Owen Raskovich

Ultimately, the chances of you getting it seriously wrong are pretty slim.

There are some rules around using family trusts to split income and all this type of convoluted crap you don't need to worry yourself with.

So most people, it's fine just to have it in your account in your own name until it gets to a certain size and then you can maybe look at some other means.

Yeah, you might just have a secondary bank account and you put any money for that kid in it.

Yep, same.

You might just have your own sharebroke account or index fund or managed fund or whatever.

You can just put it in there in your name.

Yes, you might pay tax if you sell it again.

Yeah.

When you give it to them, there might be some interesting tax implications there for you.

So you could speak to an accountant about what might happen to it.

But basically, just get started.

You might even do 50 bucks a month for them, $100 for a birthday, $100 for Christmas, whatever.

We've talked about all these apps and the way that you can save.

Last one.

And this is a big one.

It's just giving back.

So we talked about giving back time, money, food, groceries, all that sort of stuff.

The reality is if you're even listening to this podcast, if you're even planning for Christmas, if you're even worried about, you know, how much you're going to spend on who, chances are you've got more money than a lot of people out there.

There are so many worthy charities, causes, events, just things that you can get behind.