I went and did the FWF unthinkable and had a baby(6 weeks old now) She was born in late decemeber so got a tax break but had an extra $2500 deductable.
Whats the best way to use her to make extra money with her.
Her income so far is $60 from SSI(born a primie so gets $30/m for 2 months) and $300 from X-mas. I am expecting another $200 or so a month from grandparents towards college fund.
I try and put $600+ a month in savings. If possable I would put a few grand in her account to make the bonus young saver intrest.
I know some banks give higher intrest for childrens saving accounts. But how young do they start? Which are the ones with highest rates and highest maximum account balance?
lray said: Sell it. eBay and PayPal fees would kill the deal. It's been a 9-month investment so far. Why take a loss so early on? Maybe they can ride it out and turn a profit. Sometimes, you've just gotta think long-term! lol
GL jj30
lonestarguy
Enthusiastic Member
posted: Jan. 26, 2013 @ 10:55a
chantspel said: I've been looking for one of these types of higher rates for minor accounts as well but haven't had much luck. Interested to see what is out there.
A Plus FCU in Austin -- 5% 1 YR CD on up to $1000 balance.
germanpope
Graceful Member
posted: Jan. 26, 2013 @ 11:09a
jeffjones30 said: ... Whats the best way to use her to make extra money with her....
I'm thinking of having a baby as well. May I buy yours ? I want to save on the insurance premium and prenatal care. Paypal or cash is fine. I'll pay for shipping.
almost 10 million views. i heard that psy is getting $8 million from his 1-billion view video on youtube...........a drop in the bucket for him.
DadofPoohs
Dismembered Member
posted: Jan. 26, 2013 @ 11:56a
Start a Roth IRA.
stanolshefski
Addicted Member
posted: Jan. 26, 2013 @ 12:30p
DadofPoohs said: Start a Roth IRA.
She needs earned income.
DadofPoohs
Dismembered Member
posted: Jan. 26, 2013 @ 12:36p
This is FWF. Figuring out a way for a baby to have earned income is pretty far down on the list of creative solutions to problems that I've seen on this forum.
seekay44
Thrifty Member
posted: Jan. 26, 2013 @ 12:41p
jeffjones30 said: I know some banks give higher intrest for childrens saving accounts. But how young do they start? Which are the ones with highest rates and highest maximum account balance? First, congratulations!
But IMO, the difference may not be worth it. I thought of the same when my daughter was born, and went with a 529 instead. In the meantime, revel in your 'new dad' status, have fun, and enjoy her company.
akoscho
Dismembered Member
posted: Jan. 26, 2013 @ 12:48p
Congrats! TX must have some insanely easy SSI deeming rules.
jeffjones30
New Member
posted: Jan. 26, 2013 @ 1:01p
Thanks to all so far Though 529 is not fluid and needs $3k down. Both me and wife are 780+ credit scores so really hoping she will learn the right way as she grows older.
Seekay44 your right looking at most of those rates it dosnt seem worth it.
newbietx
Senior Member - 1K
posted: Jan. 26, 2013 @ 1:06p
jeffjones30 said: I went and did the FWF unthinkable and had a baby(6 weeks old now. Whats the best way to use her to make extra money with her.
Jeff I don't care how much red I get for saying this, but you are an idiot for posting what you did.
A baby is not a commodity to be used to make money.
Enjoy being a father and cherish the little one and give her lots of love, if you are capable of it.
Asking how to stretch your dollar for child related expenses is one thing, but asking how to use a 6 week old baby to make money crosses the line!!
jeffjones30
New Member
posted: Jan. 26, 2013 @ 1:11p
akoscho Any baby under 1000 Grams aka 2.2 lb(she was 2 lb 1 oz)gets SSI and Medicaid while in the hospital since normally its a 2-3 months process at 4k+ a day. The SSI is between $30 and $1500 a month. Since we have higher income we get the minimum. For us to get SSI or Medicaid otherwise I would need 19 kids with my income. For us its the Medicaid will cover the babys $2500 yearly deductable since with have BCBS as primary.
