20 answers

What Are the Options to save Money for Baby's Future?

I would like to invest money for my baby's future. What is the best investment option from your experience? I was looking into buying trust funds, but I am not sure if that is the right way to go. What do you think?

3 moms found this helpful

What can I do next?

So What Happened?™

Thanks so much for all the insight. Many things I didn't know and are very valuable to me. This is a great starting point and I will further investigate the options.
Again, you are the best!

Featured Answers

My husband may can help you....feel free to give him a call, for free....###-###-####. He does financial advising, really with a passion just to help families. He has access to different investment options that he can start up for you.

1 mom found this helpful

Look online at TIA-CREF they have tons of different plans. You can also call and speak to a representative that can walk you through setting up an account.

More Answers

If you are still looking, give me a call...I am a working mom in Austin and I am also a financial adviser. I set up 529 plans for both of my children under 2. There is about one for every state so you should be aware of the benefits of all of them before going with any plan. And, be wary of brokers and agents that are not independent as many times they will recommend their companies plan without determining if its right for you...its not their fault, its just that they can only offer those plans where as independents can work with any plan. I can give you any info you need for free...just shoot me a message and I will give you my number and web address in Austin.

-A.

2 moms found this helpful

I would set up a UGMA - Uniform Gift to Minor Account. The restrictions on the 529 really stink if your child ends up with a scholarship. The tax benefits are great, but who wants to transfer that money to someone else for college if your child can't use it!

1 mom found this helpful

Happy New Year Everyone!

As for me and how I decided to help save money for college for my 5 kids was a site called Upromise.com. It allows you to regeister all your credit/debit/grocery store/etc cards and everytime you use them it puts a % in an account for each child on your account. Also your family and friends can let you add thier cards and everytime they use thiers, it does the same. Also it has a savings plan that allows outside people to deposit into it and I think it's only $50 to start one. If you do a lot of online shopping, and you use the links from the Upromise site, it saves even more to your account, and they offer a credit card from one of their partners that saves like 5-10% everytime you use it. I found this site very helpful, as I don't have much money to save back for my kids. And it gives you the option of getting help to save without anyone having to actually give you cash because it just gives a % everytime they use cards registered to your upromise account. I hope this helps and it is just one of many ways. Enjoy your baby and good luck!

1 mom found this helpful

There is a great plan for college savings called a 529 plan. Talk to a financial planner and ask about it. I use Larry Braxton in Austin.

On another note, but still money-related, my husband and I started an Ignite business with our girls' futures in mind. It has been a true God-send. Check out our website at http://landreth.igniteinc.biz.

Best regards,
R.

1 mom found this helpful

Take a look at this website: www.thesimpledollar.com
He gives a lot of sound financial advice from his own personal viewpoint and experience. An additional bonus is that you can read it for free! You can email him for advice, if you don't find what you're looking for.

Good Luck and way to go for thinking about your baby's future this far ahead in the game!!!

1 mom found this helpful

I think that CD's earn money if you put them into an account where you can only remove money at certain times per year. I am not for sure but you might look into them. When I was born my Grandparents put 500 into an account for me and though it wasn't too much I had about 1500 when I graduated.

1 mom found this helpful

You may want to look into a 529 Plan for a college savings plan. It's much easier than a trust and you still get to control the funds. the money grows tax free and is tax-free when you pull it out as long as it's used for college expenses. One of the better plans, based on investment ability and flexibility and rate of return, is the one sponsored by the state of Utah. You can find a lot more information about these and other investments at www.collegesavings.com. good luck.

1 mom found this helpful

wow I love this site, theres alot I just learned reading everyone who wrote. I paid for my daughters college with a life insurance plan that I took out on my kids when they were babies. You can decide what you want to pay and have for them when college comes around. When she graduated she had enough money for college and a car. We still keep the insurance going for her and when she graduates college and gets a job if she wants to keep it going she can and she'd have a pretty good retirement if she does. Your not penalized when you take it out for certain things like college or if you want to buy a home or land just as long as its at a mature stage. Good luck

1 mom found this helpful

My husband may can help you....feel free to give him a call, for free....###-###-####. He does financial advising, really with a passion just to help families. He has access to different investment options that he can start up for you.

