This is really more of a financial question. Can you buy stock for a child? Yes. Can you gift it to a child. Yes. How the payments work is really a question of the stock and how you purchase it. Speak with a financial advisor, tax planner, estate planner, or your cpa.
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I would be concerned that you do not understand how stock works. I do not know of any stock that pays daily income. Most stock does not pay a divident and those that do might pay quarterly, the annual yield could be as high as 3%. A nice present for a child might be a US Savings Bond instead.
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What you would do is open a brokerage account with a bank or brokerage firm specficially for the child. A financial planner can assist you in opening the right account to suit your needs.
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