£1000 to lock away for 15 years. Children's money.
Discussion
rufusgti said:
Thanks very much for all the replies. I'd not spotted the ns&i junior accounts, will take a look at that. And I'll be checking the vanguard as that's popped up elsewhere also.
I won't be buying Lego as the idea makes me nauseous ????
I had a great uncle who was a mean old git. He had an attic full of boxed original kids toys that his kids, grandkids, anyone! were banned from touching because "they'll be worth a fortune one day". I'm not sure what message that is teaching children. Maybe something of value but I can't think what. Each to their own though ??
No problem :-) Get yourself some Cyclizine apparently thats pretty good for nausea.I won't be buying Lego as the idea makes me nauseous ????
I had a great uncle who was a mean old git. He had an attic full of boxed original kids toys that his kids, grandkids, anyone! were banned from touching because "they'll be worth a fortune one day". I'm not sure what message that is teaching children. Maybe something of value but I can't think what. Each to their own though ??
Croutons said:
JulianPH said:
Perfectly valid. They will hate you for not being able to access until 10 years before state retirement, but then love you again when they see the benefits of c. 50 years of compound growth though! 
A mixture of the two is probably the best approach, in my humble opinion.
10 years before state retirement age you say. Does this mean the legislation to effect that mere proposal has been enacted?A mixture of the two is probably the best approach, in my humble opinion.
Or is it still currently the case that you can take a private pension at 55?
I appreciate change may occur, but I would think it quite important we distinguish between what might happen, and what IS the case.
Currently you can access at age 55 but this will rise to age 57 in 2028 and from then on will be set at 10 years below state retirement age.
It is a stupid rule change, bu there you go.
BoRED S2upid said:
peterperkins said:
Pension is an interesting idea, but what if the unthinkable happens and they die? Is the money gone?
OK I appreciate the money won't be important in context of the bereavement, but it could be a substantial sum.
If married/children then of course some rights might exist for dependants/widows etc. But if none of above apply what happens?
A saving account/isa is money that is part of the estate..
If they die they can leave it to you or their sibling doesn’t have to be a partner or dependent like with our pensions. OK I appreciate the money won't be important in context of the bereavement, but it could be a substantial sum.
If married/children then of course some rights might exist for dependants/widows etc. But if none of above apply what happens?
A saving account/isa is money that is part of the estate..
It doesn't even have to be someone related to you and could be a charity.
So you are not limited to leaving it to a partner or a dependent and you are free to distribute it to as many people as you like.
Everyone should ensure their "Expression of Wish" is regularly updated with their provider to ensure their wishes are carried out in such an event.
KTF said:
As a comparison I have our offsprings JISA in VLS 80 and its up nearly 7% since I transferred over in May from Orbis..
I assume this is a S&S ISA? I have my daughters savings in a Cash ISA at the moment, she's got about 4k in there at the moment, getting 2% or something similar. How much risk is there actually in something like the above?!From what I understand, its not the sets themselves that make the money but the mini figures that come with them.
I also have a box of lego from my childhood in my parents attic that is apparently worth something now. Would still be very reluctant to put that anywhere near little hands to be destroyed.
I also have a box of lego from my childhood in my parents attic that is apparently worth something now. Would still be very reluctant to put that anywhere near little hands to be destroyed.
KTF said:
From what I understand, its not the sets themselves that make the money but the mini figures that come with them.
I also have a box of Lego from my childhood in my parents attic that is apparently worth something now. Would still be very reluctant to put that anywhere near little hands to be destroyed.
Both, i probably have £3k worth of Lego, split across rare / boxed / unopened sets. Really its only Star Wars or the UCS stuff, there are specific figures such as Cloud city Bobba Fett who are worth more than most sets!I also have a box of Lego from my childhood in my parents attic that is apparently worth something now. Would still be very reluctant to put that anywhere near little hands to be destroyed.
The ones for me are the original Lego Star Wars late 90's, i have a few
BTW it is my lego, not bought for children, not bought as an investment, it seems to have done rather well, easily doubled my money in sub-4 years.
Apologies for hijacking but I'm also currently looking for somewhere to stick my 18 month old sons savings.
He's got ~£1k sat in a spare HSBC savings account of mine earning sod all. We'll probably be adding about £1k a year.
I've looked at Junior ISA but seems the money would automatically become his at 18. As it's likely it would get pissed up the wall (money from my dad at 18 went on a shabby Nova with ridiculous audio system) and I'd like it to be used for something sensible (e.g. towards a house deposit) I'm not keen on this product.
