I would like to set up a college fund for my daughter who is going on 8 yrs old. What is the best way to go?
Just to let you know, starting a college fund is great, but when it comes time to fill out financial aid papers, or scholarship forms, it is best if there are no funds in your childs name. The more funds he has for college, the less he will be awarded. I am going through this process now and this is what I have learned. Perhaps you might want to put it under a grandparents name or in a mattress somewhere(smiles).
Good Luck.
Hi-
A 529 plan is a great option. You can use your state's plan or an out of state plan. Do a Google search for 529 plans. I started my daughter's when she was about 10 and pretty decent profits. You have enough time where you can be moderately aggressive. If you don't know enough about investing, you can purchase an age based plan. The plan will adjust for risk as she ages. You can also have biweekly payroll deductions, etc.
A little about me:
I own my own business and am a personal business coach providing Free Mentoring to individuals with stay at home businesses, teaching the skills needed for success.
I am newly married (Sept. '07) but we've been together for 5 years. I have 3 children, 1 is special needs. He's the best little boy! Christopher is 7. My other 2 are 13 (girl) and 20 (boy).
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Cheers,
M.
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A.
we started 529's for my girls..
