Where Should We Save Money for Our Kids?

Ramsey Everyday Millionaires

Ramsey Network

Investing, Careers, Business

4.6 • 3.6K Ratings

🗓️ 5 April 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. So let's get it started with Heather this hour in Asheville, North Carolina.
0:27.0	One of my favorite places in all of the southeast Asheville, North Carolina.
0:31.0	Heather, how can we help?
0:32.0	Hi, Ken, hi George, how can we help?
0:33.0	Hi, Ken.
0:34.0	It's so good to be able to talk to you guys today.
0:36.8	I have a money and a parenting question.
0:39.8	And so my question is this.
0:42.1	My husband and I adopted our son in November.
0:44.9	He's 17 years old and she was with us
0:47.2	through foster care prior to that.
0:49.5	We found out at his adoption meeting
0:51.6	that he's entitled to Social Security and so we have
0:54.6	started receiving Social Security benefits for him. We would like to be able to
0:59.9	put those in an account for him that we would gift him at some point in the future when he's an adult,
1:05.0	when he can handle it. We're thinking after college at some point.
1:08.0	So my question is twofold. One, what would be the best investment vehicle for that? I'm not sure if it's an
1:14.8	Utma or something that is under our name and we gift it to him later? And then my second question is,
1:21.0	how do we have this conversation with him when it is time to give this money to
1:24.9	him to help him understand the stewardship and just how to handle these finances?
	...

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