So this is my preliminary stage of research. Apparently there are many options for me to choose from when it comes to investments for my childs future.
- Roth IRA’s
- Traditonal IRA’s
- 529 College Savings Plan
- ESA College Savings Plan
- Mutual Funds
- Certificate of Deposits
- Tax Free Savings Accounts
- Coverdell Savings Accounts
- Equity Investments
- Lotto Tickets
- etc….
With only 5k for investment, it doesn’t look like I can go after anything very conservative, by the time my daughter is 18 years old, the 5K would probably only be 7k and obviously that’s not going to work. I will assess my risk, time I have to take out of my day to manage, tax savings, and also the potential growth.
