I don't have alot, but I want to begin the best savings plan for my baby for school tuituion.?

Question

Is there something where I can add to it a little at a time each month type thing?

Answer 1

Look into the 529 plan. You can start it with $50 usually. Check out this website for more info

http://www.savingforcollege.com/college_savings_201/

Answer 2

Jay just hit it on the nose. Equity Indexed Universal Life. Go Read the greatest book ever written, Missed Fortune 101 by Douglas Andrews. It would be difficult to explain the investment concepts in a short message. But just to give you some quick figures that will blow away all college saving plans and mutual funds.

If you had 2 kids lets say and you invested for each of them started when they were say 3 or 4 and invested $2K a month for 14 years. Then you never invested another dollar for them. Here's how their lives would look like and what you could do.
You could:

- Have $40,000 a year for them to go to college and get a 4 year degree
-When your children turned 40 they could each start pulling $40K a year tax free and pull that FOREVER. Nice bonus at turning 40 for thier families.
-So even if something terrible happened and the couldn't work, their family still had the $40K tax free income
- If either of your children died (god forbid) you'de get $1.8 million dollars tax free.

All that because you invested $336K. Pretty Good deal.

It's one of the only investments like it! Email me for further details on it.

Answer 3

Heard a politician say the other day that she wants everyone to be forced to set aside 10% of their gross earnings for retirement. She said it was for their own good. She wants the same govt that brought us Fannie and Freddie, a incompetent post office, and failing school systems to manage the money. She also thinks those of us who have been setting money aside the last twenty years to have to use it to help shore up a govt ran program. Once again, punish those who make wise decisions while rewarding those who don't

Answer 4

First, I would make sure that you are putting money away for your own retirement. There is a lot of different programs to help pay for college, but there is only one save way to make sure that you have enough for retirement and that is to save for yourself.

Once you are saving at least 6% of your income in retirement accounts than you can start to invest in a 526 college savings account if you are planning to stay in one state and your child will go to college in state. Just remember, that the more you save now for your child will count against you in the future when it comes to student aid and grants. You might end up paying more out of your pocket than someone else.

Answer 5

If you are in Canada, the government will start you out with a learning bond of $500.00 if you have a lower income and will top up an RESP by 20% of each dollar up to $400.00 per year

Answer 6

529 Plans are the best way to go for college education savings. They are flexible and have tax benefits for the donors. Check with your state treasurers offce for information on your state's 529 plan..

Answer 7

I would suggest contacting a low cost mutual fund company, such as Vanguard, Fidelity or T Rowe Price. All three have education investment specialist who can better determine an account for you.

Answer 8

I have two savings for my boys and you can start off with as little as 25.00 and add to it whenever or every month.. Look up ING direct orange savings, great company to save with and great interest rates for your money, better than the bank savings..

Answer 9

buy life insurance on the baby the one you can cash in when the baby turn 18 or 21year old ou pay premium every month they ad int reset at age 21 cash it call your insurance agent and ask for more info state farm the best one

Answer 10

Yes, but it varys from country to country , im from New Zealand. Any how I think that what you are doing is great.I wish more parents cared about their childrens education the way you do!

Best of luck for your familys future!