Korean Job Discussion Forums

[mindmetoo]

Before I leave, I'm trying to buy my GF's niece and nephew something akin to a savings bond. You know something in the $200 - $500 range with a 10 year maturity. Basically when they hit high school age the things will mature and they'll have some party cash to pay for cool clothes or whatever. I don't want to hand the mother $500 or $1000. They're good people, don't get me wrong, but when you got $500 cash on the dresser, it's easier to think "well, he needs new shoes today". And surely a mother has control over her minor's finances but you know a piece of paper you need to cash out and do a bunch of paper work is a bit of a disincentive for an impulse buy.

Anyway, it appears, from what my GF can translate, there is no such thing. The bank has a life insurance policy with a maturity and some kind of deposit account. I dunno.

Any ideas?

[Ilsanman]

Open a savings account in your own name. Put some money in and leave it. Give him the card in 10 years.

[4 months left]

Why not buy an ETF that tracks the Kospi or S&P 500, they'll have a lot more if you have a 10 year time frame.

[mindmetoo]

[4 months left]

Exchange Traded Fund. It tracks an index, a country, commodities, etc. You buy the SPY for example and it will move with the S&P 500. You can buy countries, Korea for example, and it will track the stock market.

http://finance.yahoo.com/etf

[whatever]

Sorry, MM2...just curious and no diss...why would you be giving your girlfriend's niece or nephew so much money...regardless of the timeframe?

[I-am-me]

get them a Roth IRA if u are from the US. Put in about $2000 and in 50 years they might be millionairs.

[mindmetoo]