Posts Tagged ‘christmas gift for her’

The best gift you could give or buy for a child is an investment or savings account

Year after year kids receive toys and clothes for their birthdays. Year after year the toys are destroyed and or pile up and most even go unused after just a few days, and they grow out of clothes and or drop them because they’re no longer trendy (in a quickness). Instead of wasting anymore of your money on crap from China, you should seriously consider starting them their very own custodial investment account or even a simple savings account. You can start one for any child, even if the child is not your own. That doesn’t mean you can’t still buy them some small kind of toy, and take the remainder of the money to invest in their future to help them out with college or buying their first home, or whatever they might need. It’s the perfect gift for your nephew or niece and especially your own kid. Many people help out the needy too – and buy them toys – why not help them with their future instead? Allow the power of compound interest to work over the years by getting them started young.

You don’t have much time?

Don’t worry – the process literally took me about 2 minutes to create an custodial account for each child. So, instead of jumping in the car, driving to the mall or store, dealing with the crowds, waiting in line to checkout – you can do this all in your underwear at home. What’s more you ask? Each birthday or special occasion, you can simply deposit more in their account with a simple click. They can watch their investment savings grow before their eyes.

Note: There is a waiting period until the account is approved, but with Tradeking, my account was approved in under 10 minutes. In addition, if you choose to fund your account via check – you’ll have to send them a copy of a voided check and a copy of your license. After they recieve this by fax or mail, it takes them 2-3 business days to allow you free transfer of your money from your bank account to your investment account.

What’s so great about this gift?

Not only is this gift something that will help the kid well into their future, it also helps teach them something most parents have a hard time doing, money management. By providing them the account, they can take future birthday or holiday money and deposit it in their account, and share responsibility in creating a plan for their future. They will also develop an understanding at a very young age in the power of saving and investing. It’s the perfect way to teach the children you care about how to prepare for life financially. Too often, kids don’t learn until it’s too late. This will help propel you to take the time with them to explain the importance of being smart with their money – and how a penny saved is a penny earned. Moreover, you can teach them about goals and the value of money. Too often kids don’t understand why it’s better to save than spend. You can take the opportunity now to not only buy them the best gift ever, but to invest in their mind and teach them financial independence.

You don’t even know about investing so how can you teach them?

The great thing about this gift too is that maybe you’ve no clue where you’re going yourself. Tradeking offers easy to understand investment lessons to help you get started in very little reading (you could also start with my basic investment lessons – shown above too on the main toolbar). You could take this opportunity to kick start a plan for yourself. But back to helping your child with investing, they offer plenty of advice in making simple selections for the child based upon the kids age, etc. So have no fear, you need to know nothing to pick something for the kid or even yourself if you choose to get something going for yourself.

You’d be silly to not get started now, don’t wait until this offer expires!

HSBC Direct Online Savings 1.35% APY*. No fees and no minimums. Access your account anytime.