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Author Topic: Looking for baby gift ideas
Bibo
BlabberMouth, the Next Generation
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Icon 5 posted July 01, 2006 10:37      Profile for Bibo   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
I have the honor of being chosen to be the godfather to my new nephew and I need ideas for a gift. These are some of the ideas I've thought about but I'm not sure what I should give.

1) A metal piggy bank engraved with a large amount of cash in it.
or
2) a US savings bond, but I don't know if these are really worth it.

Any input or better ideas would be appreciated. Thanks!

Posts: 1641 | From: Grand Rapids, MI | Registered: Jan 2003  |  IP: Logged
TheMoMan
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Icon 1 posted July 01, 2006 11:34      Profile for TheMoMan         Edit/Delete Post   Reply With Quote 
Bibo____________________The savings bond is a good idea, as it will continue to grow even after it has reached face value. However as with all things there are strings, once it reaches a certain value it will freeze at that value. I suggest that you discus this with a banker and or CFP, maybe a few shares of your favorite company?

--------------------
Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.


Benjamin Franklin,

Posts: 5848 | From: Just South of the Huron National Forest, in the water shed of the Rifle River | Registered: Sep 2002  |  IP: Logged
TMBWITW,PB

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Icon 1 posted July 01, 2006 13:36      Profile for TMBWITW,PB     Send New Private Message       Edit/Delete Post   Reply With Quote 
Between the two I would lean toward a savings bond of some kind. It is always good for the money to be inaccesible until they are past the age where they will spend it on bubble gum. I guess you are looking for gifts for the actual child, not things for the parents that they will use (though if I'm wrong I have a baby carrier that I absolutely love and will work until she is 50 pounds). I don't really know what to give in that case.

--------------------
"Beauty is in the eye of the beholder and it may be necessary from time to time to give a stupid or misinformed beholder a black eye."
óMiss Piggy

Posts: 4010 | From: my couch | Registered: Oct 2002  |  IP: Logged
zesovietrussian
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Icon 1 posted July 01, 2006 16:33      Profile for zesovietrussian     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by TheMoMan:
...maybe a few shares of your favorite company?

A few shares of BRKA might do the trick [Razz]
Posts: 1094 | From: Boston | Registered: Mar 2002  |  IP: Logged
Demosthenes
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Icon 1 posted July 02, 2006 21:31      Profile for Demosthenes     Send New Private Message       Edit/Delete Post   Reply With Quote 
Get the little kiddo a stylin' shirt instead. [Big Grin]
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Ashitaka

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Icon 13 posted July 03, 2006 01:18      Profile for Ashitaka     Send New Private Message       Edit/Delete Post   Reply With Quote 
I received a savings bond when I recieved first communiion when I was seven. I don't rememer what type it was but it was american. It was for one hundred dollars or so and was supposed to be used for my education. 11 years later I am about to head off for college so I try to cash in this bond. It was worth just under 70 dollars.

I should ask my wife how these bonds mature. She majored in finance.

--------------------
"If they're not gonna make a distinction between Muslims and violent extremists, then why should I take the time to distinguish between decent, fearful white people and racists?"

-Assif Mandvi

Posts: 3089 | From: Switzerland | Registered: Feb 2006  |  IP: Logged
Bibo
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Icon 1 posted July 03, 2006 06:05      Profile for Bibo   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Ashitaka:
I received a savings bond when I recieved first communiion when I was seven. I don't rememer what type it was but it was american. It was for one hundred dollars or so and was supposed to be used for my education. 11 years later I am about to head off for college so I try to cash in this bond. It was worth just under 70 dollars.

I should ask my wife how these bonds mature. She majored in finance.

You pay 1/2 the face value for them, after 15 years (i think) they mature to face value. They can earn interest for up to 30 years.
Posts: 1641 | From: Grand Rapids, MI | Registered: Jan 2003  |  IP: Logged
CommanderShroom
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Icon 1 posted July 03, 2006 10:55      Profile for CommanderShroom     Send New Private Message       Edit/Delete Post   Reply With Quote 
Ashitaka,

Why the thumbs down? Because of your own lack of knowledge?

With all bonds what you get is a set amount of return after a set amount of time. Nothing more, nothing less. If the bond matures in 30 years you will not see the money until then. Anything less is a loss.

So if you cashed the bond in early, you just screwed yourself.

Anyway a bond is considered an investment in the future of you country. Not that you actually care.

--------------------
Does he know our big secret?
Has one of us confessed?
'Bout the wires circuits and motors
Buried in our chest

Posts: 2465 | From: Utarrrrggggghhh!!!!!!!! | Registered: Mar 2003  |  IP: Logged
Ashitaka

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Icon 1 posted July 03, 2006 11:09      Profile for Ashitaka     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by CommanderShroom:
Ashitaka,

Why the thumbs down? Because of your own lack of knowledge?

With all bonds what you get is a set amount of return after a set amount of time. Nothing more, nothing less. If the bond matures in 30 years you will not see the money until then. Anything less is a loss.

So if you cashed the bond in early, you just screwed yourself.

Anyway a bond is considered an investment in the future of you country. Not that you actually care.

