We just rolled up our 18 month old's piggy banks that have been funded by my change over the last 18 months, and it added up to $133!
Combine that with neighbours / grandparents that want to help out with cash donations towards his 'college fund' or the like, I really would like to know my options and what positives and negatives are with each.
Firstly, I am not *green* to investing, I've done more research than I've done investing though... always been broke (my own fault). I know the concept of risk, and I am not the least bit frightened of it. I am currently 30.
My wife wants to make an appointment with the Bank to go over our options, so I'd love to have an idea first of what other options I have.
Personally, I want to invest it in a TFSA under one of our names, and do research on what would be some index funds to allocate it towards and just plunk money in there until it grows big enough to really diversify.
Wife sounds like she really wants to go with RESP or something like that, she keeps telling me "They really have some good ones for kids you know!" like I don't know how to invest :(
Thoughts? Questions?
I think we'll be putting somewhere around $1000/year into this for the first few years...
Thanks!