LordKronos
Senior Member - 1K
posted: Jan. 26, 2013 @ 1:20p
germanpope said: any relation to Jim Jones of Jonestown?
germanpope said: I heard some good things about Texas. I have only made it as far as ElPaso.
germanpope said: jeffjones30 said: ... Whats the best way to use her to make extra money with her....
Hey, will you look at that. Third time's a charm. You finally got some green.
trekwars2000
Member
posted: Jan. 26, 2013 @ 1:20p
jeffjones30 said: Thanks to all so far Though 529 is not fluid and needs $3k down. Both me and wife are 780+ credit scores so really hoping she will learn the right way as she grows older.
Seekay44 your right looking at most of those rates it dosnt seem worth it.
529 doesn't need 3K to start. You can use the Iowa 529 plan and start for as low as $25.
jeffjones30
New Member
posted: Jan. 26, 2013 @ 1:24p
newbietx said: jeffjones30 said: I went and did the FWF unthinkable and had a baby(6 weeks old now. Whats the best way to use her to make extra money with her.
Jeff I don't care how much red I get for saying this, but you are an idiot for posting what you did.
A baby is not a commodity to be used to make money.
Enjoy being a father and cherish the little one and give her lots of love, if you are capable of it.
Asking how to stretch your dollar for child related expenses is one thing, but asking how to use a 6 week old baby to make money crosses the line!!
I'm sorry you feel spending 6-8 hours a day with her in the NICU for the last 6 weeks and will keep doing for the next 4 weeks till she is out as a heartless way to care for a child. The normal child raising expenses I pretty much have covered. Just trying to come up with extra ways strech money .
newbietx
Senior Member - 1K
posted: Jan. 26, 2013 @ 1:35p
So in spite of spending 6-8 hours in NICU you still have the time to start a thread asking how to make money from a 6 week primie? Have a little more respect for your kid if not for yourself.
I can sympathize with you and a lot of other parents who have to deal with extra care for a primie. But this thread is not about that is it, so don't try to hide behind that.
misterspaghetti
Member
posted: Jan. 26, 2013 @ 2:35p
newbietx said: So in spite of spending 6-8 hours in NICU you still have the time to start a thread asking how to make money from a 6 week primie? Have a little more respect for your kid if not for yourself.
I can sympathize with you and a lot of other parents who have to deal with extra care for a primie. But this thread is not about that is it, so don't try to hide behind that.
How should he be spending his time in the NICU? I'm sure the docs and nurses would love it if he followed them around, constantly badgering them with questions and requests. You can't even play with the baby in those little incubation pods. Not to mention that they need their sleep anyway. It's just a waiting game at this point.
CrazierRus
Senior Member
posted: Jan. 26, 2013 @ 2:35p
newbietx said: So in spite of spending 6-8 hours in NICU you still have the time to start a thread asking how to make money from a 6 week primie? Have a little more respect for your kid if not for yourself.
I can sympathize with you and a lot of other parents who have to deal with extra care for a primie. But this thread is not about that is it, so don't try to hide behind that.
WTF are you talking about?? Where do you see that baby is in NICU??
dbl118
Silly Member
posted: Jan. 26, 2013 @ 2:36p
The OP can be a fine parent and also look to benefit financially from his child...the two aren't mutually exclusive. While I don't know any great get rich schemes with young children, I would think that at this point the focus should be on keeping costs down with the new baby. Instead of focusing on making money off of your child, devote your resources to not losing too much of it.
newbietx
Senior Member - 1K
posted: Jan. 26, 2013 @ 2:36p
CrazierRus said: newbietx said: So in spite of spending 6-8 hours in NICU you still have the time to start a thread asking how to make money from a 6 week primie? Have a little more respect for your kid if not for yourself.
I can sympathize with you and a lot of other parents who have to deal with extra care for a primie. But this thread is not about that is it, so don't try to hide behind that.
