We currently pay $10 each child into their own bank accounts. Any better way to gain some extra cash? Long term savings, investments eg?

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  • I’d consider getting some financial advice on the best way to invest it.

  • If you’re prepared for long term pain for long term gain, investments or long term deposit bank accounts. I started one for my son but didn’t see any gains over the 2-3 years he had it, so I cancelled it and withdrew the lot.

  • That’s a great idea. Maybe have a look at a normal savings account with a high interest rate? :)

  • Oh started a trust fund for my first born but got frustrated that there was little increase in the funds after 12 months, so we closed it down

  • I suggest looking into a ETFs, I have opened up an account for my kids for depositing $25 pf ( sort of like a trust fund) I use vanguard, you can pick your own risks, but minimum time frame for a good investment is about 7-10, definitely worth looking into.

  • I’d read up on it in the book Barefoot Investor.

  • You could start putting it into a high interest savings account if it isn’t already. That keeps it easy to access if you think you may want to in the future, as well as while you explore other options.

    You could start investing in some ETF’s – this will be a slow process but if you have 20 years runway, for example, it will add up to a fair bit.

  • This is the safest way to build up a nest-egg for children imo.

  • Our kids were born in Northern Ireland where we put money into an investment plan for the kids and the state added to it, which grew into a nice sum

  • The library also has a good range of reputable finance books which should be able to provide valuable information.

  • Maybe build up the savings, interest rates are quite good at the moment and then invest a reasonable sum in a term deposit account. Banks can provide all of their rates for different types of accounts. It is an individual choice and getting sounds advice from banks and reading finance books and sites is always well worth the time investment.

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