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

1 / 3
Required Fields

Our records show that we already have a Mamapedia or Mamasource account created for you under the email address you entered.

Please enter your Mamapedia or Mamasource password to continue signing in.

Required Fields

, you’re almost done...

Since this is the first time you are logging in to Mamapedia with Facebook Connect, please provide the following information so you can participate in the Mamapedia community.

As a member, you’ll receive optional email newsletters and community updates sent to you from Mamapedia, and your email address will never be shared with third parties.

By clicking "Continue to Mamapedia", I agree to the Mamapedia Terms & Conditions and Privacy Policy.