We live in Michigan and I am interested in purchasing my son (who is 4 now) a MET contract or something similar. Any advice would be appreciated...thanks!
2006-09-11 03:20:51 · 2 answers · asked by Anonymous in Business & Finance ➔ Investing
It is great to see that you care about your Son's education and you ought to be congratulated. The problem is that inflation can not keep up with the rising cost of education, even state colleges and community colleges can ge pretty expensive. There are IRA types of investments that will allow you to take a tax break now and save money for the future allowing you to do more today, but remember that today's dollar will be worth a lot less in 15 years. Investing in gold is safe, real estate can be also lucritive, putting money in the bank will give you too low of interest to make a dent on the future expenses but it is better than nothing. Go talk to your bank, then talk to a national investment firm, then your lawyer and last your CPA
2006-09-11 05:00:13 · answer #1 · answered by searing 3 · 0⤊ 0⤋
GOOGLE: Education Savings Accounts (ESA's), to get further information as to available options.
You may need to go to a bank or broker to set up the account. I believe that the interest is tax free as long as the funds are designated for college expenses. Other uses will trigger a tax liability for the child.
2006-09-11 11:25:53 · answer #2 · answered by PALADIN 4 · 0⤊ 0⤋