 Interesting. What's up? Money gigs. Mr. V here. Welcome to another video, guys. So into this video, I want us to talk about Coastal Deer account with the light of everything that's been happening in the market with GameStop and AMC with the shirt squeezes going on. A lot of people have been talking about the stock market. I've seen even no grandparents that didn't even know anything about the stock market talking about GameStop and AMC, which is, in my opinion, crazy, but exciting. And one of the things that I've seen is a lot of younger people are starting to reach out to me in asking questions about investing in the stock market, how they can get involved. So that's why I wanted to make sure that I do a video like this to really kind of give you guys some context because it's exciting. Everything that's happening is really opening the eyes of many people to see that is opportunities out there. The stock market is one of those places where you can also continue to build wealth and not just focus on building wealth through working, but putting your money to work once you earn it. So I love seeing that younger people are really looking to get involved. But that said, there are some limitations. If you are under 18, you cannot just go out and open an account. Again, it's because under 18, you are considered a minor and require an adult to kind of help you through the process. Again, the whole premise here is that you would not mature enough to make certain financial decisions. That's why before we actually jumped into custodial accounts that I think are right now the best, I want to give you guys a little bit of background and give you guys some information that I think is useful. Again, just to help you through the process. First, what is a custodial account? That's probably the question. So a custodial account is a financial account held in the name of a minor, usually by a parent, a legal guardian, or another relative. So you open the account on behalf of your child and you have your child as the beneficiary. As soon as that child turns rightful age, they have full ownership of the account and you have to hand over the account to them. So that's pretty much what that does. Again, some key takeaways that I want you to be aware of is that custodial accounts, again, you hold the account on behalf of your minor until they reach that age. And when they reach the age, it's your obligation to transfer that money to the minor. So the other thing I want you to be aware of the fact that the money that you put into the account for your child or for the minor is an irrevocable gift. So if you put money in there, you cannot go back and say, I changed my mind. I want to withdraw the money and put it in my pocket. The other thing that you need to be aware of is the fact that there is an age at which you have to transfer that money to your minor or to at that point, your adult kid. So if they turn the rightful age, depending on the state that you live in, sometimes between the ages of 18 and 25, you should turn over the account to them and they have full control over. You cannot determine what they do with that money. I mean, if you I mean, if you're a good family, you should be able to have that conversation with your kids. But again, they have full control over it. So recap here, custodial account features that I want you to be aware of. When should you transfer the account when the child turns the rightful age, which varies by state ages between 18 and 25? That's when she transfer it. So who can contribute to the account? Your parents can contribute. Your grandparents can contribute. Your friends can contribute. Your relatives can contribute. As a matter of fact, it makes sense that you can tell people on your kids' birthday instead of bringing all these crazy toys. How about you just give them money to put in your custodial account and invest it 10, 15, 20 years down the road, the 20 or 30 dollars you give them could be worth, I don't know, three, four, five, six thousand dollars depending on the investments that you put in. So I think that's brilliant. And that you can look back and say, yes, I did help you pay for your college because I gave you that 25 dollars, which has grown into 10,000 dollars, which is awesome. So that's something that you want to be aware of. Then again, do we have any requirements for, you know, contribution? As far as the minimum or maximum, there's really no minimum or maximum contribution amount in the account, but there is a minimum amount to invest if you want to invest in certain securities. So for instance, we have index funds that would require you to have a minimum amount of, let's say, 250 dollars to invest in those funds. But otherwise you can buy some ETFs or individual stocks. And so that way you wouldn't have any limitations as to any investments that you want to get into. And then the last thing I want you to be aware of is the fact that when can you withdraw that money? You can withdraw the money anytime as the parent, as long as you are using it to the benefit of the minor. So if you pull money out, you can use it for your school, for your hospital bill, something it has to do with the minor. You cannot go pull that money out and go to