18 year money investment for new baby?

[gm280]

There are always ways to open any type savings account for any reason. If you are not going to use the money for his additional schooling or such and don't care about paying taxes on any interest earned, then open a mere savings account under your own name and when the time comes, give it to him... There won't be any taxes when drawn out later on. But a really good ROTH IRA account under his name would be the best option and allowed...

 

[bassman284]

I would assume he uses $1,000 as a unit and then multiplies that appropriately.

Yeah, kind of what we Iowans call a frinstence.