How do you invest for your kids?

[MrMike]

I'm wondering how other people invest for their kids. I have 2 boys that are 8/9 years old now.

• I have opened a FRESP (Family Registered Education Saving Plan) for their post-secondary education.
• For investments (allowance, birthday, Christmas, etc...) I've opened up 2 more TFSA accounts in my name but am treating it like their account.... except I can't give accounts nicknames, come on Questrade Once they turn 18, I plan to withdraw the money and put it into an account in their name.

Is there a better way to invest for them? or is there something else I've missed. Thanks

[lizzie bargain]

as they get older and earn money from odd jobs I always made my kids invest a certain % into their RESP-this sets the stage for having them pay for part of their education and also gets them used to the idea that there are always deductions from whatever they earn-so it doesn't come as such as shock when they turn 18.

We started out with 25% from summer jobs and now my daughter in uni has to contribute a min of 50% of her earnings to her education. She also gets grants and then we fund the rest. Depending on number of children and family finances each family can figure out what works best for them.

My brother has 3 children-he offered to pay tuition, 1/2 of the books( to encourage them to buy used books, resell etc) and free room and board if they lived at home-only one moved away for school. They have all turned into responsible working 30 somethings so he must have done something right.