- I have a 3 year old kid, I am planning to save for his college education.
- I haven’t started saving anything for retirement yet(I am 35 yr old )
1) Do you first start saving for your retirement or for your kids college education ?
2) Can you recommend the best ways to save them ?
My husband and I just had a baby (9 mo’s old) and we’ve been diligently saving ever since he was born just because. For an emergency plan, a buffer, and just b/c we like to combat materialism and waste.
Since last Sept. we’ve saved about 2.5 months worth of take-home pay, and by this Dec. we’ll have saved over 3.5 months of take-home pay. We did this by saving 90-95% of extra paychecks, bonuses, tax refunds, etc. I have it earning interest in an ING acct.
Since we’ve never really saved before, should we strive for a certain % of our take-home pay (or month’s worth), or do you just keep saving with no goal amount in mind?
Your input is appreciated.
Not sure if we should do an IRA, 529 Path to College or any other options out there.
To respond to Hunch…I must be an old parent because I will be retirement age by the time my kids are in college…otherwise I would not have included an IRA in the question. We already have an appointment set up with a financial advisor for next week. I was just curious about what others would recommend. May I suggest that you proofread your answer before you advise anyone to “education” themselves. Your answer had a snippy tone to it. Thanks but no thanks.
There are many people that strongly believe that children should make full loans and pay for their own college.
Yet, I see parents saving in 529 plans and putting money away in ROTHs to send their kids to college. These parents plan to pay for their kids college in full.
Which is right and which is wrong?
If a parent worked hard to save the money is it ok for that parent to pay in full for their college? The child can get a part-time job to pay for his own misc expenses
i’m looking into cds,ee bonds,mutual fund.i don’t want a 529 plan.i would be puting in $100.00 monthly and whatever money she gets from birthdays,etc.which will give me the best return for a long term maybe 20 yrs?
CBS MoneyWatch Editor-at-Large Jill Schlesinger discusses state-run 529 plans that make investing in your child’s college career a bit easier.
Right now, I’m in college and I’m starting to think about how I will start saving for the future. I already have money in a conventional bank account. But what else should I do in order to prepare for the future. There are so many different types of investments (forex, stocks, bonds, ira, precious metals, etc). What is a relatively safe way for me to save money and invest it at the same time?
The more I read, the more I dislike them.
Knowing that you know that you will not be in the same state in the future.
And knowing that children can get scholarships.
Or not go to school at all.
Or saving too much in the accounts and then paying penalties.
I’m 29, with a 3 year old son. I’m a single mother. I am currently self-employed as an independent contractor. I made about 38292 last year. I started putting money away into my savings account to save for an IRA by the time I’m thirty. I am still researching on how to invest on my IRA (ETFs, Mutual Funds, etc). I want to buy a home. I also have about 4k saved for my son’s college education. I had done some reading about the tax braket that I’m in and it suggest that I depend on financial aid for him and not invest in the college plan 529, so I wanted to save some cash to help him pay any loans he may have after graduation. My real question is: how do I save for a home and try to max my ROTH IRA simultaneously? Any tips or ideas will be greatly appreciated. What kind of account can I put my home savings into that will accrue good interest. Thanks in Advance
We are married.
I am a certified teacher, but I stay home to take care of our 5 month old daughter. Husband’s paychecks are around 3K every two weeks.
Our house (mortgage and taxes) come to about 2700 a month. We borrowed 20K against my husband’s 401K as down payment on the house…he is paying it back out of his paycheck. I have a new car payment of $360 with a payoff of 13K. My husband’s car is paid off.
We have no other debt.
We have 56K in savings and we are able to put $1,000 a month into savings and still live comfortably.
So, with 50K, should we pay off the car, pay back the 401K loan, or put it in a 529 plan for our daughter’s college?
Is our situation worth seeing a financial advisor over?