Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
One of the best ways to build wealth over time is to invest. Many parents know this truth, but unfortunately they do little when it comes to teaching their children about investing.
While you want to help your child learn about saving money and making smart spending choices, don’t forget to help him or her also learn about building wealth with the help of well-chosen investments.
Setting up an investment account for your child
Many brokers allow you to set up an investment account on behalf of your child. Children can’t have their own investment accounts, so you will have to be the one actually buying and selling investments on your child’s behalf. You essentially have two choices when you set up your child’s investment account: a guardian account or a custodial account.
Before you begin the process of opening an investment account on behalf of your child, be sure to double-check with the brokerage to determine what documentation you will need to provide.
Note that it is also possible to help your child open an IRA if he or she has a source of earned income. This can be a great way to give your child a head start on retirement planning.
Talking to your child about investing
Once you have opened an investment account for your child, the next step is to add money and buy investments. Some parents just add stocks, bonds, or funds to the account and consider their work done. I think it’s a good idea to actually talk to your child about investing and to encourage him or her to take a more active role in the process.
Young children might not be old enough for an in-depth conversation about investing. However, as your child moves into the teen years, you can start to talk about different companies and funds. You can also talk about the costs of investing and educate your child on how investments work. Be sure to look over the pros and cons of different investments so that your child can learn to think critically.
There are a number of online tools and investing games that can help your child practice investing skills and gain a little knowledge before making decisions that might actually matter. Let your child try some of these sites before you begin creating a more involved investing strategy with real money.
It’s even possible to let your child make some mistakes—and to turn them into opportunities for learning. However, remember that you are still the parent and that you are ultimately responsible for your child’s wellbeing. You are still in charge of the account, and you should step in if your child wants to invest in something disastrous.
As your child’s account grows, let him or her see the results as encouragement to continue to invest. Investing is a great habit for your child to start, and it is one that can have positive effects for life.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.