Thank you. I believe PayPal and Venmo could be used for payments and withdrawals from Fidelity, but we would be in a Roth and taking no distributions.
I’m exploring the options for contribution to Fidelity by an authorized agent. It seems that I could not link my bank account to the Fidelity account but could use my bank’s bill pay feature to make deposits. I could also possibly deposit via a mobile check or physical check. I was hoping someone on the forum would have experience with this.
I have an agreement with my nephew. He saves 20% of his income in a regular savings account for any larger discretionary expenses he might have. I match this in his Roth.
I’m hoping first to educate him on the importance of earning and the relationship between income and expenses by providing a reward linked to earnings. Second, I’m hoping to instill regular budgetary and financial management habits, using the 50/30/20 concept. For now, the long term savings might be used for anything he desires, a short trip, a new phone, etc. instead of his parents providing these as they have. Ideally, the practice will prepare him to save for a car or home or other more “serious” large expenses as he ages without creating a sense of guilt for other discretionary spending.
He likes to spend, his parents have low incomes and are not financially savvy or disciplined. Until now his parents have provided everything he wants and he has spent his earnings with little to show for it. His parents asked me to help guide him as he moves from financial dependence to financial independence.
Thank you and any other suggestions for how to guide him are appreciated!
