Reply to Single financial platform for teens?

Forum Index » Money and Finances

Reply to "Single financial platform for teens?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=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.
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics