My wife and I just had our first child two weeks ago and I'm interested in starting to put some money away for her future. What are my best options? I'm very naive with this kind of stuff, so be aware of dumb questions coming after I get a few responses.
Lots of tax deferred options are written into the tax code for college savings.
If you are nervous in the event of something happening to you or your wife you can take out a term life policy which are much cheaper than whole lifes.
Natural Immunity Croc
I'm more thinking about paying for college. I've read some about 529 plans as well as pre-paid tuition plans
We started a GA 529 plan when our little one came last year. It made 10+% the first year, and for the first year they don't really need for a ton of toys\books\etc... so we told the grandparents to just write us a check for what they would have spent on toys or clothes to the 529 plan.Originally Posted by Bj1133
We also have them deduct an amount every month for our checking account to contribute. Seems like it should add up pretty quickly.
Ivermectin Man
Congrats BJ. Getting any sleep?
I haven't set anything formal yet. I am just putting money away so that if my kids decide not to go to colllege, they can have the money toward down payment on house.
This may not qualify as college savings advice, but Id go grab me a 10 or 20 year term policy for whatever you feel is appropriate. 250k is about 250 bucks a year for me. You and your wife\gf both need one with the other as bene.
And CONGRATS!
Last edited by Tapate50; 10-17-2013 at 09:18 AM.
Ivermectin Man
I'm getting a good amount of sleep, not as much as usual but enough. I'm fortunate to have a job with a 4 week paternity leave, so I'm smack dab in the middle of that right now, which makes sleep not that necessary right now.
Def do term life. I got a mil for $600 per year. Well worth it.
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