My brother and his wife gave birth to their first child about a month ago. Rather than get the child a gift like an infant suit or something of the like, I want to get him something he can enjoy. I was considering buying him a government bond that he can spend freely when hes in College. Any ideas?
Thank you in advance, Im also considering any other good ideas.
2007-02-27 11:46:05 · 4 answers · asked by Wushogun23 2 in Pregnancy & Parenting ➔ Newborn & Baby
That's a very good idea. My grandparents did that for me and it helped me buy a car when I didn't have one! Very stable decision.
2007-02-27 11:53:50 · answer #1 · answered by oneworld09 5 · 0⤊ 0⤋
Either do the bond, or start him a college fund. They have the funds now that are $50 a month contribution, and if they use it for college, it is completely tax free when withdrawn at 18. My husband and I did that for our daughter, and her grandparents and great aunt and great uncle contribute to it at Christmas and on her birthday every year. They gave bonds to the other kids, but since we have this set up, they give to that instead.
I think it is a wonderful idea to give a bond. It is something special, and it will be that gift that comes in handy down the road. Contrats, Auntie/Uncle!!!!
2007-02-27 11:56:16 · answer #2 · answered by volleyballchick (cowards block) 7 · 0⤊ 0⤋
government backed bonds are always good for the long term. You'll need his ss# to put it in his name.
You can always open a savings account for him too. You can be joint in it with him or you can simply tell your brother and his wife that this is the baby's account, and that all birthday money that the baby gets can go into it. When there is $500 then roll it into a cd account for higher interests. When there's $1000 accumulated, look into money market accounts...the financial possiblities are endless!
2007-02-27 11:57:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You don't need his SS# to buy a bond- great if you have it, but if you don't you can use your #. When it's time to cash it in, they will fill out the back with their correct info.
Bonds are good, but have LOW interest rates, but they are good for gifts if they don't cash them in right away.
2007-02-27 15:55:49 · answer #4 · answered by c'estmoi 6 · 0⤊ 0⤋