 It's all about the kids What's up money geeks? Mr. V here. Welcome to another video guys. So in today's video, I want to talk to you guys About custodial accounts. So if you don't know what those are custodial accounts are Investing accounts that you can actually create for Miners so if you are on the 18 you can have your parents create a custodial account where they have full control over the Account and then they give it to you you can log in and manage it and buy and sell stocks But your parents still have control over the account then when you turn 18 You can work it out with your parents or your guardian so that they can transfer the account to you so that it becomes your account The reason why those accounts are really important is because it's kind of like a teaching opportunity a learning opportunity so you teach your kids how to Start investing how to put money in the stock market how to buy stocks how to sell stocks Some of the things that a lot of us didn't really have the opportunity Because back in the days buying and selling stocks was like magic people didn't even know you call some guy on the phone He placed the order and it just went from there But now with a lot of apps on your phone. You can definitely start investing even at Under 18 so again, like I said today, we're gonna take a look at my top five cost to the app So I have them here on my phone. It's where you see me looking on my phone So the first one that I want to recommend here and again This is not like the best of the best But the the simplicity and ease of use is why I'm recommending this one is Actually stockpile. I did a video a while back about investing your first $100 with stockpile I'm gonna hook that video up here so you can definitely go check it out Stockpile gives you the opportunity to be able to create a custodial account for multiple kids So if you have one two three four five kids or whatever you can create individual accounts for those kids within stockpile So you as the custodial you created your own account and then within you can create multiple accounts of your kids And then give them access so your kids can actually take their birthday money the gifts or whatever And if they sell them another whatever they can take that money actually buy stocks and and just let that money grow So which is a really good way of bringing your kid along and teaching them the importance of investing For rainy days. So stockpile has One thing that I don't really like right now is that you still have to pay 99 cents Commission fee so most brokers are getting away from commission stockpile is still charging that 99 Cent I'm pretty sure that's gonna change in the future One other thing that I don't like about stockpile is that it treats execute at the end of the day So if you place an order at 9 a.m. That order doesn't get executed until end of day where they constantly did everything Executed and then you come back the next day. You see that reflected in your account So again, it's just a small broker, but I mean that's what they have to do to keep their systems running One other thing that they also do is that they keep you by fractional shares on stockpile So I did a video Telling you guys how to buy fractional shares For those of you that don't understand that fractional shares This simply means that if you see a company that you like, but the shares are so expensive Let's say Amazon trading at over $2,000 and you want a piece of Amazon You can buy that fraction as she you can buy $50 worth of Amazon So they allow you to do it on stockpile which is awesome. So I'm gonna hook that video up here for fractional shares So definitely go check it out. So we talked about stockpile Let's jump to number two is TD a merit rate It is the same principle you create an account for yourself and then you create one for your your minor and Then you give them access so they can go in buy stocks and invest it Commission free you can buy Stacks you can buy ETFs you can buy Index funds, I mean everything that you can possibly buy All those are securities you can buy them in TD Ameritrade and the user interface is pretty straightforward They have a website where you can actually just log in Very simple and clean for you to be able to use. So that's number two number three is Ally Bank So Ally Bank It's really unique in the sense that they they also provide these custodial accounts So that they encourage people to actually invest or encourage young Adults or even minors to really start investing. So again, you can buy all the different securities Commission free Website is pretty easy to use. I mean, I I'm assuming that if you're 15 years old I don't know if there's any website that would be so complicated to you. I've seen 15 year old play games that I look at I'm like, whoa, how did you even figure how to do that? So if you can figure how to play all this crazy video games, I'm assuming you can figure out to just click on the website buy a Stock and sell a stock. So number four is Vanguard Vanguard has their their custodial account you create again in the same principle you created under your name You have access you give access to your kids So you can actually see what they are buying and selling and again you still have full control over that But when they turn 18 you can negotiate with them and then give them Complete access and you get out of there so they can then run that so Vanguard. So we do have custodial accounts on stockpile just for transparency With our kids are two boys and then we have another custodial account in Vanguard Just for our kids so Vanguard your ETFs and the index funds those are the things that we really wanted to really get our kids because Those are things you could just buy and just let it sit there. Why in stockpile you can buy individual stocks and like say Tesla and just let it write so Number five in this fidelity fidelity is again if you think about the big names out there Fidelity is one of them. They're pretty much again like all these companies are doing the same thing guys You create an account you have control over you can buy stocks do whatever you give your kid access Should they have to deposit money in the account show they have to buy stocks Should they have to sell it and then sit back and watch them do it? So that's something that you can actually receive back and enjoy TD Ameritrade has Their paper trading platform So if you have access to that as something you can also have your kids go in and learn how to Paper trade and I also did a video on how to paper trade in Weibo I'm gonna hook that up here so you can definitely go check it out The only difference with Weibo is that they don't really have a custodial account as of right now But I'm pretty sure in the future They're gonna come up with something that can allow minors to be able to Invest on their platform. So I'm gonna throw one last one in there So let's look at each rate. So each rate is another platform. So again guys same principle open account Create one for yourself create one for your kids and just put everything in there and let them do what's good for them So there you go guys This is my top five places where you can actually open a custodial account for your kids most importantly When it comes to investing the earlier the better when you have enough time to invest And let that money grow That's where you can actually get good money at the end of a retirement without stressing If you start early start putting in $10 $20 $30 or $40 a month When you are say 18 by the time you turn 65 You would have over a million dollars in your investment account, which is crazy So that is not even Including like your 401ks and all the other investment retirement accounts that you can possibly have so Yeah, make it a habit be consistent not just say him to put $100 then and go sit and wait six seven eight months Be consistent every month and put that money in there just like you pay your bills You don't pass up on your bills because hey, guess what if you don't pay your rent You're gonna be kicked out if you don't pay your insurance, they're gonna cut you off So it's the same thing with you with your investment account Consistency put that money in there every month to give it enough time to grow So if you have any questions, definitely drop them in the comment section If you think about any other platforms that you can open a custodial account that I didn't mention Definitely drop them again in the comment section below like share subscribe YouTube tells me that 90% of you guys are not yet subscribed to my channel So if you're watching hit that subscribe button right here and the notification on belt So that when I post new videos, you'll be the first one to know and as always guys stay safe stay motivated