Money Management for Matriarchs-to-Be
Since we are in the process of raising three matriarchs around here, and in a counter-cultural way, we are always on the lookout for a new work-around to the world's ways. One of these is the idea of a dowry. We are in the ministry, so we don't have a lot of extra cash laying around. But, taking an idea from Doorposts, called Stewardship Street, we have decided to help our daughters open a Mutual Fund account as soon as they are able. This fund will hopefully be a type of dowry to take into her marriage, thus allowing for the fact that they may not have medical insurance (a real possibility) or even life insurance. I have found an account at Pax World, the Balanced Fund, that allows a minimum investment of $250. There is no minimum monthly investment required. So, my 11 year old now has an investment account, just of money she has saved through the years. She also still has a passbook savings account for quick-get-to money. We opened this account as a UGMA, and it will transfer to her at age 18, and since it is all her money anyway, that is great.
We are also learning how to use Microsoft Excel so she can map her dividend reinvestments. I was 18 years old when I opened my first account, and I hope this will allow her more financial flexibility and something to take into her marriage.
Thanks for sharing this. Michael has been looking into ways for our boys to invest their earnings. Not much at their age but still wise to put it away for the future. I will pass this on to him.
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