529 plans, Upromise & Ugift

anynamenottaken · August 2009

Anyone set these up yet? I'm trying to do research online, and I thought I'd ask to see if anyone has experience and could share their pros and cons. TIA!

Fish4Fun · August 2009

I hear my state is running out of money. I will not be doing any earmarked college savings plans. I've been advised not to by financial wizards, because our family will receive more financial aid that way.

It depends on your financial situation, but most middle-class families are better off investing in retirement than college.

deeanneharris · August 2009

I have not done one, but from what I understand, you can do one for a state other than your own if they have a better one. I am in Texas and a friend at work has an Iowa one for her DD. She said her brother who is a financial planner recommended it for her situation.

LoveEeyore · August 2009

We inherited some cash and dumped it all into a 529 for DD, and have lost about $10,000 dollars since opening it. We need to figure something out since we'll have 3 in college at the same time, but won't do it for the twins... we meet with our financial advisor next weekend and will look into some savings bonds, and maybe even 5 year CD's if the % is right... we'll see.

TennisWife815 · August 2009

We took DS's gifts and put it in an ING account. We then matched it and put it in a 529. So far its doing well but its a long term investment so I'm sure it'll fluctuate at times.

saj&jaj · August 2009

We're discussing that now. I think I'll put money in a long term CD (not going to earn much in the way of interest but it is "safe") and a 529 so that the grandparents can contribute if they want. Once I get his SSN I'll open a regular savings account for DS so he can save his allowance, birthday card money, etc.