I recently sold some property and have $15,000 to play with. My daughters' college is 2 years away. Where could I invest it that would have a hi rate--or tax wise would it be better to put it in 401(k).
2006-09-15 09:09:58 · 3 answers · asked by Anonymous in Business & Finance ➔ Investing
Put $2000 into your daughter's Coverdell Education Savings Account. That is the annual maximum. Maybe put another $2000 in for her next year.
Put the rest into your 401K or IRA.
You might consider a Roth IRA since you have a 401K already, where the gains are tax free after you retire, especially if the $15K was not taxable gains. That would be sweet! Tax free money into a tax free retirement account!
My favorite mutual fund has been UMREX, but you never know...
2006-09-15 09:48:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
whatever your choice, it being only 2 years away means you should probably been in a more conservative investment since you won't have enough time for any prospective downturns to be offset by later upturns. Look into one of those educational accounts that accrue tax free.
2006-09-15 16:13:23 · answer #2 · answered by Brand X 6 · 0⤊ 1⤋
split half and half
7500 for her
7500 for you
2006-09-15 22:14:50 · answer #3 · answered by Hoa N 6 · 0⤊ 1⤋