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Saving for my Kids

Discussion in 'Forum support' started by AbbeyMayward, Jul 14, 2019.

  1. AbbeyMayward

    AbbeyMayward New Member

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    Any tips on how to save up for my kids' education? My husband and I have been planning to invest so we can save up for their future education but we still haven't figured out where or how. Maybe you can suggest something. We're open to suggestions. Thank you!
     
  2. Bodacious

    Bodacious Active Member

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    Welcome, I can't help you, I'm new here too, and I'm new to the market, but please be patient and surely you will find answers within.
     
  3. StockJock-e

    StockJock-e Brew Master
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    Open a custodian account, put money into SPY every month. Sit back and let the market work.
     
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  4. OldFart

    OldFart Well-Known Member

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    Onepoint272 and bigbear0083 like this.
  5. Mitzter

    Mitzter Member

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    I have thought about this as well, but I’m not entirely sure what the best advice would be.

    My thinking mostly goes to buying into the market index on a monthly basis for every month the coming 18 or so years. You buy through the bull market and through the bear market averaging over the years. This does sound like a good advice, but what if we’re in a bear market when your child needs the money to go to college? You probably are then under water.
     
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  6. Jrich

    Jrich Well-Known Member

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    Depends on your kids age... if you have the luxury of starting early, then an index fund is the best bang for your buck... i didnt have that luxury, we were dirt floor poor when our kid was young, i didnt start a savings account for him until he was 10... he's 13 now, so im looking at putting our 3 years of savings into a 5 year CD... yielding in the high 2's is far from stellar returns, but also better than point zero whatever savings accounts are yielding now.... plus its guaranteed money, i cant screw it up and it cant crash the year he graduates highschool
     
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  7. Onepoint272

    Onepoint272 Well-Known Member

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    Not knowing your time horizon and other details...you might consider a ROTH IRA (investments with after-tax savings) with a discount broker to buy your SPY. The principal can be withdrawn penalty and tax free anytime after a year I believe. The earnings have to stay in the account to avoid a penalty, but they will be tax free for your retirement.
     
    #7 Onepoint272, Jul 17, 2019
    Last edited: Jul 17, 2019
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  8. AbbeyMayward

    AbbeyMayward New Member

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    Thank you all for the replies. We're still looking at our options and doing some research, and these are all very helpful.
     
    OldFart likes this.

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