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re: Little one on the way
Posted on 3/24/22 at 3:18 pm to Chucktown_Badger
Posted on 3/24/22 at 3:18 pm to Chucktown_Badger
I have an 18 month old and I tried with my parents to get them to contribute to his 529 instead of buying junk, but that didn’t workout. They want the satisfaction of seeing him playing with a toy for 5 seconds over actually benefiting him in the long run 
As for the OP, I’d say open a 529 plan and contribute what you can. The state tax break is a nice benefit for setting aside money. I’ve also opened a separate trading account in my name that I hope to one day use to help him put a down payment on a home or something of that nature but I didn’t want to do a custodial type account where ownership would transfer at a certain age because no matter how good of a parent I think my wife and I are/will be, nothing says our toddler will turn out great and be able to responsibly handle a decent sum of money at 18 or 22.
As for the OP, I’d say open a 529 plan and contribute what you can. The state tax break is a nice benefit for setting aside money. I’ve also opened a separate trading account in my name that I hope to one day use to help him put a down payment on a home or something of that nature but I didn’t want to do a custodial type account where ownership would transfer at a certain age because no matter how good of a parent I think my wife and I are/will be, nothing says our toddler will turn out great and be able to responsibly handle a decent sum of money at 18 or 22.
This post was edited on 3/24/22 at 3:19 pm
1
Posted on 3/24/22 at 4:07 pm to Bryant91092
We do the same as Bryant and had the same thought process as well.
We do a 529 and do a direct deposit every month. We don't put enough to fully fund there college, our hope (like most parents I'd assume) is that if our child goes to college that they'll have scholarships to pay for most/all. Our main goal with it is to act as a supplement, so that if/when they go to college we'll have something to help us pay and not have to come up with large amounts of $ at once.
We also help fund a brokerage account, this is where we put all of there birthday/Christmas money and we put a small amount in there each month. We'd planned on doing an UGMA/similar, but I also don't like the idea of our child having there hands on a large amount of money at an early age. I'd love to one day hand it over when they're looking for there first house and it can be used as a downpayment, but we'll see..
We do a 529 and do a direct deposit every month. We don't put enough to fully fund there college, our hope (like most parents I'd assume) is that if our child goes to college that they'll have scholarships to pay for most/all. Our main goal with it is to act as a supplement, so that if/when they go to college we'll have something to help us pay and not have to come up with large amounts of $ at once.
We also help fund a brokerage account, this is where we put all of there birthday/Christmas money and we put a small amount in there each month. We'd planned on doing an UGMA/similar, but I also don't like the idea of our child having there hands on a large amount of money at an early age. I'd love to one day hand it over when they're looking for there first house and it can be used as a downpayment, but we'll see..
This post was edited on 3/24/22 at 4:09 pm
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