Financial planning for LO
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@Heidi we've mixed out isa and sipp too just to reap the benefits of compound interest but honestly I'm getting a bit put off from isa now. As my LO will automatically get access to it when she's 18 I'm remembering how financially unaware I was at 18 and would be definitely carrying around LV or Dior bag with that kind of money. I get that it's up to me to teach financial literacy but you never know what will happen and she might need that money sooner. So been thinking of using that money in a separate adult isa which would kinda be dedicated for her but not locked in for 18yrs also it would still be under my name and not hers. Other part was thinking of using to buy rental property that by the time she's 25 would be paid off. Depending on where she is with her life I would then give it to her to sell
@Heidi just trying to think outside the box of what else I can do to set her up
We’ve done pretty much the same as you, SIPP and ISA. She was given some inheritance so we’ve used that to make the maximum tax free annual payments into both and the remaining funds is currently in premium bonds until the next allowance payment. We did speak to an FA and that’s pretty much all he said for now