I want to start saving money for my children

I think you should be clear on what "their future" means to you...

If you are saying strictly college, yes, the Louisiana START program is the best thing you have available. Assuming you're married, you get up to a $4,800 LA tax deduction per child, so up to $9,600. Depending on your income, you'll get a small match from the state. It isn't much, but it's something. However, if "their future" isn't necessarily college you will pay ordinary income tax plus a 10% penalty on anything that isn't spent on higher education expenses.

Next is the Coverdell (CESA). It can be used for private school (k-12) as well as college if that is a consideration. You don't get any tax deductions, but it works kind of like a Roth (tax free) if you use it for school. Your limit is $2,000 per year per child. However, if "their future" isn't necessarily school you will pay ordinary income tax plus a 10% penalty on anything that isn't spent on education expenses.

You could do an UTMA account, but that becomes theirs when they turn 18. And while they may be angels today... yeah, alcohol and drugs are way cool to a rich 18 year old. Just sayin'.

Or, you could do a brokerage account in your name. It's taxable to you, but no penalties to worry about and has most flexibility. Save there, take a few years to see how things play out. They get a scholarship, don't go to college, can't handle the money, become drug dealers, etc. You can always buy yourself a boat or put it in your own retirement. If they are great kids, you can help them with their first house or a wedding or something really responsible for them.

But first you need to decide whether this is "for college" or for "their future" generally. Feel free to ask questions if you'd like... I assume I'll be avoiding Tiger Rant and Saints boards for the foreseeable future.

****eta: the taxes and penalties are on the growth, not the contributions***

If you choose the right crypto?

I would put a dime in to anything that starts with "Louisiana" lmao

Nationwide

Yep. A finance guy I know stated as much. My START accounts are doing really well.

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Next is the Coverdell (CESA). It can be used for private school (k-12) as well as college if that is a consideration. You don't get any tax deductions, but it works kind of like a Roth (tax free) if you use it for school. Your limit is $2,000 per year per child. However, if "their future" isn't necessarily school you will pay ordinary income tax plus a 10% penalty on anything that isn't spent on education expenses.

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So this is post tax dollars? So you're hope is that you gain enough over time to take out the contributions+gains tax-free to recoup some of the money spent on private school? My son is in daycare right now at a private school, but any help in the future would be great.

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Coverdell

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Only downfall, as it was explained to me, is coberdell is considered an asset for your child and can negatively effect them in regards to financial aid for college.

Buy rental property.

Someone gave you bad information. It is only an asset of the child if the child is the account owner (and they can't be the owner until age 18). If a parent or grandparent is the account owner it is excluded from the FAFSA.

One thing I forgot to mention is you can change the beneficiary on the Louisiana START 529 and the CESA... there's no constructive receipt by the child.

The UTMA is a completed gift to the child, therefore it WOULD be included on the FAFSA.