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Tip of the Day

Tip of the Day Set Up an Automatic Savings Plan

Set Up an Automatic Savings Plan - This may sound like it is really difficult, but it is not. If you have a checking account, you can set it...

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Custodial Account

Definition: The type of account created for minors that is overseen by an adult custodian.  If you are under 18 years old, you need an adult to oversee the account so this is the required account for you to open.  Once you turn 18, complete control of the account is handed over to you.

TeenAnalyst Advice: In order to invest, you'll need one of these if you're under 18 years old.  They're easy to set up and the custodian doesn't have complete control.For parents out there, remember that once you make a contribution to your kid's custodial account, you cannot take the money back.  Once money is placed in the account, it's the child's money.

 

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Definition of the Day Phone Switching

Phone Switching This give investors the ability to transfer currency between various mutual funds, as long as those funds are part of the same family, on the telephone. This is much easier than heading down to the manger's office in order to get these results, as it can be done...

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