Investments for kids?

txbootsy · January 2011

I need recs please

Should I go with a regular savings account and some sort of college account?

Or just one of the above?

Thanks!

cali_girl92504 · January 2011

We have just a savings right now as I'm torn on the 529 plans. Still researching. I do put double in there though like I would be putting towards college and regular savings for her. Thanks for posting this...curious what others are doing. Not sure why I don't trust the 529 plans so it won't be our only means of saving for her.

MrsMGR · January 2011

We have a regular savings account for Joe and a Texas Tomorrow Fund (I think the name has changed though). All of our money goes to his college fund and his savings account is all his birthday checks, and piggy bank money.

charlotteL · January 2011

Each boy has a 529. We have monkey taken from DH's pay every month and have it put in there.

CareBear01 · January 2011

I saved these posts in order to research later - but never ended up researching later!!! Hope they help you! Right now, I just have a separate savings account that I keep for him for his B-day checks/college fund checks he gets from other people - but we don't really contribute a set amount to it. I guess we should. I am a big proponent of there are student loans, but not retirement loans, so I want to make sure we don't put money into something that we might have to take a penalty on later to take out, if it doesn't end up being for school, etc.

https://www.clarkhoward.com/news/education/preparing-for-college/clarks-529-guide/nFZS/

https://community.thenest.com/cs/ks/forums/thread/5734424.aspx

https://community.thenest.com/cs/ks/forums/thread/9888499.aspx

starlettedir · January 2011

she already has 529 through usaa

Nanner · January 2011

We've got a 529 for each of the kids (Scholar's Choice), but we also have a savings account for each of them as well.

LisaK2b · January 2011

DH and I just had a financial restructure and so this is our game plan for the kids:

1) Each kid has their own savings acct - this is their own money from gifts that they receive and we'll discuss it with them when they get a little older on financial responsibility.

2) Each kid has their own 529 through Vanguard - we didn't go full force, but went ahead and set up an acct for both with the min monthly investment. I like the fact now that if your kid gets a scholarship, you only have to pay regular taxes on your interest in the scholarship amount, but won't get the 10% penalty.

3) We set up a mutual fund (Bonds - more stable but can earn more than a money market) - this acct is in our names but is intended for the kids education and other big kid expenses...or it will just be our spending money if they don't need it down the road.

melrrr · January 2011

charlotteL:
Each boy has a 529. We have monkey taken from DH's pay every month and have it put in there.

Your husband gets paid in monkeys?? Tracey would be so jealous if she knew! Smile

CareBear01 · January 2011

melrrr:

charlotteL:
Each boy has a 529. We have monkey taken from DH's pay every month and have it put in there.

Your husband gets paid in monkeys?? Tracey would be so jealous if she knew!

I was going to mention something, but didn't - so I'm glad you did! Stick out tongue

jennifersmith727 · January 2011

We went to Pivot Point Advisors and decided to go with a 529 plan. They will tell you the best plans for Texas residents. They do not charge for college planning.

https://www.pivotpointadvisors.com/

charlotteL · January 2011

CareBear01:
melrrr:

charlotteL:
Each boy has a 529. We have monkey taken from DH's pay every month and have it put in there.

Your husband gets paid in monkeys?? Tracey would be so jealous if she knew!

I was going to mention something, but didn't - so I'm glad you did!

I was waiting for some one to catch that.

april16 · January 2011

We have a 529 set up for Tyler through Fidelity for his college and my dad has savings bonds set up for him for Christmas and his birthday gifts.

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