Step 1: Select a brokerage firm (i.e., a company that offers investment accounts).
When possible, it may be best to use the same brokerage firm as your parents. As another option, YIS is proud to partner with Stockpile® and Fidelity Investments® to provide custodial accounts to YIS club members. You are also free to open a custodial account with any of the many other firms that offer such accounts.
We recommend calling a customer service representative or visiting a branch to learn more about the types of custodial accounts. Both Stockpile® and Fidelity Investments® have customer service representatives and apps that can assist you in the decision-making process. Fidelity Investments® has physical branches that you can visit to open a custodial account.
Step 2: Open a “custodial account” at a brokerage firm with a trusted adult.
A custodial account is an account established with a brokerage firm for a minor (you) by a trusted adult —parent, grandparent, aunt, uncle, family friend, etc. The account becomes completely yours between the age of 18 and 21 years old, depending on the state you live in.
The Dollar-a-Day challenge works with two different kinds of custodial accounts: Custodial brokerages and IRA accounts. Each has different rules and features. As you have learned throughout your involvement with YIS, you should do your homework and determine with your parent or guardian which type of account is best for you.
If you are 18 or older, you can open a regular brokerage account on your own.
Step 3: Submit Your Dollar-A-Day Essay
Students will write a 1-page essay (500 words Max) on the following topic:
“What would you like your financial life to look like in 10 years?”
Students will submit the essay to DDessay@yis.org by November 30, 2022 (Fall)
Students that submit their essay by October 30, 2022 will receive 5 Bonus Points!
100 students will be selected to receive the Dollar-A-Day Scholarship for up to $365.00 for the year!
