My son is leaving on his mission next month and has the funds to pay his own way

Jul 12, 2024
1:23:26pm

cougarbob137 All-American

I'd like to park his money in some kind of account while he's gone and pay for his mission for him as a surprise.

What does CB recommend?

An index fund on Fidelity?
High interest bank account or CD?
Something else?

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cougarbob137

Bio page: cougarbob137
Joined: Jul 22, 2014
Last login: Aug 5, 2024
Total posts: 3,556 (24 FO)

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Messages

Author

Time

My son is leaving on his mission next month and has the funds to pay his own way

cougarbob137

Jul 12, 1:23pm

Probably HYSA or CD. If you’re an Apple user they have a very user friendly

Warner

Jul 12, 1:24pm

Go to Vegas and turn it into some real money

BYUtiful

Jul 12, 1:25pm

That’s a win, win. Either he thinks he paid for his mission or you double his money when he gets back.

touchdownbyu

Jul 12, 2:03pm

RE: That’s a win, win. Either he thinks he paid for his mission or you

fattycoug

Jul 13, 12:13pm

Vanguard's money market is over 5%.

All-American

Jul 12, 1:25pm

RE: My son is leaving on his mission next month and has the funds to pay his own

PortlandCoug

Jul 12, 1:26pm

For just two years, almost certainly want to stay away from the stock market,

basman

Jul 12, 1:27pm

Whichever of your options has the highest interest as long as it’s no risk.

Powerbait DPM

Jul 12, 1:31pm

Depends on what the goal is. If it’s to provide long term growth and not be used for a long time (several years)

yapacoug

Jul 12, 1:33pm

I agree with this response. I often think how nice it would have been to have

AFewThoughts

Jul 12, 1:45pm

Additionally it would be nice to get those into a Roth IRA.

AFewThoughts

Jul 12, 1:46pm

Maybe your best move might be

rockhound

Jul 12, 1:34pm

It is semantics but I agree with this. Let him pay for his mission so he can

O Gaucho

Jul 12, 2:05pm

But for tax reasons the dad may want to actually pay it.

Coach's Dad

Jul 12, 2:11pm

My Dad agreed to pay for college if I paid for my mission. When I got my call to

O Gaucho

Jul 12, 1:34pm

Wealthfront has a HYSA that’s at 5%. Easy online access and transactions.

kotacoug

Jul 12, 1:39pm

I’d invest it. There’s market risk with volatility but this is a surprise, so he

palangi

Jul 12, 1:45pm

Yeah, I'd still throw $5500 into a roth.

AFewThoughts

Jul 12, 1:46pm

Thanks for the gift I can use in 45 years dad

YIsForBrigham

Jul 12, 1:53pm

Lol, 40 but yeah. His kid sounds like a hard working responsible kid so he might

palangi

Jul 12, 1:58pm

He can use it before then for certain purposes.

All-American

Jul 12, 3:12pm

Probably NVIDIA

YIsForBrigham

Jul 12, 1:52pm

We did this for my daughter and put it in HYSA.

BoiseCougar

Jul 12, 1:52pm

I would do something more aggressive because he's young. Buy some BTC, NVDA, LLY

dYrtbYkerYder

Jul 12, 2:23pm

You're already giving him 12K of good news on his return — that's the biggie.

d-coug

Jul 12, 2:37pm

HYSA. Index funds can have bad years, and 2 years is not a long time.

NumbersGuy

Jul 12, 2:41pm

25% in ETHE, 25% TSLA, 50% index fund

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