We have a two week old baby boy. We have a 529 plan that we contribute $175 a month to. I am also going to open either a stock account for him and fund it with $5,000 or so. (I'd like to be able to grow the account and then give it to him when he is an adult...) It will be in my name and I will manage it until he's old enough to understand stocks and will be able to choose some for himself. I will also be opening a savings account for him when he is a little bit older, and will encourage him to put half of all birthday and work money in the account. In the meantime, a piggy bank will work just fine.
Oh, and when he is old enough to start working, I will open a Roth IRA for him.
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