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re: What would be the best account to open to save for your kid(s)?
Posted on 1/23/23 at 5:43 pm to ColoradoAg03
Posted on 1/23/23 at 5:43 pm to ColoradoAg03
quote:
I was told UTMAs are considered an asset of the child and when it comes time to apply for college aid (grants and loans), it hurts them pretty bad showing as their assets. 529 is the parent's asset.
I was reading that about the UTMA’s. Looks like my plan would be just to open an auto investment account with SoFi under my name and use that as a dedicated account to pay for college/car/wedding etc
1
Posted on 1/23/23 at 6:32 pm to PappaSwolio
That’s what we did (opened up a dedicated brokerage account) plus a 529. We do a set amount each check for the 529 and fund the brokerage infrequently — think kids birthday and Christmas money and just random times throughout the year where we feel like we have a little extra money sitting around.
Our plan for the 529 is fund it enough to help with college, while the brokerage is to help with a future downpayment on a first home
Our plan for the 529 is fund it enough to help with college, while the brokerage is to help with a future downpayment on a first home
This post was edited on 1/23/23 at 6:34 pm
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