I could use some advice. My kids were left $20k each by their grandfather about 5 years ago. It’s just been sitting in regular savings accounts and losing value to inflation. One of them is even slowly burning through it on stuff like DoorDash.
I want to put the money somewhere safer, where it can grow a little — but more importantly, where they can’t easily spend it. I’ve been reading about Vanguard and Fidelity being solid options, maybe mutual funds? But I don’t know what kind of account to open or how to manage it if they’re already adults.
Is now even a smart time to invest? How do I set something up that protects this money for their future?
I’m not super financially savvy, just trying to do right by them. Thanks for any help.
