18 year about to go to college

[Jaxxy0408]

Thank you all for input in the past.

So daughter (18) going to college next year, so this year she opened own checking account and Marcus savings account. She has savings bonds we are cashing in (3K)and will be used either towards education or Roth IRA. I think i read if bonds used for education you don't have to pain on gains.

She has stocks (4k) still in minor e-trade account which we will sell and finish off her max roth investment. I am thinking of invest in VOO. She will be in school six years so not much more will get invested into roth, just tryin to give her head start.

Any other ideas or feedback would be great
Thank you

[bjl584]

What is your question exactly?
How to handle her money while she is in school?

Personally, I didn't do any investing while I was in college.
I had some savings, and I worked summer jobs, but nothing more than that.

[Jluke]

She had 6k in qualified income for 2020 or 2021? Or both?

there is still time to contribute to 2020 if she didn’t already.

VOO or VTI is an excellent choice in a Roth investment.

[Jaxxy0408]

Yes in 2020 she had 6k in income from part time job. I guess was my question is does this make sense for starting her out on right foot. My parents never talked about money so I am trying to help guide her in right direction. Would anyone do something other then IRA?
Thank you

[moneybags]

I love the Roth IRA. Ideally she leaves it in there until she retires, but there is the ability to take out the contributions portions without penalty and the earnings without penalty under certain circumstances.