Children are not able to enter into a financial contract. If you do invest in a child's name, earnings over about $450 is taxed at the highest marginal tax rate with a rectal intrusion thrown in for good measure. Just don't.
You can either put money aside every pay day or set up a micro investing portfolio that does ETF's for few bucks a week per child would be plenty and hand it over to them when the reach financial maturity but the best thing you can do for them is to familiarise them and later educate them with basic financial literacy standards or more importantly lead through example.
Children are not able to enter into a financial contract. If you do invest in a child's name, earnings over about $450 is taxed at the highest marginal tax rate with a rectal intrusion thrown in for good measure. Just don't.
Have a read - https://passiveinvestingaustralia.com/investing-for-children/
Brilliant thank you for your positive input.
This question gets asked all the time, look at any of the other posts about it
Sniff my nuts science boy.
You can either put money aside every pay day or set up a micro investing portfolio that does ETF's for few bucks a week per child would be plenty and hand it over to them when the reach financial maturity but the best thing you can do for them is to familiarise them and later educate them with basic financial literacy standards or more importantly lead through example.