What is a good plan for my daughters' money to be invested?

Question

I am a recently divorced man. My wife made a lifestyle change and I hold no hard feelings against her. I have two wonderful little girls to take care of, my wife gave me full custody of them both. She makes a bit more money then I do and she was ordered to pay child support and alimony. I make a little more then eighty thousand dollars a year from my job and have a random amount from investments that comes in during the year. I want to establish something better then a savings account for my little ones, putting the child support and alimony split into two accounts. What sort of investment can I add money to monthly that will give good interest?

Answer 1

No brainer, Dad! College accounts. Seriously, I hope you are encouraging them to attend. My husband set up with Primerica, and.......you know what he just did! (lol, I am just the wife).
Hello, I am her husband and a few years ago I set up college fund accounts with a financial institution called Primerica. The type of college funds they can set up will allow you to add to it every month. I have had nothing but Good experiences with them and my agent. If you would like his name and number just let us know.

Mo. the wife again! The true thing is college is sooooooooo expensive. You get tax breaks for these type of accounts as well as interest. If you are truly looking towards your babies' furtures.....this is the way to go!

Answer 2

maybe look into shares, have two accounts, and maybe later on, you can show the girls, and they can gain an interest in it, learn how the market grows, and such...

i mean, the savings idea is good too. my dad did that for me and my sister, im using mine for a house deposit and my sister used hers for a car and furniture for her house...we both got it wen we were over 21 and had graduated...

so yeah, all ideas...good luck with it.