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sunflowerjesss
Mommy to 3!
Member since 10/05 20369 total posts
Name:
Jesss, duh.
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College Funds?
Maybe this belongs on parenting, but since I'm not quite a parent yet I figured I'd start here.
Have any of us given it any thought? Are you going to open one for DC? If you are when do you plan on doing it? If you're not planning on doing one any reason why?
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Posted 2/8/08 1:20 PM  |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: College Funds?
We haven't thought about this yet - I think we'll get through the first year and then decide what we can do. Until we know how it's going to be with the extra expenses (diapers, food, daycare) we're not in the position to save for college just yet.
ETS: Of course any $$ the baby receives as a gift (baptism) will be put in a savings account in his/her name.
Message edited 2/8/2008 1:28:40 PM.
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| Posted 2/8/08 1:27 PM |
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Preguntas
it's pretty precious
Member since 1/07 3839 total posts
Name:
Lauren
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Re: College Funds?
Yes- we're opening one of those 529 accounts. I have already told my family and his that in liu of 1000 toys and junk for Xmas, and birthdays and stuff, to please give him money for that account.
Baptism money would go in there as well, and I htink it correlates with a card you get so that every time you buy groceries or gas or whatever, money goes towards it.
I haven't done much research yet.
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| Posted 2/8/08 2:09 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: College Funds?
I think I am going to put any money the baby gets into a savings account that cannot be withdrawn from until 18yrs old.
I don't want to do a 529 plan, only because I am not sure of how it works out if the kid does not go to college (for whatever reason). I don't want to pay penalties. I have to research it more.
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| Posted 2/8/08 2:17 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: College Funds?
We did Roth IRAs for both kids. Once the kids start working, they will be able to contribute. I'm more worried about their retirement (not to say that they won't go to college. I WANT them to.)
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| Posted 2/8/08 2:27 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: College Funds?
Posted by bicosi
We did Roth IRAs for both kids. Once the kids start working, they will be able to contribute. I'm more worried about their retirement (not to say that they won't go to college. I WANT them to.)
I just looked into this...this is a better idea...thanks!
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| Posted 2/8/08 2:33 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: College Funds?
Posted by neener1211
Posted by bicosi
We did Roth IRAs for both kids. Once the kids start working, they will be able to contribute. I'm more worried about their retirement (not to say that they won't go to college. I WANT them to.)
I just looked into this...this is a better idea...thanks!
You will need to find a good investment manager to do this because I know that alot of companies are sticklers about opening up retirement accounts for kids, but it CAN be done.
Also remember that if for whatever reason you need it for college, you can take a withdrawal, WITHOUT penalty, because you are using it towards college (the penalty is waived).
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| Posted 2/8/08 2:36 PM |
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Nicole728
My Happy Girl
Member since 7/06 8198 total posts
Name:
Me
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Re: College Funds?
we discussed having some money automatically xfered into a high interest acct for our little one.
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| Posted 2/8/08 4:27 PM |
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boosh1002
We like hanging together!
Member since 5/05 5475 total posts
Name:
Mommy to twins
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Re: College Funds?
Believe it or not we already have one set up and earning interest by the day.
Im hoping by the time they reach 18 it will be more than enough to cover college.
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| Posted 2/8/08 4:29 PM |
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clwp
Love my girls!
Member since 10/06 2114 total posts
Name:
mommy
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Re: College Funds?
I agree regarding the 529 plans, I am very skeptical about this stuff b/c I'm not going to demand my child go to college if it's not for them. I certainly want money in a fund of some sort, but I'd be comfortable and probably happier to help my DC with that first major investment, such as real estate. If college is what they choose to do with it that's fine too, but I certainly don't want to see the money go to waiste or pay penalties if college is not in the picture.
UPDATE: I asked my accountant today about the 529 plan, he said that the only thing is it MUST be used for education. So if this DC doesn't go to college it can be used for another DC or even for DH and I should we want to go back to school 20 years from now (no thanks!). I may just look into a mutual fund. I'm not convinced any of these things are worth it. College can always be financed, but I'd really like to ensure that our kids own property ASAP out of college.
Message edited 2/9/2008 10:20:00 PM.
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| Posted 2/8/08 5:14 PM |
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