Is that better than a CD. How does a bond work? I just want to know what will be best for him in the long run.
2006-12-09 15:15:28 · 11 answers · asked by jessie_ann2 2 in Business & Finance ➔ Personal Finance
The best would be to open a bond because it adds up and he has money for college books, dorm, etc. Even though he is only 8 months it can still accumulate and he will have tons of money by the time he needs it. You can also keep adding money so it can grow pretty fast.
2006-12-09 15:19:51 · answer #1 · answered by Tina*babee 1 · 0⤊ 0⤋
im pretty sure a CD is better for long term
just talk to the person at the bank about it first but im pretty sure a CD is better
and what exactly is your 8 month old son doing to earn money? i mean the idea of how he even gets around independently simply boggles the mind
2006-12-09 23:20:52 · answer #2 · answered by 63godtoh 3 · 1⤊ 0⤋
At 8 months old I'm sure he'd like a CD much better...maybe a christmas cd since it is the season
2006-12-10 00:06:57 · answer #3 · answered by The Shell Answer Man 3 · 0⤊ 0⤋
Put it in a savings account in a bank. Bonds do not make that much money and you need to have identification to cash them. Plenty of work for little money.
2006-12-09 23:44:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Set up a college fund, like through TIAA-Cref.
Then depending on your state laws, you may be eligible for a tax deduction, and he won't be able to spend the money until he is an adult.
A few dollars stashed away into one of these good funds (they work like 401k except for college) will help him when he needs it most, look into it.
2006-12-09 23:40:03 · answer #5 · answered by Gem 7 · 0⤊ 0⤋
There is a lot of information at www.treasurydirect.gov on savings bonds and other government bonds. Your son is on the right track. :o)
2006-12-09 23:40:37 · answer #6 · answered by bow_wow_wow_yippieo_yippiea 3 · 0⤊ 0⤋
wow your son is 8 months old and he is already saving some money, that's a smart kid
2006-12-09 23:25:52 · answer #7 · answered by J 2 · 0⤊ 0⤋
I find it weird how an eight month old can save money. To answer your question, just save money.
2006-12-09 23:18:10 · answer #8 · answered by ~carmie~ 5 · 1⤊ 1⤋
Have your son go in and talk to someone at the bank..they'll let him know the best direction to go to...he'll find it helpful i'm sure.
2006-12-09 23:22:12 · answer #9 · answered by Sara S 4 · 0⤊ 0⤋
Well he's pretty mature at his age! I would have him discuss this with a money manager!
2006-12-09 23:19:46 · answer #10 · answered by Jeff 5 · 1⤊ 0⤋