The Ric-E Trust is an insurance product that allows a family member to put a lump $5000 sum in at/around birth and by age 65, the child may well have enough to retire on from that single investment. I don't like insurance products and don't particularly want the money locked for 65 years. I'd like advice on what vehicle to save in and whether it should be in the child's name or my own.
2007-03-24 14:23:50 · 4 answers · asked by Imposter 3 in Business & Finance ➔ Investing
A certificate of deposit that can be "rolled over" at maturity at a credit union of your choice is probably your safest bet. Not a lot of interest but it's safer than any other investment opportunity you can name. And you can add to it from time to time thus increasing the final yield And it should be in both the child's name and your name.
2007-03-24 14:35:37 · answer #1 · answered by dmspartan2000 5 · 0⤊ 1⤋
Buy bonds, not stocks. If the market does a nose-dive kiss your stocks goodbye. Bonds, however are good forever just the way you bought them. Why give your money to someone else to invest when you can do it without paying the middle man, cause you know Ric-E Trust is going to get a cut. By the
way, I never heard of them. I think it's a fly-by-night organization and in 65 yrs they could have taken the money and ran! Beware. Ask a bank officer whose name to put it in.
2007-03-24 14:34:46 · answer #2 · answered by ? 7 · 0⤊ 1⤋
Open a brokerage account at Zecco and drop me a line.
I will help you for FREE.
I am a Portfolio Manager with over a decade of experience in the Stock Market.
2007-03-25 11:03:13 · answer #3 · answered by Anonymous · 0⤊ 1⤋
step 1: open a trust account in the name of the baby at your local bank..w/you as the trustee.
step 2 : since this a long term investment, buy cd's in six month terms. then re-invest the interest.
2007-03-24 14:55:55 · answer #4 · answered by jagfire1952 1 · 0⤊ 1⤋