Hi, I would like to start investment accounts for my four nieces & nephews who are ages 12, 14 and 15. I don't want to do a 529. Ideally.
One set of my niece & nephew have parents that are teaching them about money management, the other set is not being taught this. I want to teach them about the power of investing and staying the course.
A few options I've thought about - 1) Open a Vanguard account under their name for each of them on their 18th birthday and funding the initial investment amount, i.e. $3,000 for VTSAX, or 2) Opening a separate brokerage account under my name with a different brokerage that I normally use, i.e. Fidelity, make regular contributions and having them split that as part of their inheritance, but this means they may not have access to the money until many years down the road.
Any suggestions on how to go about doing this? Thanks.
