Iain from @IainJGeddes joins me on this episode of the podcast to talk about investing for your children.
If you don’t currently have children, this is useful future information. Even if you don’t want children, you can hopefully pass on this knowledge to friend's children, nephews and nieces.
We have three main options: Junior Stocks & Shares ISA, Junior SIPP, or using part of your own adult Stocks & Shares ISA allowance.
Each option has different pros and cons.
The key with the two ‘Junior’ options is that the money legally becomes your child’s at 18 (Junior Stocks & Shares ISA) or at 55 (Junior SIPP).
If you’re skeptical they may misuse the money, or you just want more control, you can use part of your own adult ISA allowance - assuming you have some left - to invest for your children.
The greatest asset that children have is time. Due to compound interest, even small amounts contributed today have the chance to grow for decades to come.
Listen to the full episode for all the details!
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More investing:
📝 Download my free investing guide to help you start investing - https://www.makingmoneysimple.co.uk/Free-Investing-Guide
📕 Get my book Stop Waiting, Start Investing (available as a physical, digital and audiobook) - https://www.makingmoneysimple.co.uk/swsi-book
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⚠️ Disclaimers: I am not a financial advisor and this does not represent financial advice, it is for entertainment purposes only. Please seek professional advice to get the best information for your personal situation. When investing, your capital is at risk and you may get back less than invested. Past performance does not guarantee future results.
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