[Watson]

Hey there. I’m 1st generation American, my parents came here to the USA legally.

You Didn’t provide much personal info so I will make some assumptions.

You want the best for your child. And you want to most likely be in a stronger financial position later in life?

The best thing for you to do is focus on you and your finances.

If you put all your excess income in saving for your child, you will make the mistake so many immigrants make.

My parents poured everything into my siblings so much so they had nothing to help me with.

Today they are struggling and my siblings still struggle.
Become your child’s success story.

That is an invaluable lesson you can teach a child. College isn’t out of reach if you do not contribute.

Vanguard is an excellent firm, but if you aren’t a self starter in investing it isn’t going to be a good place a beginner.

Try a fidelity. I have Vanguard but Fidelity will be more available to you.

[Michele]

Read A Simple Path to Wealth, it will help with some of this.

[Jamie]

What exactly are your goals? For long-term, retirement should be #1. But how are things financially right now? Any debt?

Earnings good and stable? Insurance in place?

Don’t make saving for your child your top priority. Make sure your family is secure now, then YOUR future is secure, then the child’s.

There’s a lot you can do now to make him successful that doesn’t involve setting aside your own financial security.

And doing so will help him in the long run.

[Allison]

I settled on Ally for my HYSA. I have been happy so far! It does have the bucket feature which can make sorting money easier.

[Shanelle]

I have Ally and pleased with. I also have a short term CD for about 10 months that gives me 5.0%.

At the end of the period, I’ll donate it to my ROTH account to hourly max it out for the year.

If you’re going to just use a checking acct, then I used Charles Schwab that gives higher return on your money than a regular checking acct…

[Prasith]

Here you go,
Emergency fund- in HYSA (Ally/Sofi/Marcus) – 20% of your income.
Excess fund- Open a brokerage and start DCA on low cost index/mutual fund like s&p500.

Child fund- open a UTMA and repeat same steps above for excess money!

[Author]

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