I have only 1 grandchild, now 2 years old, and I put $50 a month into an account for her. As the balance of this account grows I think about investing it into shares rather than in the fairly low yielding cash management account it is presently in. It is also a way of teaching her later in life of the value of investment and the rewards it can give.
I am looking for advice on investing $1000 of her account into shares and over time adding to that as her balance changes. I do not want to swap and change regularly or at all.
I am also interested in the tax complications of investing on behalf of a minor and or if it could affect our personal retirement plans as we are self funded retirees and my wife also draws a small centrelink age pension.
Any advice would be greatly appreciated. Brian DJ