WTF are you talking about?? Where do you see that baby is in NICU??
Read more and post less and you will know WTF I am talking about.
jeffjones30 said: I'm sorry you feel spending 6-8 hours a day with her in the NICU for the last 6 weeks and will keep doing for the next 4 weeks till she is out as a heartless way to care for a child. The normal child raising expenses I pretty much have covered. Just trying to come up with extra ways strech money .
If you have any credit cards that offer bonuses for adding an authorized user you can go ahead and that. You get a bonus AND if you keep the credit card open it will start the baby's credit history.
Glitch99
Senior Member - 10K
posted: Jan. 26, 2013 @ 3:20p
GuyFromGeorgia said: If you have any credit cards that offer bonuses for adding an authorized user you can go ahead and that. You get a bonus AND if you keep the credit card open it will start the baby's credit history. First you'd have to apply for a credit card in her name, to create the credit file for the AU account to be added to.
Horseymen
Senior Member
posted: Jan. 26, 2013 @ 3:24p
1) Make an ultra-charged political post 2) Use your baby as a prop 3) Insert some cheesy claim about getting 10 million likes to support (fill in your ultra-charged political ideology) 4) Post it to the group of said ultra-charged political people 5) Profit!
PFDigest
Member
posted: Jan. 26, 2013 @ 5:46p
Custodial account-opening bonuses at Sharebuilder. We made $75 each during a promotion last year.
olvrtw
Member
posted: Jan. 26, 2013 @ 6:03p
they let you deposit babies in a savings account? wow, I cant wait till I have a couple....
raringvt
Ancient Member
posted: Jan. 26, 2013 @ 6:23p
Congrats on the little one OP. My son was a premie as well (8 weeks early) and he's now 16 months and doing great! The NICU is a tough place to spend time, we only had to stick it out for 2 weeks, but talked to many parents goign on their 2nd & 3rd months! Hang in there, it'll all be worth it when you take your little one home! I never heard of SSI for premies, but a google search filled me in on the low birth weight requirements. My son wouldn't have qualified at 4lbs 5oz.
As for savings--I've basically just stuck to a 529 for college & a near zero return savings account for his money thus far. He has about $3,500 so far in his 529 and only $600 in savings. Once his savings is enough to make it worthwhile, I will probably buy him a total stock market mutual fund. For now, it's not worth the time or hassle to chase yield on $600.
This thread is funny. OP is in for a world of hurt.
tmwilkin
Frivolous Member
posted: Jan. 26, 2013 @ 10:12p
Ssi for premie?.....that's not right. How do we get that loop hole closed?
jeffjones30
New Member
posted: Jan. 26, 2013 @ 10:25p
outtawhack said: This thread is funny. OP is in for a world of hurt. I knew some might take it the wrong way. But in a place where people do crazy things to save/ make every penny it would be more welcomed. To the people who think all premies are in biohazard type lockdown is untrue. After a 3 min scrub down and lots of antibacterial wash we have been able to hold her since week 1. Intact today she was moved into an open air crib. Me and wife go feed , give her baths, change her, give her vitamins, and read to her. So yes I love and carish her as much as any other dad would.
4.50% APY for the first 12 months with an opening deposit of $500 - $10,000.
After the first year, the interest rate becomes variable: Federal Funds Rate + 1%. You can add up to $1,000 in depositts to the account each subsequent year. On the child's 18th birthday, the account converts to a Student Rewards Checking Account. Although the $1,000 deposit cap on subsequent years is very limiting, starting off with $10K at 4.5% APY is a great start, and the Federal Funds Rate will eventually rise.
I joined via the National Sherrifs' Association; my wife through the National Native American Law Enforcement Association. You will probably need to provide a copy of your membership card from either organization as proof of eligibility. Just a receipt has been insufficient in the past. Customer service has been a pain when joining the CU; one can only hope they've improved. Once I was a member, customer service was very good.
ETA: You need to keep the account open until the child's 18th birthday; otherwise all the interest will get forfeited.
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