investment fund
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College Fund
Asked by J.V. from San Francisco
on August 29, 2008
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Does anyone know of a good college fund to start for my 18 month old son.
Answers
- Hi J.. I just asked this very question to my other girlfriends. They said a CollegeBound Fund or a 529. It is tax-deferred. Good Luck!
- Hi J.,529 funds are a good way to go. You can choose one from many different states, regardless of where you live and where your child eventually attends college, th...
- I have a DC College Fund set up for both of my daughters. I can't remember the particulars, but you can Google it and check out the web site.
Gerber Life Insurance/College Fund
Asked by C.S. from Milwaukee
on January 31, 2012
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Hi Mom's
Anyone have or is looking into the Gerber LI/College fund?
Opinions?
Thanks!
Answers
- Go with 529, or a state college savings plan. If they don't go to college? Cash it in. There will be a penalty, sort of like cashing in your retirement plan early...
- Better off opening a 529 than doing the Gerber thing.
- I think there are better ways to save money for your child's college. And life insurance for a child is pretty dumb in my opinion. The chances of a child dying are ver...
Investment Broker Advice
Asked by J.S. from Dallas
on March 12, 2007
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My husband and I will be having our first initial consultation with an investment broker within the next couple of weeks. I'm pretty much on top of our finances, but ...
Answers
- In my opinion, it's totally worth it. I've always been pretty good at keeping all our finances together, but a professional can help you get everything together. We ...
- When I left my last job I had a 401k through the company. Since I wasn't going immediately to another employer, I rolled my 401k to IRA but kept the (almost) same inv...
- J., I am in the financial industry so trust me on this advice...I do not work with investments but there are guidelines on my company's website that you can find usef...
Advice on Starting a College Fund
Asked by R.D. from Washington DC
on March 17, 2011
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Hi Moms,
We have not started a college fund for our kids yet. I'm looking for advice on which is the best way to go. I heard that the 529 fund can change so ...
Answers
- We've opened a 529 plan. I haven't heard anything about it "changing" down the road.....
- It is BEST to ask a Financial Consultant or tax consultant. It is SO many details... and the laws change all the time. For a layperson to decipher it all, can take a...
- Sean Welsh ###-###-#### AXA Financial Consultant and good friend He can be SO helpful and make it really simple for you to plan for the future. Plus, he'll come to ...
Bright Directions College Fund
Asked by K.G. from Chicago
on July 26, 2008
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My husband wants to set up this college fund for our son. I'm not sure if it is really a good investment or not. Could there be a better or different one to use. Any s...
Answers
- I invest in Bright Start Illinois 529 plan. You get a nice tax break if you are an Illinois resident. I started with the Upromise fund and when I had my taxes done t...
- The Illinois Bright Starts one is considered one of the best in the country. It has lots of investment options, shows good returns (remember the market is awful at pr...
- Brightstart of Illinois was the best option we could find. There are different levels you can pick, safe to risky, and you can also transfer it to another child or adu...
Starting a Scholarship Fund
Asked by K.D. from Dallas
on June 11, 2010
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Does anyone have information on how to start a scholarship fund. The company I currently work for would like to start one for it's employees children. Any informatio...
Answers
- The company I work for has a scholarship fund. Here's some of the basics. They set up a separate 401(c) corporation with the IRS. Each year they have a dinner to r...
- This is strictly off the top of my head. 1. I would begin by figuring out where the money for the fund is coming from. 2. Determine how much money will be distrib...
- I help run a scholarship program for the Arts Council I sit on, we give away between $600-$6000 scholarships per year depending on how much we have from the interest i...
College Fund for Stepdaughter
Asked by N.S. from Chicago
on September 10, 2010
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I really want to start setting aside money for college for my stepdaughter. I really want the money to be protected from her mom and I want to assure that it will be u...
Answers
- There is the 529 that is for education only. The reason that I opted out of this is if they decide not to go to college or get a scholarship, it can be transferred to...
- What my DH and I are doing for the grand kids.....is putting away our change in a jar and taking it to the bank every month or so.........it might not seem like a lot ...
- 529 plans are for any kind of further education and yes, if the mother's name is not on the account, she will not have access to it.
Thoughts on the TX Tuition Promise Fund?
Asked by J.L. from Dallas
on August 18, 2009
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Hi everyone, it sounds like a good idea - invest in your child's college education now and lock in this year's tuition costs, because by the time your child is 18 yo t...
Answers
- We did a 529 plan back when daughter was little. She can go anywhere she wants to go, in or out of state. I just depends on what your specific needs are and what...
- I don't know on this particularly. Maybe there is a good accountant out there. But invest or set up some type of savings plan now. The years fly by and anything you...
- I did not read you other responses. I will tell you that if it isn't backed by the state then I wouldn't do it. Also, One thing I have been told these last few yea...
Husband Made Bad Investment Decision
Asked by S.J. from New York
on October 13, 2011
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Recently my husband made some bad investing decisions in my 401K and it's pretty much gone. I'm beyond feeling angry -- especially since he knew about it and never di...
Answers
- I also wonder how he made the decisions. If you allowed him to, then it's partly your responsibility. And all of it was lost between last statement and this statemen...
- There are a lot of unknowns... How long have you been married? Did you just meet the guy? How did he obtain access to 'your' money? Did you build this 401k up befo...
- I would be ticked off beyond belief! Thirty years worth of saving your hard earned money...not mentioning financial security. I'm just shaking my head right now wi...
Saving for Your Toddler's College Fund! 529, Gerber Life, Etc???
Asked by J.A. from St. Louis
on February 11, 2011
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Any suggestions on what you and your family are doing?
While my parent's paid for about 60% of my college career, they hardly saved at all and left both myself and...
Answers
- Hm, no savings for kids. We own properties (one paid off) and plan on buying more as years pass. Come college time, if kids don't get scholarships then we sell a prope...
- Missouri's MOST plan is one of the top five best plans in the US. Not sure why you would look anywhere else. Oh Lola, we thought the same thing about private sch...
- Honestly your financial planner is right. There are many ways to finance a college education. You can't borrow your own retirement. While "maxing out" your retirement ...
