Comments
BiagioLargo t1_jaf1jx7 wrote
I'd say save it till they're 21 because wow I wonder where the parents got their vacation fund from couldn't be the account they have full control of could it?
Muhjigger11998823 t1_jaf1mqj wrote
Plan for the first option but if your kids grows up and idiot switch to the second.
aftf_bg t1_jaf25qb wrote
Once they would be 21, they would have full control of it. The question is, how would I know that they would spend it in a smart way. We were all 21 once, and most of us were not that smart back then.
Life_Muffin_9943 t1_jaf26yj wrote
If you actually intend for the child to see the money, put it in the child’s account. The parents will always find an excuse to spend the money (secret shopping, house down payment, etc).
aftf_bg t1_jaf2j36 wrote
Makes sense. But I was just thinking that it also makes sense that the child goes and unnecessarily buys an expensive car and blows it all. So a bit of a dilemma.
AdmiralBofa t1_jaf2b4r wrote
Probably parent's account. 21 year olds aren't well-known for their wisdom. Besides, even if I don't make my kid directly wealthy, I can solidify my own future so I never become a burden on them. Then I can use any extra to help where I can.
musiclover1998 t1_jaf3i0h wrote
Keep the money in the parents account. That way the parents can choose how the money gets spent
2ndChance_1stMistake t1_jaf44x9 wrote
Spend the money and let the kid be responsible for his/her own income.
disregardable t1_jaf1e8i wrote
parents' own account. it's the parents' money, don't let them blow it on tattoos or motorcycles.