SarahFair
Senior Member
My son just graduated high school. We gave him $1000 for a graduation gift, BUT it comes with restrictions..
It has to go into some type of account where it can grow, and instead of charging him rent, we are going to have him put 20% of every paycheck into that account so he has a little nest egg for when he decides to leave the house (he is thinking about 5 years) or for whatever he deems it necessary for at that point (long term savings, retirement, future investment funds, etc).
Currently he has no plans to attend college/trade school as he doesn't know what he wants to do yet and doesnt want to waste money taking classes he doesn't need, so no money is needed for school (as of yet, if ever).
He also does not turn 18 for a few more months.
What would be the best type of account for him to see the biggest return on?
It has to go into some type of account where it can grow, and instead of charging him rent, we are going to have him put 20% of every paycheck into that account so he has a little nest egg for when he decides to leave the house (he is thinking about 5 years) or for whatever he deems it necessary for at that point (long term savings, retirement, future investment funds, etc).
Currently he has no plans to attend college/trade school as he doesn't know what he wants to do yet and doesnt want to waste money taking classes he doesn't need, so no money is needed for school (as of yet, if ever).
He also does not turn 18 for a few more months.
What would be the best type of account for him to see the biggest return on?