By: Slinky
I had this same thought for my nephew. He sure doesn’t need more toys and I was not about to just hand over cash. I wanted the money to do him some real good. I ended up going the same route as you and...
View ArticleBy: Candace
Most importantly…”another bundle of joy to be announced soon”….Now you got me! I will be waiting to hear! On to the article and the question at hand. Personally, I love your last and “best” suggestion....
View ArticleBy: Wayne
Would try to do both. I would tell the parents my intention and ask if they have a 529, Education IRA to contribute to directly on behalf of the child or buy a Savings Bond for the child. I would still...
View ArticleBy: MB
I agree with Wayne. My inlaws asked us about this for our now 7 month old at Christmas and we were all for it. They gave us money, instead of a gift, to put into his college fund. Now, we are...
View ArticleBy: Abigail
I think the idea of giving a financial gift is fabulous, not tacky at all. My only caution on savings bonds… A few of my family members gave savings bonds off and on throughout my childhood. I always...
View ArticleBy: Daniel
Two years ago I setup a UTMA (uniform transfer to minors) account for my niece. I have it buy McDonalds stock through their DRIP plan every Christmas. That way when she turns 18 she’ll hopefully have a...
View ArticleBy: Steve @ brip blap
I set up custodial accounts at Sharebuilder for my nieces and nephews, and contribute to it for their birthdays and big holidays (Xmas, etc.). Not big amounts, but enough that when they turn 18...
View ArticleBy: Bill McCollam
I was reading the post thinking that the question was all wrong-headed. Basically you can’t give the baby a present that the parents can’t mess up. (If just by passing on wrong financial values). You...
View ArticleBy: Lazy Man
Interesting thought, Bill and thanks for the praise of the answer. Still, this isn’t exactly like training a dog. The baby will be responsible for itself someday and will need to have some kind of...
View ArticleBy: Michael
For cases where you don’t want to worry about being custodian of an account for somebody else’s child, I think the suggestion to give a book and offer to match the parents’ first contribution to a 529...
View ArticleBy: geny150
Why not check and see if they have a baby registry? Although college savings are great, you’re making a lot of assumptions (like, that the child will want to go to college, and that the parents...
View ArticleBy: Lazy Man
I think I would agree with you if it was newborn – I always buy off a registry. However, I’ve never heard of someone having a registry for a birthday though. Yes, I made the assumption that by one-year...
View ArticleBy: geny150
Funny, I reread the question several times, and didn’t see the one-year birthday part. Don’t worry, it won’t happen again; I’ve removed your blog from my feed.
View ArticleBy: Lazy Man
“I have friends that have a baby turning 1 year old and I want to get the baby a financial gift.”
View ArticleBy: Roger
I have to agree with Bill McCollam; it’s awfully hard to give money to a child without allowing the parents to have access. Doubly so if you don’t have a connection to the child that would endure for...
View ArticleBy: nobelle
Have you asked the parents what THEY need right now (or might need in the future) to aid the raising of their child? Maybe throw your ideas at them, even pass them a 529 (to use the last idea)...
View ArticleBy: Tom
This is a hard decision not knowing how the child will turn out. God forbid that the child hits 18 years old and is a drug addict and now has access to these funds to feed the habit and to he’ll with...
View ArticleBy: Ashley
With a savings bond (eg. that you would buy from treasurydirect.gov), you would set up the savings bond account under the baby’s SSN, with the parent (or you if you’re local) as the custodian....
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