Well i have a 5 yrs old and i want to her starts invest her money either mutual fund or ira account. The reason i am doing this because i want to teach her the vulue of the money. And there many parents out there not teaching their kids about the investment money. Also public school doesn't teach anything about the money.
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In order to start an IRA, one has to be employed, so unless your child works in commercials or is a child actor, no an IRA cannot be opened for the child. Mutual funds are a different matter. At five years of age, the child cannot purchase his own mutual funds, but as a parent, you can do it in trust for the child. If you want him to contribute to such purchases, that's up to you, but you have to be the one to make the actual investment.
answered 1 year ago
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