Serious Question!

The Boston Patriot · 12-01-2011, 09:25 AM

Having first grandchild Christened this Sunday and I want to give him a
substantial monetary gift that will grow as he does and hopefully provide
him some assistance when college time comes around. I thought of an
I-Bond but would be interested in hearing what others might have done.

RaoulDuke · 12-01-2011, 09:28 AM

A Jets PSL

Sh*t will be worth millions in 18 years. ;)

32green · 12-01-2011, 09:33 AM

[QUOTE=RaoulDuke;4258900]A Jets PSL

Sh*t will be worth millions in 18 years. ;)[/QUOTE]

Lolz

Hows about a proprietary interest in an Horse butchery?

Congrats on the grandchild!

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Jets Things · 12-01-2011, 09:38 AM

Forget the monetary gift. Get him a lirpa, lobo or katana and have him trained. The zombie apocalpyse IS coming.

GMCJETS · 12-01-2011, 09:50 AM

Get him a generator.

No really cant go wrong with the bond.

jetswin · 12-01-2011, 10:12 AM

[QUOTE=The Boston Patriot;4258897]Having first grandchild Christened this Sunday and I want to give him a
substantial monetary gift that will grow as he does and hopefully provide
him some assistance when college time comes around. I thought of an
I-Bond but would be interested in hearing what others might have done.[/QUOTE]
back in the day a strip would have been the way to go, not with today's interest rates...talk to a broker, there are some corporate bonds with attractive returns, of course that's a bit riskier...maybe an agency bond, of course you have to hope the US doesn't go bankrupt :D

FF2® · 12-01-2011, 10:48 AM

Israeli Bond.

jetstream23 · 12-01-2011, 10:53 AM

[QUOTE=FF2®;4258982]Israeli Bond.[/QUOTE]

> James Bond

jetstream23 · 12-01-2011, 10:55 AM

Start a 529. I did that for my niece/god daughter. You contribute however much you want whenever you want, it grows tax free and is withdrawn tax free if used for qualified educational purposes like college. I started it with just $250 and I put about $100 in every Christmas and on her birthday each year. That way you'll dollar-cost-average into it over the years and it could be a significant amount by the time college rolls around.

petejet · 12-01-2011, 11:06 AM

[QUOTE=jetstream23;4258989]Start a 529. I did that for my niece/god daughter. You contribute however much you want whenever you want, it grows tax free and is withdrawn tax free if used for qualified educational purposes like college. I started it with just $250 and I put about $100 in every Christmas and on her birthday each year. That way you'll dollar-cost-average into it over the years and it could be a significant amount by the time college rolls around.[/QUOTE]

+ 2

Got one for each of my kids.

jetstream23 · 12-01-2011, 11:07 AM

[QUOTE=petejet;4259009]+ 2

Got one for each of my kids.[/QUOTE]

Same here.

:thumbup:

The Boston Patriot · 12-01-2011, 11:57 AM

[QUOTE=jetstream23;4258989]Start a 529. I did that for my niece/god daughter. You contribute however much you want whenever you want, it grows tax free and is withdrawn tax free if used for qualified educational purposes like college. I started it with just $250 and I put about $100 in every Christmas and on her birthday each year. That way you'll dollar-cost-average into it over the years and it could be a significant amount by the time college rolls around.[/QUOTE]

This sounds like what I am looking for. Can you (or anyone) recommend
a particular offering? It seems like there are many and I'm sure some are
a lot better than others.

jetstream23 · 12-01-2011, 12:06 PM

[QUOTE=The Boston Patriot;4259073]This sounds like what I am looking for. Can you (or anyone) recommend
a particular offering? It seems like there are many and I'm sure some are
a lot better than others.[/QUOTE]

I can only tell you who I use and that's Fidelity Investments. It's low cost and there are several options. I'd do some research at fidelity.com or talk to a financial adviser.

Here's a good place to start. Good luck.

