On his 18th birthday, the first year this he is ellib le to purchase a lottery ticket this kid wins 200,000. I was so pleased to read that he will buy a car and then invest the rest......good for him. Because if he invests say, 60/40. Sixty percent stocks and forty percent bonds ( and that for a young person is conservative enough and reasonably safe.) in just seven years approximately, he will double this amount assuming he makes about 10% each year. Might I suggest he get in touch with Vanguard a non-loaded mutual fund company. For 500. they will desvise a plan and for another 500. will put it into place. What I think he needs to do is put this money in annuities or IRA's and not touch it for 25 years and he will be a millionaire...I say go ahead get a college education, work toward it. He should live his life as if he doesn't even have this money....forget about it...don't touch it. He just has his retirement in hand and will be a millionaire and then some to boot. Way to go Mr Eighteen year-old... you are off to a fantastic start....remember..think things over. and watch out for E Jones and others who want 3% off the top to invest your money.....talk to Vanguard!
I would not touch this money myself, or put it in any other investments that could go belly up. Don't gamble! Don't be a fool, people, will seek you out and offer sob stories.. don't listen. I hope he uses good common sense and puts it all in funds after speaking with someone at Vanguard!
My best of luck to him....may he use his head. He sounds like he does have a good amount of common sense.
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