2007-03-14 08:57:24 · 9 answers · asked by lalac67 1 in Business & Finance ➔ Personal Finance
A new daughter??? Newly born...? ;-)
On the long run, it's best to invest either in shares, property or gold - rather than having a simple savings account. Does your bank offer a fortune-building programm with investment funds? Perhaps you can mix three funds in all three categories to get a good mix.
Depending on the money available and the banks' offers, you might have to start with an ordinary savings account before being able buying funds.
Good luck!
2007-03-14 09:07:16 · answer #1 · answered by swissnick 7 · 0⤊ 0⤋
Resist the advice to start a savings account. They pay little or no interest at all. You'd be just as well off keeping it in a jar.
First, determine what you want to save for. If it's college, use a 529 plan. The contribution limits are five times higher than the IRS gift tax level; anyone can contribute to it (i.e. relatives at Christmas time); the lifetime maximum is huge ($194,000 in contributions); and the pay-out for education purposes is 100% tax-free.
For anything else, a solid investment plan can be established for as little as $25/month. I would first recommend that you look at cash value life insurance. Protecting her insurability in the event of some unseen medical development may the best gift you ever give her.
Good luck!
2007-03-14 16:33:38 · answer #2 · answered by Jeff W 1 · 0⤊ 0⤋
Well I am so happy for you I am trying to have more kids I have one she is 12 and what I would recommend to do is to put 5.00 a week away for her for just open a saving account and put in 5.00 a week and when she gets old enough let her right out the deposit slip and let her put it in the bank then you are showing her how to save and let her keep track along with you of all the income I hope this works for you have a very blessed time with the new baby girl and I will keep you in my prayers that god will give you the wisdom on how to be the best mommy in the world if you have any questions let me also make sure you teach her when she is older about how important her credit is I run a credit repair business and I think that this new generation will be 10 times better with there credit if we teach them any way talk to you soon
2007-03-14 16:12:34 · answer #3 · answered by stephanie m 1 · 0⤊ 0⤋
If you are talking about her future in terms of educational opportunities, I would look into starting a 529 College Savings plan for her. This is a good vehicle as the funds pulled from it will be tax-free (I believe), and also allows her grandparents, etc. to fund it.
2007-03-14 16:06:55 · answer #4 · answered by Jorge 3 · 1⤊ 0⤋
Visit my website at www.teamtg8.com/118 and I'm sure you will find very interesting. I have been involved since Nov 2004 and have been able to give up my job and focus on my business and stay at home with my 4 kids. Our company is in 19 countries for over 14 years. Let me know what you think. It would definately set her up for the future..
Regards
Shelley, Brisbane Australia
2007-03-15 10:43:16 · answer #5 · answered by Shell73 1 · 0⤊ 0⤋
make a savings account for her! Or... if you live in the country... buy a calf and sell it when it gets older to help put more money in the saving account. Start now though for interest!!!
2007-03-14 16:03:01 · answer #6 · answered by Megan S 1 · 0⤊ 0⤋
Real estate, real estate & real estate. If you purchse a home now (as an investment) and wait until she starts college to sell the property. You will have enough money for her college education. Good luck.
2007-03-14 16:05:37 · answer #7 · answered by Ssky 2 · 0⤊ 2⤋
Start a Dailey intrest account for her put big chunk in to start it then you could term deposit one thousand earn intrest then put in her account all my besy to you Good luck
2007-03-14 16:09:53 · answer #8 · answered by pattibcacl 6 · 0⤊ 1⤋
Bury it in the backyard so when your wife divorces you for your brother, she can't take half.
2007-03-14 16:08:01 · answer #9 · answered by Anonymous · 0⤊ 3⤋