[USER]

We pay out 9th grader for the chores he does at home. Such as moving the lawn, laundry etc.

We are thinking of opening an account for him.

I am here looking for options on what kind of account should we open?

So he can see the amount he has, build credit now on.. also Lear to invest..

[Karl]

Greenlight is nice, great for young kids it offers education designed for kids as well.

[Corey]

I opened one for my teens through my Fidelity brokerage.

[Nga]

UTMA accounts and it gets ‘transferred’ to the child when they turn a certain age (21 in CO).

Money earned from household chores don’t qualify for Roth contributions.

[Saul]

I recommend vanguard Roth IRA VOO or VTSAX (after $3k saved up)

[Stevie]

Chase has kids checking account with a debit card. You can set up their ‘spending’, ‘savings’ and other buckets (I added giving)

Then if you want you can also set up a custodial brokerage account (I used Schwab) that can purchase partial stock slice ($5 a slice).

[Stacy]

Any earned income, you can put that amount into a Roth IRA for them

[Chui]

Fidelity youth account has been great. Comes with a debit card and they can invest the money.

Money market fund as the sweep account.

[Author]

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