Deposit a lump-sum of $3,855
As soon as he or she was born, I would open a trust account/custodial account for the child in a mutual fund or motif of stocks earning at least 10% annually. Deposit a lump-sum of $3,855, don't touch it for 10 years and the deposit will be worth $10,000.
Deposit a lump-sum of $500
Don't have $3,855?
Open the trust account with only $500 and your grand child would have $10,000 in 32 years.
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