slickman
keeping tan
just take $150 a month and invest in lucent and when its 25 again, you'll be ready to take care of yourself and your child.
529s are great if you enjoy the mediocrity of mutual funds and the general direction of the muddling market. they like to charge annual fees as well especially if you aren't contributing through your checking account monthly. I'm not bashing 529s. I started several back in 01 for clients and they've done alright.
The alliance college bound, age-based fund began with 1k invested on 10/29 with 100bucks added monthly since 12/17/01 has an original investment value of 4800 but is worth 5779.68. I'm not going to do the forumula to figure out that its somewhere below 20%, but it is 20% more than the amount contributed which is the main thing.
The manulife one of equal proportion is worth 100bucks less currently.
Education IRAs are okay, too but there are upper end limits, I think 3k per year and and the house will charge you 40 or 50 bucks a year unless your buddy is the broker, in which case he better eat it for you (Buckstocks).
If you open a custodial account for your child, just remember that that money is all his/hers once they reach 18 and there's nothing you can do about it.
529s, if you don't use it all on one kid you can transfer it to another or even a cousin- and you can put up to 250k per year into one which is great if you married a Hilton or some other debutante.
Congratulations.
529s are great if you enjoy the mediocrity of mutual funds and the general direction of the muddling market. they like to charge annual fees as well especially if you aren't contributing through your checking account monthly. I'm not bashing 529s. I started several back in 01 for clients and they've done alright.
The alliance college bound, age-based fund began with 1k invested on 10/29 with 100bucks added monthly since 12/17/01 has an original investment value of 4800 but is worth 5779.68. I'm not going to do the forumula to figure out that its somewhere below 20%, but it is 20% more than the amount contributed which is the main thing.
The manulife one of equal proportion is worth 100bucks less currently.
Education IRAs are okay, too but there are upper end limits, I think 3k per year and and the house will charge you 40 or 50 bucks a year unless your buddy is the broker, in which case he better eat it for you (Buckstocks).
If you open a custodial account for your child, just remember that that money is all his/hers once they reach 18 and there's nothing you can do about it.
529s, if you don't use it all on one kid you can transfer it to another or even a cousin- and you can put up to 250k per year into one which is great if you married a Hilton or some other debutante.
Congratulations.
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