Frank said:
If she’s asking you to make an account so she can manage it, that can be illegal, especially if it’s to avoid taxes. Be careful here.
Let’s not assume her motives without more details.
Just keep saying no if it makes you uncomfortable.
It’s wise to learn about finances and investing sooner rather than later. That said, you don’t need to rush into anything you’re not comfortable with.
If you’re interested in something simple, maybe open a robo-advisor account. It’ll automatically manage investments based on your risk level.
Do your own research. Your mom could have good intentions or not, but it’s best to learn the options yourself by asking different banks or financial advisors.
Money in a checking account loses value over time because of inflation. Investing is one way to maintain your purchasing power.
It’s good to learn about investing, but take your time. Maybe set a goal to learn over the next couple of years before jumping in.
You’re legally an adult. Don’t give her your account information.
It sounds like your mom is just trying to help, but it’s a good idea to sit down and understand what she’s really suggesting. These things are important to know about.
Consider locking or freezing your credit.
Investing can be helpful in the long run. If you decide to let her help, make sure you keep control of your accounts.
As someone who wishes their parents had taught them about investing early on, I’d say it’s worth learning if your parents are willing to help fund it. Even if it doesn’t interest you now, it could benefit you long term.
If this is about ‘avoiding taxes,’ it could be risky. Don’t give her access if you’re uncomfortable.
It’s a good idea to go to a bank and talk to someone about your investment options yourself.
If your mom wants to contribute money, consider opening an account where you still control access.
Put a credit lock on your accounts to prevent unauthorized access.
It feels like there’s more to this story. Make sure you’re clear about where the money’s coming from and who will manage the account.
Her telling you not to talk to someone at the bank is a red flag. Bank staff can give you advice, and they’re there to help you understand your options.
Tell her you’d rather ‘voo and chill’ (invest in VOO and relax).
If she’s giving you money to invest, it could be a good opportunity, but be cautious.