Looking for brutally honest opinions, am I on the right path, or back to the drawing board, idiot…
m looking to open a account for my child who’s 5 years old and give them a head-start in financial life.
For now, my plan is to deposit $225 per month for 3 years into a brokerage account. At that time I plan to hire them to do “IRS qualified” work so I can open a Roth IRA in their name and direct the monthly deposits to that account. I plan to increase the monthly amount every year to help with inflation.
We are teaching them about saving, investing, giving and spending so that hopefully when the roth account becomes theirs at 18 legally, they continue good habits. We 3d printed 4 (saving, giving, investing, spending) treasure chests to put chore money and allowance in. $10 per week. $2 for spending, $2 for investing $2 for giving, and $4 for where they want to use it. So far, they have chosen to split between giving, investing, and spending. Any money put into investing, we match.
Sorry, I got off on a tangent.
We don’t plan to do much except checking on it annually. So not actively managing it I guess.
So, here are 3 fund options I came up with and I’m looking for brutally honest opinions. The amount is invested per month.
Option A
VOO $100
QQQM $55
AVUV $35
VXUS $25
SOXX $10
Option B
VTI $99
QQQM $34
AVUV $25
VEA $31
VWO $36
Option C
VUG $112
VXUS $23
VOO $34
SCHD $34
SMH $22
(with the $34 SCHD slice held in VOO during the brokerage years, then switched to SCHD inside the Roth).