What's the best way to save for my son's future college expenses within a 15 year period?

Answer 1

529 Plan, when the money comes out it is tax free, any mutual fund company you can have an automatic draft from your checking right too the account, so you know your saving. You are able to contribute $11000.00 a year if you've got it. You are the owner, until you withdrawal for educational expenses. Must go to educational expenses and only for family members so if one child doesn't use it you can transfer it to another. There is also the Coverdell Ira that only allows $3000 a year contributions, same basic benefit, tax free on the way out. I

Answer 2

Stock market gives the best return. Get an account with a brokerage with inexpensive fees- less than $12 for purchases- and then purchase dividend blue chip stocks & have dividends reinvested. also there is a certain account that is strictly for education so invest in that plus get your parents to put money in that instead of buying son toys,,,,,,

Answer 3

right this moment inflation is a lot down so EE bonds extra beneficial. no you are able to truly see the next day. yet once you circulate lower back 5 years and notice what redemption could be on comparable dollar bond the two EE or I, you will discover that the I bonds paid extra. So for an prolonged era i could purchase the I bonds. in my view i purchase $a hundred and fifty.00 in step with month I bonds.

Answer 4

The first thing would be to buy life insurance just in case you die.

I also suggest you to buy disability insurance just in case you get disabled and you cannot work anymore.

You can open a brokerage account at TD Ameritrade and invest in the Stock Market with the help of a Portfolio Manager like myself if you can afford it or at least a Financial Advisor.

You will have $250,000.00 by the time he goes to Harvard.

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Answer 5

Mutual Fund. The state sponsored ESA's are great and grow tax deferred, but if your son doesn't go to college you pay huge penalties to get it out.. If you keep it in a mutual fund you can use it for anything you want any time, and it will grow for your son just like in an ESA... you just won't have the tax benefit.

Answer 6

Hmmm, maybe go talk to your financial institute?

They'll probably recommend you put a fixed amount of money into an account and don't touch it, so the intrest will compound, but they'll give you a better idea of the rates and such.

Good luck!

Answer 7

If you and/or your significant other ever get raises, put all of that money towards the college fund. Set yourself on a budget where you are comfortable and just save the rest when you get raises....

Answer 8

Open a bank account soley for His college education.Put a few hundred dollars in it per month; and no cheating!

Answer 9

I honestly believe life insurance. Look into it. Best security for long range turn arounds.

Answer 10

open a savings account at INGdirect free $25.00 with a minimum deposit APY is 4.25% and increases monthly also intrest is calculated daily and compounded monthly