investing uob gold savings acct for kids

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investing uob gold savings acct for kids

Postby xi-fu » Tue Jan 05, 2010 12:11 pm

hi..

Any one has tried investing uob gold savings acct for kids? Since our usual kids savings acct barely give any interests, (besides buying endowment/ins products), i just exploring if we should look into the above. :?

I google on above topic, and saw this http://www.bulliongold.net/investing-in ... gs-account.
It explains how it works & admin charges it incur.

wanted to go in (to buy gold) earlier, thinking that gold prices will correct.. but it is going up.. up.. up.. :x

my friend told me she bought gold coins (in ounces) years back but now stop buying as she thinks prices too high. Her then philosophy is IN WORST CASE scenerio, :pray: she still can carry these gold coins to "barter-trade"


So should I go ahead or wait to regret :cry: ....

xi-fu

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Postby starlight1968sg » Tue Jan 05, 2010 1:00 pm

I will not do so for my child. Gold is considered as a commodity and belongs to a high risk investment.

Park the kid's savings in the savings a/c or money market funds which are relatively safe. Why grow money for the kid when this is supposed is his/her responsibility?

The best investment for kids is education.

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Re: investing uob gold savings acct for kids

Postby titank » Tue Jan 05, 2010 1:07 pm

xi-fu wrote:hi..

Any one has tried investing uob gold savings acct for kids? Since our usual kids savings acct barely give any interests, (besides buying endowment/ins products), i just exploring if we should look into the above. :?

I google on above topic, and saw this http://www.bulliongold.net/investing-in ... gs-account.
It explains how it works & admin charges it incur.

wanted to go in (to buy gold) earlier, thinking that gold prices will correct.. but it is going up.. up.. up.. :x

my friend told me she bought gold coins (in ounces) years back but now stop buying as she thinks prices too high. Her then philosophy is IN WORST CASE scenerio, :pray: she still can carry these gold coins to "barter-trade"


So should I go ahead or wait to regret :cry: ....

xi-fu


I would suggest to invest in some form of endowment where it is cash $$$. Gold it a commodity, can go up & down so like not certain!

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Postby tutormum » Tue Jan 05, 2010 6:47 pm

I don't recommend. When I first started work, I opened a gold account and ended up paying lots of fees and earn nothing cos of stagnant and then falling gold prices. It's risky business. I ended up closing the account and withdrew the balance in physical gold. :x :x

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Postby mathsparks » Tue Jan 05, 2010 6:53 pm

Why not post your qn at the CNA - market talk forum. There seems to be a lot of pros over there...this forum got more parents interested abt bringing up kids than buying shares.

http://forum.channelnewsasia.com/viewfo ... 2f8e0787b8

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investing uob gold savings acct for kids

Postby xi-fu » Tue Jan 05, 2010 9:21 pm

Thanks Mathsparks, tutormum , titank & starlight1968sg for your suggestions :D

oops... wrong forum... :oops: I thought since we are "kiasuparents" , maybe there are some parents having experience in that.

I already bought endownment for them... just thought the kids' usual saving passbook is not getting any returns... so just looking around... pls pardon me :wink:


xi-fu

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Postby mathsparks » Tue Jan 05, 2010 9:45 pm

no worries, xi-fu. its good that you post yr qn here, i was also wondering if there're any professional financial advisers here...which i'm sure there is; perhaps they're too shy to come forward.

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Postby UncleLim » Sat Jan 09, 2010 11:51 am

Hi xi-fu,

Investing in a gold account is a good idea. I have one myself and I made a fair bit in the past few years. :D

Gold is a long term investment (years, decades kind) and by the time your kids are grown up, the value would be much more than if the funds were kept in cash.

I first stumbled upon gold when I was researching how to beat inflation that is eating away our money's buying power.

Other than gold savings which has an admin tax, you can also consider buying the GLD shares on the stock market.

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Postby ooptimizer » Sat Jan 09, 2010 12:05 pm

OK, I will definitely check this out and may invest a bit.

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