IIRC the bond was supposedly mature. My relative did not get me a 30 year bond when I was 7 to pay for my education. Yes I gave it a thumbs down because I didn't get my 100 dollars. A 1.8% return on an investment on the early 80's sucks. Banks were giving CD's with 10-15% interest in the mid 80's.

And yes, I do not believe it is a good idea to invest in america, It's like investing in a Nigerian bank.

--------------------
"If they're not gonna make a distinction between Muslims and violent extremists, then why should I take the time to distinguish between decent, fearful white people and racists?"

-Assif Mandvi

Posts: 3089 | From: Switzerland | Registered: Feb 2006  |  IP: Logged
Ashitaka

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Icon 1 posted July 03, 2006 11:12      Profile for Ashitaka     Send New Private Message       Edit/Delete Post   Reply With Quote 
WTF, I posted double?/

--------------------
"If they're not gonna make a distinction between Muslims and violent extremists, then why should I take the time to distinguish between decent, fearful white people and racists?"

-Assif Mandvi

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Xanthine

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Icon 1 posted July 03, 2006 12:02      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
Some of my college was paid for in bonds. They were bought when I was very small so they had time to mature. Bonds are generally considered one of the safest ways to invest, almost as safe as digging a hole in the ground and burying your money.

Another option is to get the kid a very nice piece of jewelry they can wear when they're older, like to their wedding or something.

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And it's one, two, three / On the wrong side of the lee / What were you meant for? / What were you meant for?
- The Decemberists

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drunkennewfiemidget
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Icon 1 posted July 03, 2006 12:18      Profile for drunkennewfiemidget     Send New Private Message       Edit/Delete Post   Reply With Quote 
Put something small (like $10) a month into a mutual fund. Invest is smartly. Continue to put money into the account until the child is 18.

$10 * 12 months a year * 18 years @ 8% interest (probably conservative considering an 18 year investment) = almost $5k, with you only providing $2100 of it.

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TMBWITW,PB

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Icon 1 posted July 03, 2006 12:19      Profile for TMBWITW,PB     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by CommanderShroom:
Anyway a bond is considered an investment in the future of you country. Not that you actually care.

It's not really an investment in the future. It's an investment in the present/past. The bonds you buy pay for things the state or country is doing right now or voted to do a while ago like improve schools, libraries, parks or whatever.

--------------------
"Beauty is in the eye of the beholder and it may be necessary from time to time to give a stupid or misinformed beholder a black eye."
óMiss Piggy

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dragonman97

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Icon 1 posted July 03, 2006 13:15      Profile for dragonman97   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
I know Series EE bonds are tax-free if redeemed to pay education costs, and I /think/ Series I bonds are now the same. Series I bonds are newer, IIRC, and they have a nice feature - they adjust for inflation. You do need to make sure you get paperwork correct - the holder and POD beneficiary determine the tax status, AFAIK. (This might involve giving the money to the parent, and asking them to buy it, with their child listed as beneficiary.)

A nice solid investment (for oneself, anyway) in the now, though, are T-Bills...a 6 month bill is currently paying about 5%!!!

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There are three things you can be sure of in life: Death, taxes, and reading about fake illnesses online...

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Aditu
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Icon 1 posted July 03, 2006 13:40      Profile for Aditu     Send New Private Message       Edit/Delete Post   Reply With Quote 
I like the idea of a bond, but also wonder if the pastor of the church has something related to the parent's faith to suggest.
Posts: 1355 | From: Osten Ard | Registered: Aug 2003  |  IP: Logged
The Famous Druid

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Icon 1 posted July 03, 2006 14:53      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by Xanthine:
Bonds are generally considered one of the safest ways to invest, almost as safe as digging a hole in the ground and burying your money.

In a low inflation environment, that's true.

If inflation takes off, they're highly risky, as the fixed interest rate means they lose value every year, and you're locked in for (usually) 10 or more years. Government bond holders in the high-inflation 70s and 80s got really badly burned.

One of the not-so-nice things about having a $2 billion/day trade deficit, and $8.4 trillion in government debt (growing at $1.75 billion/day) is that it carries a high inflationary risk.

I'd go for the piggy bank, it's more tangible than a piece of paper with numbers on it, and may help develop a savings habit, which is a very good thing.

--------------------
If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

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zesovietrussian
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Icon 1 posted July 03, 2006 15:24      Profile for zesovietrussian     Send New Private Message       Edit/Delete Post   Reply With Quote 
quote:
Originally posted by drunkennewfiemidget:
Put something small (like $10) a month into a mutual fund. Invest is smartly. Continue to put money into the account until the child is 18.

$10 * 12 months a year * 18 years @ 8% interest (probably conservative considering an 18 year investment) = almost $5k, with you only providing $2100 of it.

I second that - invest in energy-related mutual funds, and you'll be looking at 25-30% annual returns (at least, while Bush is still around.)
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Bibo
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Icon 1 posted July 08, 2006 22:13      Profile for Bibo   Author's Homepage     Send New Private Message       Edit/Delete Post   Reply With Quote 
Thanks for all the input! I am going to go with a US Savings bond + today I picked up a Silver Plated Train Bank and had it engraved. I'm going to put a Sacagawea dollar in the bank to get him started.
Posts: 1641 | From: Grand Rapids, MI | Registered: Jan 2003  |  IP: Logged


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