Investing for Baby

No matter which answers you give, a bank, mutual fund company or brokerage discount or other institution will be able to help you set up the account of your choice. To make sure that you get the advice and the account you need, do your homework and shop around. Not all financial institutions and their representatives know how to meet the special needs of parents looking to secure the financial futures of their children.

While you're underwriting your child's future dreams and ambitions, make sure that you take the time to educate him or her about saving, investing, financial responsibility, and the beauties and potential of compound interest. Let him witness, or even participate in, the decision making process as soon as he is able to. Obviously, your child is now many years away from caring about or understanding wise investments, but by planning ahead for his dreams and by sharing your plans with him, you're not only giving your child security, you're also giving him the opportunity to gain skills and knowledge that will serve him, and his own children, well.

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