As it's going to be long term saving (18-20 years) am I best sticking it in a stocks and shares ISA in my name? I'm not likely to be getting near my own 20k ISA allowance so don't see a problem from that angle.
He's got ~£1k sat in a spare HSBC savings account of mine earning sod all. We'll probably be adding about £1k a year.
I've looked at Junior ISA but seems the money would automatically become his at 18. As it's likely it would get pissed up the wall (money from my dad at 18 went on a shabby Nova with ridiculous audio system) and I'd like it to be used for something sensible (e.g. towards a house deposit) I'm not keen on this product.
As it's going to be long term saving (18-20 years) am I best sticking it in a stocks and shares ISA in my name? I'm not likely to be getting near my own 20k ISA allowance so don't see a problem from that angle.
Edited by shikari83 on Thursday 18th July 10:43
Narcisus said:
I 8 a 4RE said:
PH should make it mandatory to post "~" behind sarcasm.
If it isn't... YIKES.
Why YIKES lol ! I invested 5k of my daughters money into Lego and turned it into 11K in 5 years ? If it isn't... YIKES.
If thats a stupid thing to do or upsets you at some level then so be it :-)
I am very tempted right now to buy a sealed Ghostbusters Fire house, kicking myself I didn't do it when they first came out.
I also fancy the Caterham, Mini, Beetle and VW Camper van as sets that will definitely never lose value. I also think the decent Star Wars and Harry Potter sets are a great investment.
shikari83 said:
Apologies for hijacking but I'm also currently looking for somewhere to stick my 18 month old sons savings.
He's got ~£1k sat in a spare HSBC savings account of mine earning sod all. We'll probably be adding about £1k a year.
I've looked at Junior ISA but seems the money would automatically become his at 18. As it's likely it would get pissed up the wall (money from my dad at 18 went on a shabby Nova with ridiculous audio system) and I'd like it to be used for something sensible (e.g. towards a house deposit) I'm not keen on this product.
As it's going to be long term saving (18-20 years) am I best sticking it in a stocks and shares ISA in my name? I'm not likely to be getting near my own 20k ISA allowance so don't see a problem from that angle.
There is nothing to stop you from doing this and then deciding on the point at which you are comfortable to gift the proceeds of this to him.He's got ~£1k sat in a spare HSBC savings account of mine earning sod all. We'll probably be adding about £1k a year.
I've looked at Junior ISA but seems the money would automatically become his at 18. As it's likely it would get pissed up the wall (money from my dad at 18 went on a shabby Nova with ridiculous audio system) and I'd like it to be used for something sensible (e.g. towards a house deposit) I'm not keen on this product.
As it's going to be long term saving (18-20 years) am I best sticking it in a stocks and shares ISA in my name? I'm not likely to be getting near my own 20k ISA allowance so don't see a problem from that angle.
Edited by shikari83 on Thursday 18th July 10:43
shikari83 said:
Apologies for hijacking but I'm also currently looking for somewhere to stick my 18 month old sons savings.
He's got ~£1k sat in a spare HSBC savings account of mine earning sod all. We'll probably be adding about £1k a year.
I've looked at Junior ISA but seems the money would automatically become his at 18. As it's likely it would get pissed up the wall (money from my dad at 18 went on a shabby Nova with ridiculous audio system) and I'd like it to be used for something sensible (e.g. towards a house deposit) I'm not keen on this product.
As it's going to be long term saving (18-20 years) am I best sticking it in a stocks and shares ISA in my name? I'm not likely to be getting near my own 20k ISA allowance so don't see a problem from that angle.
Well you have 16 years to educate him away from splashing his cash on a shabby boy racer car. He's got ~£1k sat in a spare HSBC savings account of mine earning sod all. We'll probably be adding about £1k a year.
I've looked at Junior ISA but seems the money would automatically become his at 18. As it's likely it would get pissed up the wall (money from my dad at 18 went on a shabby Nova with ridiculous audio system) and I'd like it to be used for something sensible (e.g. towards a house deposit) I'm not keen on this product.
As it's going to be long term saving (18-20 years) am I best sticking it in a stocks and shares ISA in my name? I'm not likely to be getting near my own 20k ISA allowance so don't see a problem from that angle.
