Every once in a while, I run into an offer that seems too good to be true. This is from a flyer I found in a Schwab office. I have nothing to do with it and am not part of Schwab—I’m just passing along what I found, and it may not still be valid.
But it appears that Charles Schwab, the brokerage house, is trying to get teens familiar with handling money, investing money, and having a brokerage account. So they're offering a $50 bonus in fractional shares when a teen opens a Schwab Teen Investor account and completes an online education course within 45 days of opening it. The course is called "Quick Start to Stock Investing," and I think of it as the best part. It's the piece that actually teaches the teen something. Unless you choose otherwise, the $50 is split equally, $10 each, across five of the largest S&P 500 companies: Nvidia, Apple, Microsoft, Amazon, and Alphabet.
The account is for young people ages 13 to 17, set up as a joint account with a parent or guardian. Schwab describes it as investing and trading with guardrails, with teen-focused financial education, and no subscription fees, no maintenance fees, and $0 minimum deposit.
This will not only benefit the teenager, but if there are parents who are not that familiar with stock investing, this is a good opportunity for them to learn side by side with their children.
Teaching financial management to your children is key. Think about how much better off you would be if you had a good financial education when you were a teenager. Take advantage of this opportunity. If it makes sense to you, be quick. It's a good way to give them a head start.
Please check with Schwab for all the details, and make sure the offer is still current. This is something that caught my eye, and I'm not vouching for it. I don't get any benefit from this, and I'm not connected to Schwab in any way, other than that they handle a lot of my accounts. I'd love to hear about your experiences once you take advantage of it.
Help your teen open the joint account, explain the process to them, and let me know if you need any help. For more information, contact me at louis@louisberlin.com or 786-559-0339.