2006-09-30 09:14:47 · 11 answers · asked by dappchl1 1 in Business & Finance ➔ Investing
Clearly the best way is to not have kids.
2006-09-30 09:17:47 · answer #1 · answered by sixfootfour185 2 · 0⤊ 2⤋
I really dont know if there is one straight answer for that. I would have to say to start with questions. Will they attend a public school or private? A public state school is ALWAYS your best bet, since the cost is a fraction if you go out of state. You know the people who come to your state college that is out of state pays thousands more. Example my son went to in state college yet the students there who were out of state were paying 4 times more just because they were out of state and yet it is the same college. If they end up at a private then it can benefit IF they receive GOOD scholarships, you must weigh out how much the scholarship is and is it really a bargin. Going back a bit, you must first decide what type of career the child may go into (if they are very young this is a very difficut task). All college specialize in certian areas. Such as, some speicialize in teaching, some in lawyers, some are high in medical education. The best thing if the child knows what they want and what type of career, many fall into vocational schools. Those are college but they center on JUST want your career is such as, if they wanted to go into business, there are many business colleges that they will be done in two years and not have to take all the other minors like in a 4 year college. Right now my second son is wanting to go into an automotive field, so he is looking at good vocational schools which are two years and will speicialize in his field. He also wants to take a few business courses which they do provide that.
So once you narrow it down, you must do your homework of what these colleges really cost. Do your math, look at living at home and go to a local college or away and maybe share living with roomates will always help.
This is my personal opinion and experience, all colleges are good, it all depends if he child really loves what they are doing, are in the right field, plus has self disapline they will learn no matter where they go. Only in a few cases anymore does the name of the school get you a better job. Today it is all about networking and getting experience so if they got a part-time job in the field they are going into while they are going to college it is a plus plus.
I have to say I am a single mom of three kids, and it was a fact that they knew I would be limited on funding their education. I helped them in anyway I could while they were there with rent deposits, or care packages, or possible school supplies. But IF they truely want to go to college and want it that bad there is a way. It will mean not going to over priced schools, depending on school loans, grants, scholarships etc. My son put himself through and was top 10 of his class, he is in demand as a designer from Indianapolis to LA plus he is so much mature, good with his money and grateful since he did work for it. So I have to admit even if I was rich, it is healthy and best for the child to have to pay for some of it themselves at least work part time to cover living expense they become a better person.
I have many friends that came from large families and each one of them put themselves through college and one is a doctor. Second would be the AirForce if they decide on being a doctor and the family can not afford it.
Be prepared and not knowing the family income and the ability to save these are just ideas if you feel it is impossible.
2006-09-30 09:40:42 · answer #2 · answered by vickieski2001 2 · 0⤊ 1⤋
There are many ways.
1. A coverdell Education Savings account.
2. US EE or I Series Savings Bonds
3. A UTMA account.
2006-09-30 10:41:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Start immediately to save money in a special account. Some banks have special college fund savings accounts with good interest. Ask your banks. I use a credit card from upromise.com which put part of my purchases into a college fund. Check them out. It pays off.
2006-09-30 09:30:47 · answer #4 · answered by notyou311 7 · 0⤊ 0⤋
A 529 plan is usually the best way to go. The money will grow tax free. If you say what state you are in, I can direct you to your state's website for 529's. You can also do a yahoo search using the words "529" and your state's name. For more information on 529's and other investment options set this link. Good luck!
2006-09-30 10:36:39 · answer #5 · answered by Anonymous · 0⤊ 1⤋
start early and invest regularly.
In Canada we have a thing called mother's allowance. My spouse gets like $75 a month (depends on family income), anyway, those cheques go directly into a registered education mutual fund (which the government matches with 20% on an annual basis, redeemable when he enrols in college).
My son is 3 and between mothers allowance, birthday and christmas gifts has accumulated almost $5,000 + $1,000 that the government has added in.
2006-09-30 09:26:45 · answer #6 · answered by capollar 4 · 0⤊ 1⤋
As early as you can, even before the child is born. Look into a 529 plan (education savings) or other forms of investment.
2006-09-30 09:23:51 · answer #7 · answered by fetchrat 3 · 0⤊ 1⤋
Invest in precious metals. Very bullish market for opportunities for capital appreciation in the next few years. With the economic boom in emerging markets like India, China, and Brazil, the demand for precious metals is rapidly increasing. Look for more info below:
http://preciousmetalsinvesting.blogspot.com/
2006-09-30 14:56:28 · answer #8 · answered by MADELINE F 1 · 0⤊ 0⤋
529 Savings Plan. They are flexible and have tax benefits for the donor. Check with your state dept. of treasury.
2006-09-30 09:58:32 · answer #9 · answered by jeff410 7 · 0⤊ 1⤋
TD Ameritrade.
2006-09-30 10:41:53 · answer #10 · answered by Anonymous · 0⤊ 2⤋