I also want to create an investment account to make my savings money more productive, Im not sure how to start and a financial advisor charges fees that I would rather not pay if I can do it on my own, any advice?
Posts Tagged ‘Kids’
How much to invest for college for 2 kids? More…?
06
Feb
We are planning on investing a certain amount towards our 2 babies college education. How much does a college degree cost after 4 years in a good private college? We want to start early to give our kids a good chance at attending their desired school if they decide to do so. Any investment advice would be appreciated (amount to invest so that there is sufficient amount at 17/18 years). Thanks. I have a 9 month old girl and newborn boy on the way.
Finance 101: Saving For Kids College Education
29
Dec
EverythingFinanceBlog.COM My daughter will be turning 2 in January. So for my wife and I, its time for us to start planning for her college. Should we go for a College 529 plan, an Education IRA or a Regular Investment account ? What should we do? Read More: everythingfinanceblog.com
Would it be a good idea to open State Financial Aid resources to Illegal Immigrant kids attending college?
28
Dec
Think about it!
If a lot of those illegal immigrant children end up getting Bachelor’s or Master’s degrees, it becomes even more painful and costly for the US economy to have them deported.
Their skills and educational investment could quickly be turned into an asset (rather than a liability) if they were amnestied and given a shot at the American Dream.
I think it’s a good idea. They’ll go to college and get degrees and be even more loyal and patriotic to the government that gave them a shot at decent, productive lives.
Want to help kids go to college why parents not talking to financial planner? Small investment?
09
Oct
What is the best way to save money for kids? *Special situation, please help*?
06
Sep
I’ll try to keep this as short as possible-
Background:
My fiance and I will be getting married in one month. We are both divorcees, and I do not have kids. She has 3. They are wonderful kids, I am ready to care for them, but here is the situation. They only see their father every other weekend, and he and his family have not been very cooperative. He frequently quits jobs or gets fired and fails to catch up on his child support payments, which are very low to begin with. My fiance and I earn average wages, so this presents an issue. He has finally been diagnosed with a mental illness and she is starting to receive social security payments for all three kids.
Question:
What is the best way to save this money for the kids, without hurting ourselves, and if possible without hurting them? What I mean is that if we were to put this money in accounts for them, it would likely hurt them when they apply for student aid years later. At the same time, I don’t want to screw ourselves and get taxed more. Should we just keep this money as cash? Invest it in a 529 college savings plan? Again, my first concern is to not screw ourselves. Thanks for any advice!
Samantha – I am currently financing my own education as well; I work full time and go to school part time.
Mike – Thanks…that is good advice.
Everybody else: While I do want to help the kids, my main interest is how do we (my fiance and I get married next month) not get penalized. She does not receive alimony. She receives child support and some social security money due to his disability, which causes him to be unreliable with holding jobs and providing support.
Save for our kids’ college tuition, or pay off our own student loans?
23
Aug
we have another 20 years to pay off our student loans, which add up to about $40,000 at 2-4% interest, with minimum payments around $200/mo. Our children are 1 and 2 years old. Should we or shouldn’t we start a 529 and save for their college tuitions? I would hate to see them lose out on a savings because we (and our parents) didn’t save for our own. Thanks.
What Investment/fund/savings can I do for $20 each (2 kids under 1y) a month?
11
Aug
What Investment/fund/savings can I do for $20 each a month:
Looking to invest $20 a month for each of my 2 kids that under 1yr.
I will continue to add to it the next 20/30yrs and then they can add to it (take it over) for there 401k or IRA so they will have a head start on there retirement.
With 2 new kids, just moved into a new house (I m 34:have a 401k/IRA-not much but I am contributing) For a little while $20 a month is all I can do and I also do 529 plan for both of them.
Saving for kids College, your ideas/input is greatly appreciated?
19
Jul
I hope you guys can add to what I have missed below – some other advantages & disadvantages
Posting links/sources would be great
Here is what I know:
I know that If you save in an IRA you can withdraw penalty free for higher education purposes, but you still have to pay taxes. One concern I have about this is, when you withdraw then it is counted as income & this will hurt the chances of your child qualifying for financial aid.
Am I accurate in saying this, will they look at MY income & MY savings & penalize my child when they apply for financial aid?
I also heard that 529s have high fees & have lousy investment options, but the amount you can invest in them is unlimited. And since they are part of an overall new new tax plan that is supposed to expire in 2011 then it is possible that the tax free withdraws could disappear.
I also know that when you invest in a 529, you can still take HOPE & Lifetime credits, depending on your income.
I also know that saving under your child’s name is not a good idea because they will be penalized for having money when they apply for Financial aid
Looking forward to more positives & negatives
Thanks in advance