[url]http://personal.fidelity.com/planning/college/ip_529landing.shtml?bar=p[/url]

crossfire · 12-01-2011, 12:08 PM

[QUOTE=RaoulDuke;4258900]A Jets PSL

Sh*t will be worth millions in 18 years. ;)[/QUOTE]

:rofl:

southparkcpa · 12-01-2011, 12:08 PM

[QUOTE=The Boston Patriot;4259073]This sounds like what I am looking for. Can you (or anyone) recommend
a particular offering? It seems like there are many and I'm sure some are
a lot better than others.[/QUOTE]

Congrats!

Use your states plan. Run by fidelity, they are pretty good. make sure your children know the deal.

Also, 529s, IMO, are overrated as the real advantage is tax deferred growth and growth has been hard to get but I used them for both my children.

Investment options..trust me, choose the age weighted option. Moves from high risk to low risk as the children age.

FF2® · 12-01-2011, 12:53 PM

[QUOTE=southparkcpa;4259090]Also, 529s, IMO, are overrated as the real advantage is tax deferred growth and growth has been hard to get but I used them for both my children..[/QUOTE]

Yeah I would have been better off sticking the money under a mattress.

In addition, aren't 529s in the kids names? Lessening their financial aid eligibility? You want your kids to have very little assets when applying to college.

I would set up a separate acct. in YOUR name, add to it and give it to the kid parents when they go to college.

southparkcpa · 12-01-2011, 02:04 PM

[QUOTE=FF2®;4259134]Yeah I would have been better off sticking the money under a mattress.

In addition, aren't 529s in the kids names? Lessening their financial aid eligibility? You want your kids to have very little assets when applying to college.

I would set up a separate acct. in YOUR name, add to it and give it to the kid parents when they go to college.[/QUOTE]

Not sure on the financial aid, you know, us rich CPA's, I didn't apply for any so I dont know.

I like 529's as a poster pointed out above, for the dollar cost average approach, most offer tax deductibility at the state level but the tax deferred growth which is what was the REAL intention, seems silly now.

Timmy® · 12-01-2011, 04:01 PM

get him a pot of hardy mums.

jetstream23 · 12-01-2011, 04:09 PM

I use the age-based Index fund options, rather than the actively managed funds. I'm of the opinion that the performance of most fund managers won't differ significantly from a monkey throwing darts at the stock tables in the Wall Street Journal.

Index funds have significantly lower fees. You should be paying close to 0.50%, certainly no more than 1% in annual fees.

32green · 12-01-2011, 05:39 PM

[QUOTE=Timmy®;4259376]get him a pot of hardy mums.[/QUOTE]

Why you ****** ******.

-

12-01-2011, 09:25 AM	#1
The Boston Patriot is getting the banned back together! All Pro Join Date: Jan 2006 Location: The Island of Sodor Posts: 6,261	Serious Question! Having first grandchild Christened this Sunday and I want to give him a substantial monetary gift that will grow as he does and hopefully provide him some assistance when college time comes around. I thought of an I-Bond but would be interested in hearing what others might have done.

12-01-2011, 12:53 PM	#16
FF2® Believes Sloppy Guy was involved JetsInsider.com Legend Join Date: Mar 2005 Posts: 46,130	[QUOTE=southparkcpa;4259090]Also, 529s, IMO, are overrated as the real advantage is tax deferred growth and growth has been hard to get but I used them for both my children..[/QUOTE] Yeah I would have been better off sticking the money under a mattress. In addition, aren't 529s in the kids names? Lessening their financial aid eligibility? You want your kids to have very little assets when applying to college. I would set up a separate acct. in YOUR name, add to it and give it to the kid parents when they go to college. Last edited by FF2®; 12-01-2011 at 01:02 PM.

