OK - so you believe in saving a dollar a day but need to know what to do with it. To begin with, we think every child should have a savings account. We've partnered with some financial institutions that provide that service and your local credit union or bank is a good place to start.
To really make money grow over time a child also needs to become an investor. We think an excellent way of doing that is through a mutual fund - particularly the Young Investor Fund. Here's why we like it:
- Low minimum investment ($100)
- No fee to open an account or make an investment
- Low management expenses
- You can add to it for as little as $25 a month
- Invests in companies that kids recognize
- Kids get a financial kit when they open an account. Those age 0-7 get a copy of Munny Journey.
To learn more and request an information kit and account application visit the Monetta Young Investor Fund website.