Vegas and have a good time or go on vacation to have a good time. So definitely be very aware of that. So now let's jump into looking at my top five companies where you can open a custodial account. So the very first one on the list here, again, this one is an account where if you want to teach your kids how to invest, the best one is stockpile. As you can see here on the screen, I like stockpile because it's very simple, very intuitive. The only thing that I don't really enjoy about a stockpile, which I can bring up here so you guys can see is the execution time. So when you play straight on stockpile, what happens is they hold us straight and execute them at 4 p.m. That's when just when the market's about to close. So if you saw a stock that dropped to, let's say the stock was $10 and it dropped to five, you know, it's going to go back up and you play that trade when stockpile execute that trade, that stock could have gone back up to eight or $9, so you'll miss out. So that is what stockpile does. But again, guys, I'm talking about investors here. This is designed for investors, not for traders. If you're looking to trade and then I can give you a different solution that you can actually try to if you want to buy and sell. If you're a smart kid that's under 18, you have the knowledge to trade, I can give you a different solution. But this is basically designed for traders. So again, the first one here is stockpile. Very easy to get started with. I like the fact that they have gift cards that you can actually buy. So instead of buying people gift cards to go to, I don't know, Google's Google Play Store or whatever, you can buy gift cards that are actually investment amounts so they can put it and buy stocks. Or you can even buy gift cards to specific stocks, let's say Tesla or Netflix or whatever, so that your kid can invest in those companies as you can see here. They have all these different companies that you can invest in. So that's the very first one on the list. The second one that I want to bring up to you guys here is Vanguard. So Vanguard has the UGMA and the UTMA Acoustodial Accounts, again, points to consider here. These are Acoustodial Accounts with asset held in the child's name, which we've covered that already. So you can just read through this and you'll see how everything works. So Vanguard is right up there. I like the fact that they have a ton of securities that you can invest in. Vanguard ETFs and index funds are one of the best out there. And when you invest in Vanguard ETFs and their index funds, you really don't pay anything. It's commission free, so you can definitely take advantage of that. And I mean, they have good customer service. I do have Vanguard, I use Vanguard a lot. They have excellent customer service that you can definitely consider. So the third one here is TD Ameritrade. So again, this is another one. These platforms are pretty much the same in terms of the features that they offer. So Vanguard, TD Ameritrade, in terms of the features that they offered. So I do like them. As you can see here, they offer Acoustodial Accounts where parents can actually open an account on behalf of their kid and put money in there for you to get started. And once you know that kid, you can give the kid access to manage the account, but they cannot legally take anything out of the account without your permission until they turn 18. At that point, they have full control over the account and you have no choice but to hand it over. Number four here is Chaz Swap. So again, good place to open Acoustodial Account. Like I said, guys, most of these accounts are pretty much the same. TD Ameritrade, Vanguard, Chaz Swap, they pretty much have the same. And they all have a selection of index funds and ETFs and mutual funds that you can pick from and invest in your child's name. And most of these ones don't really have a learning curve. Pretty straightforward, unless you're trying to get into what I'll call trading or day trading where you can start using different tools that will be a little bit complicated. But if you're just an investor, all these apps are pretty straightforward. I mean, they have tutorials on the websites where you can actually go there and take a look. And then the last one I want to show you guys here is Fidelity. Again, pretty much the same thing offers you a bunch of security so you can invest in from index funds and ETFs. Definitely go check them out. Again, like I said, the one that I think is really straightforward has an app that's easy would be Stockpile. This one, your kids can learn on this platform very, very easy. They have a lot of tutorials here to help your kids also get into the business of investing, so definitely go check it out. So those are some of the places where you can actually get started with investing. I think that's it for this video. I know it's a very long one, but I wanted to make sure that cover all the different areas that can definitely help you in this whole process of getting started with investing or you as a parent setting up a custodial account for your kid. Let me know in the comment section if you do have any other questions. And as always, guys, do your homework, do your due diligence and stay motivated.