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College plans...

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hey fellas.... looking for some advice on college plans for the kiddo..... i have no idea how/where to invest, buy stocks, etc ..redface.gif .. but want to get a college plan started for my son while he's young, so he doesn't have to worry about it later.... Do you guys currently have a plan that has worked well? i see all this about a 529 plan? advantages ... disadvantages? Ing Direct college plan? any and all help is appreciated.....

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View Postmake the kid get a job now and pay for their own college. icon14.gif and none of that stuff like 'he's only three years old' I don't want to hear it. cwm13.gif

 

tried that one..... The kid can't pass a drug test to save his life.....cwm27.gif

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Are you plannin gon not saving for your retirement? Or are you able to afford current living expenses, as well as your retirement plan, and a plan of saving for your child's, only one I assume, education?

 

We are currently in the college forming stage, 17 and 15 yrs old. Money (some) put aside since birth, invested in the market, we have about 35k for the two boys. Woefully under budgeted for private school, about 40k a year (That's 320k for the two of them), under budgeted for state school, about 12k a year (that's 96k total), living at home and over budgeted for community college (about 12k total). So what to do? I taught my kids to be smart! Both are in the 98 average, Sure they will get some scholarships but I have convinced them that community college followed by state college will go far in getting them to their goals. Number one son has his sights set on medicine. So college, med school..total bill: 350k.

 

Lot's of love, support and guidance in being good students...let them figure out the money. Scott

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View Posttried that one..... The kid can't pass a drug test to save his life.....cwm27.gif

 

 

 

Then college is the perfect place for him! icon14.gifcwm27.gif

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529 plans are adminstered by each state - some states have a tax incentive to put $ away.

 

Education IRA - low contribution limits but all growth tax defered, fee if used on secondary Ed expenses

 

UGMA/UTMA - gift to minor accounts - no tax benefit but can be used to suplement the other plans

 

If you're unsure on what you're doing SPEAK TO AN ADVISOR

 

When they give you ideas/recommendations ask them HOW they are paid on what they are recommending. If they won't answer or dance around it then find another advisor.

 

Good ones aren't afraid to tell you HOW they get paid on what they recommend. Stay away from individual stocks and look at mutual funds or ETF's (exchange traded funds)

 

If none of this makes sense then look at the Motely Fool website - lot's of good info in very plain language

 

Good luck!

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View Post529 plans are adminstered by each state - some states have a tax incentive to put $ away.

 

Education IRA - low contribution limits but all growth tax defered, fee if used on secondary Ed expenses

 

UGMA/UTMA - gift to minor accounts - no tax benefit but can be used to suplement the other plans

 

If you're unsure on what you're doing SPEAK TO AN ADVISOR

 

When they give you ideas/recommendations ask them HOW they are paid on what they are recommending. If they won't answer or dance around it then find another advisor.

 

Good ones aren't afraid to tell you HOW they get paid on what they recommend. Stay away from individual stocks and look at mutual funds or ETF's (exchange traded funds)

 

If none of this makes sense then look at the Motely Fool website - lot's of good info in very plain language

 

Good luck!

 

 

 

great info..... looks like i will be hitting up the Motely Fool website ...... thanks for the direction...... i appreciate it.....

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View PostAre you plannin gon not saving for your retirement? Or are you able to afford current living expenses, as well as your retirement plan, and a plan of saving for your child's, only one I assume, education?

 

We are currently in the college forming stage, 17 and 15 yrs old. Money (some) put aside since birth, invested in the market, we have about 35k for the two boys. Woefully under budgeted for private school, about 40k a year (That's 320k for the two of them), under budgeted for state school, about 12k a year (that's 96k total), living at home and over budgeted for community college (about 12k total). So what to do? I taught my kids to be smart! Both are in the 98 average, Sure they will get some scholarships but I have convinced them that community college followed by state college will go far in getting them to their goals. Number one son has his sights set on medicine. So college, med school..total bill: 350k.

 

Lot's of love, support and guidance in being good students...let them figure out the money. Scott

 

 

as far as retirement goes.... counting on 2 pensions for that, hopefully, i am sure he will need to get some form of scholorship to get him where he needs to be.... he's only 18 months old right now, so i figure if i get a jump on it now, i will be ahead of the curve when he's in high school....

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I kid you not on the teaching him to be a good student. Average is fine for some one else's kid, but you want more. Start it early, and it becomes a way of family life. Good luck!

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View PostI kid you not on the teaching him to be a good student. Average is fine for some one else's kid, but you want more. Start it early, and it becomes a way of family life. Good luck!

 

 

you are right about that........ we are fortunate that his daycare facilty is a great place for him to be.... they start early on the learning and make it fun for them.......

 

View PostJust be careful what you put in their names. Assets held by the student are the first things schools look at when determining Financial Aid.

 

 

yeah i saw that..... the 529 plan i was looking at considers the accout an asset of the parents, not the child...

 

thanks again guys

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