The goal is to help your kids learn core financial concepts and the place to start is the Consumer Financial Protection Bureau's (CFPB) Money As You Grow website, which breaks down the conversations you should be having with your kids at various ages.
If the kids demonstrate an interest in investing, you could consider opening an account where you can dive deeper with the kids by your side.
Custodial accounts are taxable and that means that someone will have to pay Uncle Sam on the interest, dividends and capital gains that the account generates.
Fidelity Investments created a twist on investing with minors, when it launched its Fidelity Youth Account, which is not a custodial account and gives the teen ownership and control.
#financial-education #money-management #custodial-accounts #investing-for-kids #fidelity-youth-account
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