I'd LOVE some of your advice here. I have a measy joint bank account set up for my son where I can deposit those lovely Christmas/birthday gifts he gets in cash from time to time. Thus far, he's got about $150. It's a small amount I know, but one day I'd like to say to him, "Look at the smart thing Mommy did for you with your money!" I don't want to go with a Coverdell or 529 because, as my mother so aptly put it, what if he decides not to go to college? My brother dropped out after three years and I ended up with a full ride scholarship. By the time he is ready for higher education I should hope I'll be out of the sh#@hole I'm in now and can pay for his education out of pocket (or from a Roth IRA I plan to set up in the near future for my husband and myself). Here's what I'm looking at. Any help is dearly appreciated:
1) Can I open a Roth IRA for him (not an education IRA)?
2) Mutual funds: I've read that American Funds American Mutual is a very safe and reliable mutual fund. I don't expect the boy to be a millionaire by the time he's 18, but I would like his money to grow faster than point something of a percent. It also has a start up number of $250--I'll gladly give him $100 to get that started and deposit a small amount along the way, in addition to Christmas/birthday gifts, etc.
Lemme know. I'll be waiting
