We just had a baby boy and we want to start put away some money for him, something like college fund...Any advice on what is the best way to go here? Any special accounts the banks have for this type of thing?
Thank you.
2006-09-26 03:13:59 · 17 answers · asked by Michael R 4 in Business & Finance ➔ Investing
Sounds great. Remember the best investment you can give your child is your time. The profits will be huge.
2006-09-26 03:16:16 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Nothing in a bank is correct for a college fund until he is 10 or more. Have to get some growth & quicjk at the rate tuition rising. Ck into your state's 529 (college savings tax-free plan). Equities are your only hope of making a dent in the mountain to come. Good luck. 2. Forget insurance plans for him - period.
2006-09-26 04:38:03 · answer #2 · answered by vegas_iwish 5 · 0⤊ 0⤋
Depending on what state you're in you can go with that. Here in FL we pay for all our kids to get a 4 year degree, pay for all fees, and pay towards 2 years of dorm living. It costs about $133 per kid per month and the sooner you sign up the less it costs. It hurts financially (we have 3 kids...), but it will be great when they go and we aren't shoveling out nearly as much money. Congrats on your baby! Enjoy him!!!!!!!!!!
2006-09-26 03:19:11 · answer #3 · answered by applebetty34 4 · 0⤊ 0⤋
A savings accounts, go to the bank and ask it's more the just a savings.
2006-09-26 03:18:17 · answer #4 · answered by lilymarie 2 · 0⤊ 0⤋
talk to an accounting firm that specializes in long term investing. however, here are some banks that can help.. Wells Fargo, Bank of America
https://www.wellsfargo.com/student/planning/longterm/index.jhtml?_requestid=88971
2006-09-26 03:16:07 · answer #5 · answered by tampico 6 · 0⤊ 0⤋
You need to start a 529 plan. It is a tax-free college funding plan. I can tell you how to set one up. If you want more info,
just let me know....
2006-09-26 04:29:45 · answer #6 · answered by Shannon G 2 · 0⤊ 0⤋
Just do not open any account...Inspite of that spend money of his education and good breeding...Good Health, Full yearly Medical check up, that is the best investment...And you will receive the reward..
2006-09-26 03:17:29 · answer #7 · answered by Farhana Noreen 2 · 0⤊ 1⤋
buy an insurance for 20 yrs
by the time he is 20 he will have enough to go for higher education
2006-09-26 03:22:09 · answer #8 · answered by may_minu 3 · 0⤊ 0⤋
EE and I series savings bonds. They can be purchased at any bank. Their inexpensive to start purchasing. You can purchase as many as you want, whenever you want. They come in all different denomations.
2006-09-26 03:22:05 · answer #9 · answered by Angel W 3 · 0⤊ 0⤋
A stake holder pension
2006-09-26 03:15:12 · answer #10 · answered by poli_b2001 5 · 0⤊ 0⤋