advices about how to invest-spend 1000 u.s dollars(my son ,7, has won that money.?
Answers:
Let him spend $100 of it. $100 is a lot to a seven year old! And then invest the rest for him in a secure account that will accumilate and increase but which is safe and will not decrease. Maybe you could ask another question to find the best option for investment depending on what you decide to do.
Other Answers:
U.S.Savings Bond{s].
i would place 100% in a certificate of deposit because interest rates are up if you must spend some how bout just spending the interest earned so he is at least left with the 1000 with him only being 7 i would go with at least a 5 year term Stick in a 529 or whatever they're called. The vehicle that lets you save money for college. I imagine with such a long-term horizon, an index ETF wouldn't be a bad choice.
a high yield savings account. save it for when he is older and can use it for college....not sure where you are from so I am not sure how to advise you. Stock market is a little crazy right now. how about buying gold....again not sure how to advise you.
just remember its your sons. its his.you need to open him a trustie account at a credit union because by the time he is old enough to move out on his own he will have great credit.he will also gain intrest.dont spend it it's his.thats what im doing for my kids and now they have better credit then me.he will be able to start a better life with great credit. a 529.They are a brilliant way to invest for college.
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