12-01-2011, 09:28 AM	#2
RaoulDuke Son of Ham Hall Of Fame Join Date: Aug 2007 Location: Paris, France Posts: 11,869	A Jets PSL Sh*t will be worth millions in 18 years. ;)

12-01-2011, 09:33 AM	#3
32green The original road-kill pus slurper. MMMmmm pus. Board Moderator Jets Insider VIP JetsInsider.com Legend Join Date: Sep 2005 Location: The depths of Despair. Posts: 37,672	[QUOTE=RaoulDuke;4258900]A Jets PSL Sh*t will be worth millions in 18 years. ;)[/QUOTE] Lolz Hows about a proprietary interest in an Horse butchery? Congrats on the grandchild! -

12-01-2011, 09:38 AM	#4
Jets Things All Pro Join Date: May 2003 Location: 742 Evergreen Terrace Posts: 9,405	Forget the monetary gift. Get him a lirpa, lobo or katana and have him trained. The zombie apocalpyse IS coming.

12-01-2011, 09:50 AM	#5
GMCJETS Been there done that. Banned Join Date: Jan 2009 Posts: 5,658	Get him a generator. No really cant go wrong with the bond.

12-01-2011, 10:12 AM	#6
jetswin stumblin mumblin butt fumblin Board Moderator Jets Insider VIP JetsInsider.com Legend Charter JI Member Join Date: May 1999 Location: Westchester Co. Posts: 35,458	[QUOTE=The Boston Patriot;4258897]Having first grandchild Christened this Sunday and I want to give him a substantial monetary gift that will grow as he does and hopefully provide him some assistance when college time comes around. I thought of an I-Bond but would be interested in hearing what others might have done.[/QUOTE] back in the day a strip would have been the way to go, not with today's interest rates...talk to a broker, there are some corporate bonds with attractive returns, of course that's a bit riskier...maybe an agency bond, of course you have to hope the US doesn't go bankrupt :D

12-01-2011, 10:48 AM	#7
FF2® Believes Sloppy Guy was involved JetsInsider.com Legend Join Date: Mar 2005 Posts: 46,130	Israeli Bond.

12-01-2011, 10:53 AM	#8
jetstream23 recovering from turf toe Jets Insider VIP Join Date: Dec 2005 Location: Phoenix, AZ (New Jets Stadium Section 246) Posts: 31,561	[QUOTE=FF2®;4258982]Israeli Bond.[/QUOTE] > James Bond

12-01-2011, 10:55 AM	#9
jetstream23 recovering from turf toe Jets Insider VIP Join Date: Dec 2005 Location: Phoenix, AZ (New Jets Stadium Section 246) Posts: 31,561	Start a 529. I did that for my niece/god daughter. You contribute however much you want whenever you want, it grows tax free and is withdrawn tax free if used for qualified educational purposes like college. I started it with just $250 and I put about $100 in every Christmas and on her birthday each year. That way you'll dollar-cost-average into it over the years and it could be a significant amount by the time college rolls around.

12-01-2011, 11:06 AM	#10
petejet Board Moderator Jets Insider VIP Charter JI Member Join Date: May 1999 Location: Huntington, NY Posts: 8,217	[QUOTE=jetstream23;4258989]Start a 529. I did that for my niece/god daughter. You contribute however much you want whenever you want, it grows tax free and is withdrawn tax free if used for qualified educational purposes like college. I started it with just $250 and I put about $100 in every Christmas and on her birthday each year. That way you'll dollar-cost-average into it over the years and it could be a significant amount by the time college rolls around.[/QUOTE] + 2 Got one for each of my kids.

12-01-2011, 11:07 AM	#11
jetstream23 recovering from turf toe Jets Insider VIP Join Date: Dec 2005 Location: Phoenix, AZ (New Jets Stadium Section 246) Posts: 31,561	[QUOTE=petejet;4259009]+ 2 Got one for each of my kids.[/QUOTE] Same here. :thumbup:

12-01-2011, 11:57 AM	#12
The Boston Patriot is getting the banned back together! All Pro Join Date: Jan 2006 Location: The Island of Sodor Posts: 6,261	[QUOTE=jetstream23;4258989]Start a 529. I did that for my niece/god daughter. You contribute however much you want whenever you want, it grows tax free and is withdrawn tax free if used for qualified educational purposes like college. I started it with just $250 and I put about $100 in every Christmas and on her birthday each year. That way you'll dollar-cost-average into it over the years and it could be a significant amount by the time college rolls around.[/QUOTE] This sounds like what I am looking for. Can you (or anyone) recommend a particular offering? It seems like there are many and I'm sure some are a lot better than others.

