Assume the kid is pretty smart, but still a knuckle head managing money. Also assume college is covered. Here's what I'm planning: putting it in FSKAX at Fidelity and saying nothing about it until he gets his MBA. What is your advice?
My grandson is 9 and I've been putting money aside for his college. All of it in FSKAX. It's a good choice I think. Gives him a little broader exposure than FXAIX which I have a large position in. You'd have my blessing if you're looking for it.
I would 85% of your money in a S&P 500 or total market low cost index fund....and the rest in your money market fund... your kid is entitled to growth and compounding... MBA's are not a dime a dozen....