I want to open up an investment account for an 8 year old and let him watch dividends compound.
I am looking for recommendations ideally I would like to have a pie wedge set up where we can set up something like 50% VOO , 5% JEPI 5% QYLD 5% QDTE and other funds . I do not have the funds picked out or the allocations, just want to think of the concept of the PIE and dripping it back into the account. Nothing too crazy and the dollar amount wouldn’t be anything crazy. Maybe like a $10 allowance into the account a week or similar.
I know in the long run he would likely be better off just buying $10 worth of VOO a week. But I know he really wants to see the snowballing of dividends from such a young age and watch the amounts grow over time.
I have never used M1. But I have heard good things about it, I think I read they would have a $3 monthly fee for an UTMA and I am okay with paying that for him.
Any recommendations or guidance would be great thank you so much.