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Message
Need investment advice - please no "hookers & blow"
Posted on 1/23/15 at 6:03 pm
Posted on 1/23/15 at 6:03 pm
My children's father finally got caught up on back child support...to the tune of about 20k each. That being said, they are a teen and a pre-teen and don't qualify for Roth IRAs. Can I get suggestions on ways to save/invest this money for them? College is 4 and 7 years away and we may need it then, but hoping not.
Thanks in advance.
Thanks in advance.
Posted on 1/23/15 at 6:17 pm to kriskris
If you didn't need it why was he paying it?
Posted on 1/23/15 at 6:34 pm to kriskris
I mean, CD's sound like a great option here. No liquidity needed and remove temptation
Posted on 1/23/15 at 6:38 pm to kriskris
$2,400 to a 529 for each for the state income tax write-off, as well as the earnings enhancement (assuming you're in LA). You can stash half in a capital one 360 account for liquidity and to add to the kids 529's, college is more expensive than you think. The other half I would open a brokerage account for each and invest it if you truly do not need the money now. Make sure you have quick access to it incase of an emergency or unexpected bills for either of them.
Posted on 1/24/15 at 9:48 am to BJ titsnbeer
quote:
college is more expensive than you think.
Maybe I grew up in a different time; but when did college become a responsibility of the parent? If you have it and can pay no problem...great...but I see folks taking out loans and 2nd mortgage on their homes to send their children to school...when there are loans and grants out there. Boggles me.
Posted on 1/24/15 at 9:58 am to Golfer
quote:
If you didn't need it why was he paying it?
Posted on 1/24/15 at 10:23 am to Coach Guidry
quote:
when did college become a responsibility of the parent?
I am with you coach. I have my kids take out student loans. If they get good grades, stay out of trouble etc., I pay off loan, which I have. In addition, I don't pay for C's only A's, B's.
Posted on 1/24/15 at 1:19 pm to cuyahoga tiger
quote:
I am with you coach. I have my kids take out student loans
As it should be. I see parents putting themselves in giant holes; even prolonging retirement for their kids to go to college. At what point do you cut the cord?
Posted on 1/24/15 at 6:26 pm to Coach Guidry
quote:
Need investment advice - please no "hookers & blow"
quote:
I am with you coach. I have my kids take out student loans
As it should be. I see parents putting themselves in giant holes; even prolonging retirement for their kids to go to college. At what point do you cut the cord?
I'm down the middle on this one: while I don't think parents owe their kids a college education, I'd rather see parents saving for a kids college fund than spending several grand a year for travel sports teams, new cars for teens, etc. how do parents expect kids to value education and work to complete a degree if they are given an upper middle class lifestyle then cut loose once it comes to college? Help the, to save, match their earnings, show them through your actions that education is important and valuable.
But you're right: they should not spend the,selves into the poorhouse to pay for college. They also have an obligation not to become a burden to their children by neglecting their retirement savings.
Posted on 1/24/15 at 8:07 pm to hungryone
(no message)
This post was edited on 10/2/20 at 11:44 pm
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