Where to put $5,000 now

What would you do with a million bucks? That's easy. But what about five grand? With a handful of broad goals in mind, here are Money Magazine's picks.

Best way to give kids a firm financial footing: An UTMA account
Best investment: Vanguard Total Stock Market Index
Goal: Protecting your family
Best way to give kids a firm financial footing: An UTMA account
If you want to give your child some serious money and a lot of leeway, fund a Uniform Transfer to Minors (UTMA) account, which enables a child to hold - but not own - investments until she's legally an adult.

Until then you can decided how the funds are handled in any way that is for the well-being of the child.

It's a great way to get a child interested in investing, says Allen Bronton, a wealth manager in Crystal Lake, Ill., "because this is going to be money that they're going to get one day."
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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.