I know the intention is good but the idea of burning between 10 and 70k on a life lesson just causes you can sound insane to me. I could live for months or even years with the lowest end of that amount. Just One More Car Part I Promise Vintage Shirt. Just to be clear, OP can do whatever they want and I give no advice, but the whole ordeal is just so bizarre to me. We’ll match the entire $35K, but you are limited to spending $5K of it on a car (thinking Tesla Model 3 which would give him enough street cred at school) and the rest needs to go towards car insurance and education (baller laptop/PC purchase included)
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We’ll match the total saved, $10K and you can spend that on a $45K car – we’ll cover insurance until a certain age? Something else along those lines. Just One More Car Part I Promise Vintage Shirt. Who opened the custodial account for him? My quick Google search says he can not have done it on his own. So not only his own taxes but hows this affect his parent’s taxes? (assuming he used their info for the account). I’d certainly force him to get all his paperwork in order and a CPA signing off on it with who’s going to owe who what at the end of the year and how it was done. OP might have bigger problems then first seen.
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Why is anyone taking this at face value? Does your kid say they made twenty-five grand last month dicking around with stocks out of the blue? Just One More Car Part I Promise Vintage Shirt. Like I’m not saying it didn’t happen, but I feel more than likely there’s something big here we’re missing that renders our conjecture moot. If he had the foresight to see that Italy had been locked down and we were next. He probably bought puts or sold index futures. Moves like that are rare, but if he saw it coming, good for him. It won’t always be that easy though.
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