he’s done with college. Also tell him that smart adults are always saving a portion of their income for retirement, but any savings right now will give him an advantage over everyone else at 22. Don’t get him a credit card now, but do get him a small ($1k) one his senior year in college. He’ll need to start building credit eventually.[/quote] Senior year, kids are around 21. Maybe you should not be doing this stuff for them at that point.[/quote] I’m 35 and still call my father for advice and help. Why do you think parenting stops at 18?[/quote]
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