When most people think of investing they think of one person. The fact is when it is a family why not work together to build a family portfolio.
Start by setting up the formula. Depending on the age of the children, each will be able to contribute certain amounts to any investment. Payout will be based on the percentage put into the account. Also, agree nobody will withdraw money for a certain extended period of time and set yearly limits on the amount to be taken out.
Seek out an internet broker. This way the transactions are in your hands. There are many to pick from including Sharebuilder.com, E Trade and many more.
Search out stocks that are safe. Perhaps even go after mutual funds and avoid the individual stocks. If investing in individual stocks, seek out those with dividend payments.
Keep the flow of money coming each month or week. Even if this means keeping a large amount in a money market fund, but it should pile up quickly and in the end all will be happy.
- I am not a professional financial advisor, this article is intended to provide basic ideas. For specific financial advice on stocks or other issues, please seek out professional advice.
By ehow.com
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