With the high costs of college tuition looming in the future, many parents are looking for smart ways to invest for their children’s education early on. Invest for Kids, a non-profit based in Chicago, offers an excellent option for parents in the area looking to get started. By providing investing education and setting up custodial investment accounts, Invest for Kids has helped thousands of families give their kids a head start. This article will provide a comprehensive review of Invest for Kids, including its services, costs, and effectiveness in helping Chicago area families invest for their children’s future.
Invest for Kids offers investing classes tailored for parents
One of the key services provided by Invest for Kids is their educational investing classes for parents. These classes cover core topics like setting investing goals, assessing risk tolerance, choosing investment vehicles, and constructing an age-based portfolio. The courses are taught by financial professionals and structured specifically for busy parents without prior investing experience. Parents appreciate the beginner-friendly curriculum and practical guidance on opening custodial accounts, choosing funds and ETFs, and monitoring investments over time. By breaking down complex investing concepts into clear, actionable steps, Invest for Kids empowers even novice parents to start investing for their children in a strategic way.
Custodial accounts make it simple to invest on children’s behalf
In addition to investing education, Invest for Kids also helps parents set up custodial investment accounts under the Uniform Gifts to Minors Act. These accounts allow parents to invest on behalf of their minor children while maintaining control over the assets until the children come of age. Invest for Kids guides parents through the account opening process and helps determine the right account type based on factors like the child’s age and risk profile. The most popular option is the 529 college savings plan which offers tax advantages for education expenses. By handling the account logistics, Invest for Kids makes it seamless for parents to start investing for college as soon as their child is born.
Invest for Kids keeps costs low and transparency high
As a non-profit, one of the most attractive features of Invest for Kids is their low fees, especially compared to most financial advisors. Their educational classes cost only $50-$75 per family, while custodial account setup is completely free. Account management fees are well below industry averages thanks to partnerships with reputable discount brokers like Vanguard and Charles Schwab. Invest for Kids is also extremely transparent about its operations and finances as required for non-profits. Its annual reports are publicly available, providing reassurance that fees are supporting educational services rather than private gain.
Chicago parents give rave reviews on Invest for Kids’ impact
After over 15 years of operation, Invest for Kids has earned glowing reviews from Chicago area families. Parents report feeling empowered and confident to start investing for college after completing the investing classes. Many parents say they never would have considered starting a 529 plan or UTMA account without the guidance of Invest for Kids. Reviews of the custodial account setup process praise the streamlined paperwork and easy online access. Within just a few years of working with Invest for Kids, most parents accumulate meaningful education funds for their children. Based on the overwhelmingly positive feedback, Invest for Kids seems to deliver on its mission of making investing for the next generation understandable and accessible for Chicago parents.
For Chicago area parents looking to invest for their children’s future education expenses, Invest for Kids stands out as a great non-profit resource. Through their educational classes and custodial account services, Invest for Kids has proven its ability to turn novice parents into confident investors, setting thousands of kids on the path to financial security. Overall, Invest for Kids earns top marks for empowering parents, keeping costs low, and making investing for the next generation easy and effective.