18 year old granddaughter want to invest $1000.00 she has saved
My granddaughter will turn 18 in a week & has been working during her high school years. Tonight she ask me how she can invest her money she has saved.
I have listened to you for years on WGN, I have passed some of the info that I have learned from you, however I don’t know what would be the best for her to invest in for her future.
She has a &1000.00
Thank you for any direction you can give her.
Terry Says
A lot depends on whether she is going to apply for financial aid for college, although this small amount won’t impact her aid dramatically.
If you want to get her interested in stock market investing, check out apps like Stockpile and Public Investing. They let you buy fractional shares of companies she might be interested in — perhaps if she wears a certain brand of sneakers, or eats at a place like McDonalds.
Or you can buy the “whole” stock market using an ETF — like the one that tracks the S&P 500 stock index — symbol SPY.
Or if she is saving up for something, you could just open a bank account for her and buy a 6-month CD, currently yielding around 5%.
What’s most valuable is the lessons of saving/investing for the future.