1 mom found this helpful

Look online at TIA-CREF they have tons of different plans. You can also call and speak to a representative that can walk you through setting up an account.

After our daughter was born last March we met with a financial advisor. She explained all our options thoroughly and truly wanted us to be involved in the process. She put together a plan for us based on our income, bills, and how much we could/needed to save each month. You can find financial advisors on this site in the recommendations and I'll give you the contact info for the one we use. Her name is Ann Miller and her number is ###-###-####. The first meeting doesn't cost anything so it's worth a shot. Good luck!

I just went through the dave ramsey financial peace university program and he says to go into mutual funds, he says look for funds with a ten year or more 12% or more yield! I haven't looked into them yet, my money is tied up elsewhere. But that is what he says in his program. Good luck.

A....call Nico Ditges @ Edward Jones ###-###-#### office or ###-###-#### cell. He is an AWESOME financial planner! He really has our best interest in mind and is NOT only in it for the money! I worked for him for 2-1/2 years so I am speaking from experience from working so closely with him AND for personal investing. YOU WILL NOT BE SORRY! He is a little winded sometimes but I am telling you, you will be pleased! Tell him I referred you! And, let me know if you do call.
An'drea Boren

Check out this ____@____.com/sharonchipman

I really like the 529 plan we have for my son. Like Sandy (the first post) said, you are able to maintain control of the investments, and if the money is taken out for educational purposes, you DO NOT have to pay tax on it! We put in $50/month (immediately), and have it linked to our Fidelity 529 Mastercard so that everytime we use our card, that's 2% of every expense that goes to his account, on top of the other money. He's now 14 months old and has nearly $2500 in his college savings! (Our account has done very well this year, plus $50/month, and we use this one card for EVERYTHING but rent for an additional 2%). We do live moderately and don't go spending money all over the place: we have a budget and live by it, so it's safe for our family to use the credit card for everything. The website for our card is www.ibsworldcard.com

Happy NEws Year A.:

As a grandmother, we have found that an investment into the Texas College Fund, was the smartest move we made. We invested, I think, 10,000. which I also believe could be paid in installments. Our grandson was 3. It pays for 125 college hours tution and may pay fees, but we have seen it boost upward greatly. Unfortunately, we did not invest in two other grandchildren with that fund, and because we are retired, the parents of the children are paying into eductional funds for them.

\Good for you ----moving erly. It saves and it pays.
J.

Whatever you choose to do, diversify!! That holds true for any and all investments!

My mom bought all her grandkids saving bonds throughout the years so they had a little sum to cash in even if they did not go to college. I think she was smart to do that. You buy it for say $25 and then it is worth $50 when the kid is 18. Of course it depends on what you buy, but it is a good way to diversify and have something the kids can actually see and touch when you discuss saving for the future. ;-)

We went though our State Farm Agent and set up a college fund for our son hes 4 and I think its worth $7000 right now! So my suggestion would be to contact your insurance agent or State Farm Agent or Bank and find out your options.

When my son was very small I started an insurance policy for him. He is insured and the money becomes an investment. He can take back the money and he still has the insurance and he can increase the amount of the coverage later without all the high cost that would be his options later. By the time they are grown they have a sizable amount available for college, and they have had very low cost insurance. I now have the same type policy on myself. I put $200. a month into savings (the isurance) I have $100.000. in insurance and when I get old and want to retire I can take back the money and still have the insurance and have had insurance all that time. I'm sure some people can think of reason that this is not good, but for me it works.

I have thought outside the box. We met with a financial planner a few months ago and $500 extra a month just wasn't feasible to start putting away for our son.

So...We decided to pay off our two mortgages in 15 years and then the money we would be paying on a mortgage will go to college education when it's time. As a result of paying off our mortgage we will be saving about $50,000 in interest alone plus have our house paid off in 15 years!

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