Edited by shikari83 on Thursday 18th July 10:43
No problem at all with hiding it in your ISA but will you remember what is his and what is yours and how much each has grown by over 16 years? I couldn’t. Maybe his all goes into a fund that you don’t invest in and you keep track of it that way.
Personally as others have said I see it as a mixture ours have cash / nsi bonds, premium bonds for a bit of fun, and S&S isa in their name funds mirror our isas so we either all get rich together or all sink on the same ship owned by captain Woodford.
Also considering the pension idea but that would be a small amount and possibly pointless I’m not wealthy enough to throw a couple of grand at a pension as well as the above.
Any Lego bought will be played with and smashed to bits.
BoRED S2upid said:
Well you have 16 years to educate him away from splashing his cash on a shabby boy racer car.
No problem at all with hiding it in your ISA but will you remember what is his and what is yours and how much each has grown by over 16 years? I couldn’t. Maybe his all goes into a fund that you don’t invest in and you keep track of it that way.
I would set up a separate S&S ISA for him. I was under the impression you can have as many ISA accounts as you want but can only put a combined 20k pa in? Please correct me if I'm wrong.No problem at all with hiding it in your ISA but will you remember what is his and what is yours and how much each has grown by over 16 years? I couldn’t. Maybe his all goes into a fund that you don’t invest in and you keep track of it that way.
Premium Bonds are an option but don't think they will yield much return.
I'm not that up on investing so if anyone knows of anything more suitable I'm open to it.
shikari83 said:
I would set up a separate S&S ISA for him. I was under the impression you can have as many ISA accounts as you want but can only put a combined 20k pa in? Please correct me if I'm wrong.
Premium Bonds are an option but don't think they will yield much return.
I'm not that up on investing so if anyone knows of anything more suitable I'm open to it.
You can have multiple isas across different providers or the same provider but only pay into one each year. Who keeps track?Premium Bonds are an option but don't think they will yield much return.
I'm not that up on investing so if anyone knows of anything more suitable I'm open to it.
So yes 1 year open his and leave it there for 15 years or whatever but topping up yours and his might be complicated.
Narcisus said:
Why YIKES lol ! I invested 5k of my daughters money into Lego and turned it into 11K in 5 years ?
If thats a stupid thing to do or upsets you at some level then so be it :-)
OK great. Now please calculate CAGR for a well managed Fund over the same period. If thats a stupid thing to do or upsets you at some level then so be it :-)
Oh and the benefits of the Fund?
- Liquid
- Diversified
- Will keep on growing
I know it's a phrase everybody knows, but if you do decide to invest in stocks / shares, remember that the value can go down. The reason that might become an issue is because it means that the younger child may receive significantly less than the eldest if the market crashes between them both reaching the relevant age.
My brothers (twins) and I both had ~£1k invested when we were kids - I don't know what in exactly, but it was share based somehow. When I reached 18, I received ~£10k. My brothers are only a year younger than me, but from memory received over £1k less than me.
It's a bit of a tangent to the thread, but our money wasn't savings from a relative - it was compensation for something, and as an adult I realise how absolutely paltry it was. If the same compensation was paid today, it would be a whole different ballgame.
My brothers (twins) and I both had ~£1k invested when we were kids - I don't know what in exactly, but it was share based somehow. When I reached 18, I received ~£10k. My brothers are only a year younger than me, but from memory received over £1k less than me.
It's a bit of a tangent to the thread, but our money wasn't savings from a relative - it was compensation for something, and as an adult I realise how absolutely paltry it was. If the same compensation was paid today, it would be a whole different ballgame.
BoRED S2upid said:
You can have multiple isas across different providers or the same provider but only pay into one each year. Who keeps track?
So yes 1 year open his and leave it there for 15 years or whatever but topping up yours and his might be complicated.
It looks like I can pay in to my standard ISA and also in to a S&S ISA within the same year so that would work. It would just mean if I ever set a S&S ISA up for myself as well as my son I would have to alternate contributions each year to the S&S ISAs.So yes 1 year open his and leave it there for 15 years or whatever but topping up yours and his might be complicated.
"Can you have a Cash ISA and a Stocks and Shares ISA?
You can open up a Cash ISA and a Stocks & Shares ISA every tax year if you want. As before, it is very important that the total contributions to each account don’t exceed £20,000. To ensure you stay within the annual limit, you could invest £10,000 into each, or you could invest £5,000 in a Cash ISA and £15,000 in a Stocks & Shares ISA, or you can invest the whole £20,000 in a Cash ISA."
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