Think ETFs, not Lego, for your children this year. They may moan now, but one day they will be grateful (and rich), writes SimonPB.
Presents under the Christmas tree may be a little slimmer this year, as another rate increase brings even more pressure to our pockets.My niece and nephew only ever get exchange traded funds from me for Christmas and their birthdays. While that is truly boring, at least they get plenty of gifts from everybody else.The first question is whether you want an investment account in the child’s name or in that of their guardian.
I realise this is all very boring in the eyes of someone who wants a Hogwarts Lego set, but it has real long-term benefitsThe receiver pays no tax, but the person making the donation will pay a flat 20% tax on any donation above R100,000 a year . Another idea is to suggest this to other gift givers. Grandparents can scale back on their gifts and make a cash donation into the child’s investment account.
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