7. Open an Account for Your Child
Have a kid you love? Open a savings, investment, or similar account for them. A Roth IRA is a good choice for this type of account because the funds invested into it are tax free, regardless of whether they come from you or the child. Target-date retirement funds are also a good choice for young adults. The funds offer a mix of stocks and bonds which become more conservative over time as the account holder nears retirement. College savings accounts are also available across the nation, with several states offering benefits of their own. No kids of your own? Do one for grandchildren, nieces, nephews, etc.
