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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 1:52 pm to seawolf06
My parents are pretty much done with raising kids, so I don't want to recommend them.
One of neighbors is currently interesting in having kids. They might good parents for you kids. How long do you want to give up custody? Temp or Perm?
One of neighbors is currently interesting in having kids. They might good parents for you kids. How long do you want to give up custody? Temp or Perm?
Posted on 12/16/15 at 2:38 pm to LSUFanHouston
quote:
Fully fund your retirement first, and have no debt except for a house.
this. college savings is what you do with money that you just cant use anywhere else. it should not be a priority.
Posted on 12/16/15 at 2:58 pm to notsince98
quote:
it should not be a priority
Depends on the individual.
It is definitely a priority for me to provide for my children for their college education.
ETA: To the OP - congrats! We just had our first child in June...I am using a 529 plan.
This post was edited on 12/16/15 at 2:59 pm
Posted on 12/16/15 at 3:01 pm to LSU Tigershark
UTMA Custodial brokerage account.
Posted on 12/16/15 at 5:44 pm to LSUFanHouston
quote:
Fully fund your retirement first, and have no debt except for a house.
^^this and by "fully fund" we mean MAXIMUMS on workplace and any IRAs.
You will retire one day. You kid may get a scholarship or start a tatoo parlor.
That being said, I maxed retirement plans and still had money for 529s and coverdell IRAs.
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 10:50 pm to Libertariantiger
I didn't know there was a max that you could put into retirement. The company automatically puts 10% into the pension with no contributions, but I add to that.
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 4:05 am to windshieldman
The la 529 matching contribution is pretty sweet but it's all income based on the match %
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
Posted on 12/17/15 at 7:43 am to LSU Tigershark
10 percent from your company is a sweet gig. Most people get about a 3 percent match. There is an amount you can put in tax free. I would try to get to that number or as close as you can before you start other planning. It's about 12-13,000.
Posted on 12/17/15 at 8:11 am to Libertariantiger
It's $18k for 2015 401k plans.
Posted on 12/17/15 at 8:13 am to Big Saint
Like my parents did for me, I'm not paying a dime until they graduate with a degree.
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