I'm looking to start a fund for LO's college, but I have no idea where to start! What type of fund do you use? Pros? Cons?
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We have 2 529 plans. One with our state and one with a brokerage firm.
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Our LO isn't here yet, but we were also going to do a 529 plan. It seems like the best/easiest way to invest in their future. You can sign up like other investments and even do target dates so that you invest more aggressively while they are young and then it becomes more conservative the closer they get to 18 (or the year you picked).
Also, I think with the 529 plans, when your LO takes the money out, it'll be income for THEM (as opposed for you) so it won't mess up your income for the year and stuff. I'm not entirely sure about this though.
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We're using a 529 plan from Utah. I wrote a post awhile back about why we went with this one: http://www.hellobee.com/2012/08/08/college-funding-with-529-plans/
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We are exactly the same as @LittleK: 2 529 plans (1 with our state, 1 through a brokerage firm)
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4 comments