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Message
Is 529 best option for building college savings??
Posted on 8/5/13 at 8:08 am
Posted on 8/5/13 at 8:08 am
Wife and I are wanting to start something, but would like to be able to have a little more flexibility and would like some good growth. Considering just opening a 529 and putting $40K in it to start. Daughter is only 6 months old.
Any other options yall can think of??
Any other options yall can think of??
5
Posted on 8/5/13 at 8:26 am to Kingwood Tiger
529 plan isn't flexible. Money must be used for Education and if not incurs a penalty.
If you opened a custodian account with someone like Fidelity you can use it for anything
The big difference is really your children. The 529 plan has some tax benefits but main thing is your Child can never touch it. Must go through you. With custodian account when the child turns 18. Hope that they don't go rogue and buy a Vet instead of education
If you opened a custodian account with someone like Fidelity you can use it for anything
The big difference is really your children. The 529 plan has some tax benefits but main thing is your Child can never touch it. Must go through you. With custodian account when the child turns 18. Hope that they don't go rogue and buy a Vet instead of education
Posted on 8/5/13 at 8:32 am to Kingwood Tiger
im trying to find a cheap rental house and put it on a 15 year note and have it paid off by the time my daughter is ready for school. Then sell it and pay for her college with that. if she doesn't go to college then i still have a rental house.
Posted on 8/5/13 at 8:33 am to BBJ
quote:
529 plan isn't flexible.
Right, you can't even roll that money to another family member if the child ends up being dumb.. oh wait.
Posted on 8/5/13 at 8:34 am to Kingwood Tiger
Holy smokes. 40k to start, I wish I had your job.
Posted on 8/5/13 at 8:58 am to wegotdatwood
quote:
Holy smokes. 40k to start, I wish I had your job.
The wife is a saver
Had thought about buying a house at A&M, and lease it out to kids, might be an option.
This post was edited on 8/5/13 at 8:59 am
Posted on 8/5/13 at 9:05 am to Kingwood Tiger
I have a similar plan in my head for a rental house as a savings/revenue generating instrument for my child.
Posted on 8/5/13 at 9:08 am to Kingwood Tiger
How old are y'all?
Read The Millionaire Next Door
Read The Millionaire Next Door
Posted on 8/5/13 at 10:36 am to Broke
quote:
Right, you can't even roll that money to another family member if the child ends up being dumb.. oh wait.
I'm pretty sure you can
Posted on 8/5/13 at 10:43 am to yellowfin
You can. Sarcasm font.
However, I do agree with the 529 being somewhat inflexible. I also don't like the idea of a custodian account since when he turns 18, it's his. I'd prefer it to continue to go through me. It's my money, it's simply earmarked for him.
I'm simply planning to diversify. I'll put a little in a 529, save some in a brokerage under my name, and hopefully can pick up a rental unit.
However, I do agree with the 529 being somewhat inflexible. I also don't like the idea of a custodian account since when he turns 18, it's his. I'd prefer it to continue to go through me. It's my money, it's simply earmarked for him.
I'm simply planning to diversify. I'll put a little in a 529, save some in a brokerage under my name, and hopefully can pick up a rental unit.
Posted on 8/5/13 at 11:02 am to yellowfin
quote:
I'm pretty sure you can
Slow arse fricker.
Posted on 8/5/13 at 12:36 pm to Kingwood Tiger
Yes you can move to another child or even yourself if the money is being used for education. Anything other than education and penalties are delt. If the word flexible is in the first sentence. Then my opinion is 529 isn't so flexible.
The Utah 529 plan is the best. Doesn't matter what state you use
The Utah 529 plan is the best. Doesn't matter what state you use
Posted on 8/5/13 at 12:40 pm to Broke
It was a long weekend broke
Posted on 8/5/13 at 1:14 pm to BBJ
quote:
The Utah 529 plan is the best. Doesn't matter what state you use
How so?
Posted on 8/5/13 at 1:52 pm to Sigma
Louisianas is great for residents.
Posted on 8/5/13 at 4:25 pm to Kingwood Tiger
Utah has lowest fees
Although La residents can deducte more money from taxes but that just state taxes.
Although La residents can deducte more money from taxes but that just state taxes.
Posted on 8/5/13 at 9:37 pm to BBJ
Well Utah doesn't match. Louisiana does for residence.
Posted on 8/6/13 at 10:41 am to ragacamps
Thanks for all of the responses.....
Looks like we might open a Custodial Mutual Fund, only issue is that we can only start with 26K, and we aren't sure about the tax implications. Looks like as long as it doesn't earn more than $1900 a year, she won't have to pay taxes, and if it does we can claim it on ours.
I can get a fund through work where I don't have to pay any fees, and will earn around 6%.
Looks like we might open a Custodial Mutual Fund, only issue is that we can only start with 26K, and we aren't sure about the tax implications. Looks like as long as it doesn't earn more than $1900 a year, she won't have to pay taxes, and if it does we can claim it on ours.
I can get a fund through work where I don't have to pay any fees, and will earn around 6%.
Posted on 8/7/13 at 10:46 am to Kingwood Tiger
quote:
Looks like we might open a Custodial Mutual Fund, only issue is that we can only start with 26K
DO WHAT? Custodial accounts don't have maximums.
quote:
I can get a fund through work where I don't have to pay any fees, and will earn around 6%.
Why not open a custodial account and buy whatever you want (with some fees) and possibly earn 10%+?
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