What amount should I put away every month? What type of investments should I consider?
(I have been told not to invest in the children's names as I will have not control over the money once they turn 18 and it might be misused).
2006-08-14 04:23:08 · 5 answers · asked by estee06 5 in Business & Finance ➔ Investing
Useful websites will be appreciated
2006-08-15 14:48:32 · update #1
What state are you in? A lot of states have a prepaid college program that does gain interest and also is accessible incase you ever need it.
Check out Florida Prepaid College Program, maybe it will link to your state as well
2006-08-20 18:24:52 · answer #1 · answered by CATRINA C 1 · 0⤊ 0⤋
You probably need to speak with a financial planner in your area. However, some available investment plans include 529 plans and educational IRAs.
As to what types, it depends on how much risk you're willing to assume - high risk tends to translate to high reward, and lower risk leads to lower reward.
Find a financial planner in your area you are comfortable with - many banks offer the service, or an independent planner, and go from there.
Good luck!
2006-08-14 12:43:46 · answer #2 · answered by Synique 2 · 0⤊ 0⤋
Put the invest under your name! you never know if you need it for anything else!! But the more money you put in the the better future your kids, consider how much your willing to save for them!
2006-08-20 13:55:37 · answer #3 · answered by Flopy 2 · 0⤊ 0⤋
Visit bankrate.com they have calculators and complete information about different savings plans for kids education plus you'll be able to see information about other investing products.
2006-08-14 11:32:56 · answer #4 · answered by GDL 2 · 0⤊ 0⤋
You didn't say how many children that u have.If u can afford it put at least 100.a month it will help when they get older.Put it in their names,But have it where they can't get any out with out your signature
2006-08-14 11:35:22 · answer #5 · answered by Candy 4 · 0⤊ 0⤋