FYI: “I wish I knew this when I was younger.” When I scan my book’s Amazon reviews this is the most common comment people write. They’re referring to the benefits of compound interest and how low-cost index funds beat most actively managed products.
Unfortunately, many people believe it’s too late for them. They didn’t start to invest when they were young. But they know their children can. Recently, I published, Don’t Punish Your Kids, Teach Them This Financial Lesson. The story includes an eye-popping table that compares different investment timelines. Investors who start when they’re young can save far less money and end up richer.
But young investors face a couple of hurdles. First, their parents need to open an account on their behalf. The money would belong to the child, but it would be held in trust until the child becomes an adult. UGMA accounts are popular for this purpose.
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/fidelitys-zero-fee-indexes-are-a-perfect-fit-for-kids
