Saving for kids college

#1
Q

qwerty

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Jan 15, 2013
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#1
Since the IRA thread helped me, I'll press my luck with another. It seems like 529s are the way to go for saving for a kid's college expenses. Anybody disagree with me?
 
#2
#2
I just started a 529 a few months ago for my 8 month old. It seemed to be a good option to me.

There's a thread in the politcs forum on 529's as well.
 
#5
#5
I'm going to tell my kids what was told to me- you better take out a loan or join the military
 
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#7
#7
I have a separate account for my daughter. A 529 is a better option, but I wanted it available with no recourse in case of emergency.
 
#8
#8
We have 529s setup for both kids. My dad also setup an account for each instead of any possible inheritance he might leave. I guess we'll cover the rest as it comes
 
#9
#9
qwerty said:
Since the IRA thread helped me, I'll press my luck with another. It seems like 529s are the way to go for saving for a kid's college expenses. Anybody disagree with me?
Click to expand...

I'm a financial advisor with Edward Jones and have been since 2011. 529s are a good option for sure. Helps to know how much you will need to save and actually have in that account for school. I can help with that.
 
#10
#10
I can't imagine how much schools will cost in 15 years. I know ETSU for me in 2005 was about 1500 a semester. I think it's about 4000 now. And it's a lot cheaper than most I believe.
 
#12
#12
B-Stizzy said:
I can't imagine how much schools will cost in 15 years. I know ETSU for me in 2005 was about 1500 a semester. I think it's about 4000 now. And it's a lot cheaper than most I believe.
Click to expand...

I went to ETSU in 92&93. It was under $1000 back then.
 
#13
#13
A Coverdell has more flexibility, but it also comes with some income restrictions.
 
#14
#14
There are also custodial accounts that allow the contributions and earning to be used towards anything.
 
#15
#15
just passing on what an advisor told me
don't save anything for college, until you have maxed out saving for your own retirement
 
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