12-01-2011, 12:06 PM	#13
jetstream23 recovering from turf toe Jets Insider VIP Join Date: Dec 2005 Location: Phoenix, AZ (New Jets Stadium Section 246) Posts: 31,561	[QUOTE=The Boston Patriot;4259073]This sounds like what I am looking for. Can you (or anyone) recommend a particular offering? It seems like there are many and I'm sure some are a lot better than others.[/QUOTE] I can only tell you who I use and that's Fidelity Investments. It's low cost and there are several options. I'd do some research at fidelity.com or talk to a financial adviser. Here's a good place to start. Good luck. [url]http://personal.fidelity.com/planning/college/ip_529landing.shtml?bar=p[/url]

12-01-2011, 12:08 PM	#14
crossfire Day by day, night after night... Blinded by the neon light Jets Insider VIP Join Date: Jan 2010 Location: Long Island, NY Posts: 5,665	[QUOTE=RaoulDuke;4258900]A Jets PSL Sh*t will be worth millions in 18 years. ;)[/QUOTE] :rofl:

12-01-2011, 12:08 PM	#15
southparkcpa I see the 88 to 97 period all over again. Jets Insider VIP Join Date: Sep 2005 Location: NC Posts: 15,699	[QUOTE=The Boston Patriot;4259073]This sounds like what I am looking for. Can you (or anyone) recommend a particular offering? It seems like there are many and I'm sure some are a lot better than others.[/QUOTE] Congrats! Use your states plan. Run by fidelity, they are pretty good. make sure your children know the deal. Also, 529s, IMO, are overrated as the real advantage is tax deferred growth and growth has been hard to get but I used them for both my children. Investment options..trust me, choose the age weighted option. Moves from high risk to low risk as the children age.

12-01-2011, 02:04 PM	#17
southparkcpa I see the 88 to 97 period all over again. Jets Insider VIP Join Date: Sep 2005 Location: NC Posts: 15,699	[QUOTE=FF2®;4259134]Yeah I would have been better off sticking the money under a mattress. In addition, aren't 529s in the kids names? Lessening their financial aid eligibility? You want your kids to have very little assets when applying to college. I would set up a separate acct. in YOUR name, add to it and give it to the kid parents when they go to college.[/QUOTE] Not sure on the financial aid, you know, us rich CPA's, I didn't apply for any so I dont know. I like 529's as a poster pointed out above, for the dollar cost average approach, most offer tax deductibility at the state level but the tax deferred growth which is what was the REAL intention, seems silly now.

12-01-2011, 04:01 PM	#18
Timmy® JI's own Reverend Jim. Hall Of Fame Join Date: Aug 2003 Location: Vermont Posts: 23,470	get him a pot of hardy mums.

12-01-2011, 04:09 PM	#19
jetstream23 recovering from turf toe Jets Insider VIP Join Date: Dec 2005 Location: Phoenix, AZ (New Jets Stadium Section 246) Posts: 31,561	I use the age-based Index fund options, rather than the actively managed funds. I'm of the opinion that the performance of most fund managers won't differ significantly from a monkey throwing darts at the stock tables in the Wall Street Journal. Index funds have significantly lower fees. You should be paying close to 0.50%, certainly no more than 1% in annual fees.

12-01-2011, 05:39 PM	#20
32green The original road-kill pus slurper. MMMmmm pus. Board Moderator Jets Insider VIP JetsInsider.com Legend Join Date: Sep 2005 Location: The depths of Despair. Posts: 37,672	[QUOTE=Timmy®;4259376]get him a pot of hardy mums.[/QUOTE] Why you **** ****. -