July 15, 2016
graduation savings

Where Do I Invest My Money for the Maximum College Savings?

If you’ve got yourself on track financially and you’re ready to start saving for your child’s college expenses, then you may be asking yourself where do I invest the college savings? There’s a myriad of saving options. Let’s look at where you can put it to get the most out of it. 529 Savings Plan The most popular way to invest your college savings is a 529 Plan. This is a state-sponsored plan that was created in 1996 that allows you to put money in that will be invested in mutual funds, index funds and things of that nature. The great thing about these plans is they grow tax-free and can be used for qualifying college expenses. For example, let’s say you invest $10,000 over a period of time and your money grows to $20,000. You can then pull the whole amount out to pay qualified expenses for tuition, books, etc. TAX-FREE!!! 529 […]
March 11, 2016
child not college, first time parent

Saving for a child who may not go to college

Saving for a child who may not go to college One of your primary responsibilities when you welcome a child into the world is preparing them for adulthood. Of course you feed them, clothe them and house them. You make sure they have a good education, and you instill them with a solid sense of right and wrong. Many families, though, want to go a little further and save for the time a child enters adulthood. This savings will often be in the form of a college fund, but that’s not the only choice. There are ways to prepare for a child’s wedding, their first home, or even a mission trip overseas. The direction you take will depend on your resources, your location, and the likely end use for that money. Last week we discussed your options for college savings. This week we will look at savings for other purposes. […]