Starting the kids early, before they even know it.
I have some good news my fellow Fools. There is a second Ismymotor offspring on the way! The due date is somewhere in the first week of August. Next Monday Mrs. Ismymotor and I will have the pleasure of learning if the little one will wear a pink or blue Jester's hat.
Over the last two years I have been contemplating setting up a trading account for our kids. I just want to do one account, divide it down the middle when the time is right. But that will be decades down the road. I don't plan on letting them know about the account. My ultimate plan is to wait 25 to 30 years before I surprise them with the news. I know that is a long time to stay mum. But that's how I do things.
I plan on starting out with just a little money for the year, $500. As time goes on I will increase the annual amount. I may even be able to secure some additional funds from the grandparents. I am going to limit my initial purchase to three companies. Two of them I already hold in my IRA. The third I plan on purchasing this year.
If you are a parent/guardian and have put a similar plan into action please share your experience with me. I am eager to learn from those that have walked this path before me.
With warmest regards,
Big Poppa Cato