Uniform Gift to Minors Act Account (UGMA) | Definition/ˈyo͞onəˌfôrm gift to͞o ˈmīnərs ak(t) əˈkount/
an account | expense | economy | pension | bitcoin | 401(k) | lender | wealth | return | grant | asset | check | fafsa | will | wage | fdic | bank | loan | bond | fund | spac | debt | atm | apr | definitionsset up for children, where assets can be gifted to the minor, to which they will have access once they become the legal adult age in their respective states.
Next word Net Worth | Definition ᐳ
Did You Know
The money put into the UGMA account can be used to purchase different types of financial commodities, which can help the money grow through compound interest. The exponential growth of the invested money can help the child fulfill their educational or career goals.