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Recommendations for new parents?
Posted on 12/16/15 at 1:03 pm
Posted on 12/16/15 at 1:03 pm
I have a 10 wk old and I know I need to set up college fund account/savings account for him, and everyone has a different opinion on what to do. What kind of recommendations does the MB have for this. I looked at the common subjects in the stickied thread and was kind of surprised I didn't see anything there.
6
Posted on 12/16/15 at 1:13 pm to LSU Tigershark
Fully fund your retirement first, and have no debt except for a house.
Posted on 12/16/15 at 1:25 pm to LSU Tigershark
I would be fully funding my 401k and Roth IRA first as well.
More to your question, the only real option beyond a typical savings account or CD is a 529 plan. I'm not sure if you have to stay within your own state, nor what options you have as far as investments within the 529 plan.
More to your question, the only real option beyond a typical savings account or CD is a 529 plan. I'm not sure if you have to stay within your own state, nor what options you have as far as investments within the 529 plan.
Posted on 12/16/15 at 3:01 pm to LSU Tigershark
UTMA Custodial brokerage account.
Posted on 12/16/15 at 10:02 pm to LSU Tigershark
I also recommend custodial brokerage account. Instead of savings account that doesn't yield crap, put the money you would normally save for them in some stocks. This is assuming you have yourself taken care of already. I don't think you have to have your house paid off with no car notes before you start an account for the chaps, but if your not maxing your retirement out, you don't have enough to worry about your kids savings accounts yet.
This post was edited on 12/16/15 at 10:05 pm
Posted on 12/16/15 at 10:57 pm to LSU Tigershark
I have 4 kids ages 4-16, I haven't saved shite for them. Straight A grades though, hoping for the best. They lucky they get to eat 
I have heard La 529 programs is one of the better ones out there?????
I have heard La 529 programs is one of the better ones out there?????
Posted on 12/17/15 at 7:01 am to LSU Tigershark
I use a combination of 529 and then regular brokerage account
Funding my kids education is important to me and if it means I work for an extra couple years at the end of my career oh well
Funding my kids education is important to me and if it means I work for an extra couple years at the end of my career oh well
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