College Fund

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, though some state funds do not allow non-residents to invest. Some states have better plans than others (more flexible in terms of minimum/maximum amounts, age requirements, advisor-sold vs. avaliable directly, state tax incentives, investment strategies, penalties for withdrawing $ for other purposes, etc.). I believe we went with Utah, but I no longer recall why (my husband researched the plans and filled me in, but this was five years ago, and I just don't remember the details). There are resources online providing info about the various plans; just be sure to know if the info is from an independent source or from a place that stands to gain financially based on your making certain decisions.  We also switched from a credit card with airline mileage rewards to one that saves money for our son's college tuition.

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.

The Golden State ScholarShare program is very good. I think they have a website.

Hello J., I wanted to send you the name of a gentleman who would be great to speak to about a college fund for your son. You are really doing the right thing to start now. My daughter graduated from UC Berkeley and we had prepared for the expenses early on. Please call Ted Cotton of AXA Advisors in San Mateo ###-###-####.

S. Adam

I actually started a college fund for my daughter when she was one year old. At that time, the only fund I knew of was the Florida fund and since I am originally from Florida, I signed her up. She just entered the first grade, and I will make my last payment in October. I went through www.Florida529plan.com, but now there are 529 plans here in California. For $187.00 per month for 5 years, I have secured her college fund for a 4 year university regardless of the price when she graduates. What a deal! There used to be restrictions on which colleges one could attend, and could only attend a college in the state in which the plan was purchased. Now the plans cover just about any U. S. College. A very wise investment, and the earlier you purchase the plan the cheaper it is.

Now, I am starting a college fund for my other daughter. HIGHLY RECOMMENDED

Hi J.,
That is so awesome that you are planning ahead! College is a huge expense for families. My husband helps families prepare for the future. You can call him for more information. He works for Primerica, a financial services company, which does great things for families. Best of all it's complimentary, customized and confidential.
Scott Whiten
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It's always a good idea to look at all your options. Hope this helps.