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Thread: Serious Question!

  1. #1
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    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.

  2. #2
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    A Jets PSL

    Sh*t will be worth millions in 18 years.

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    Quote Originally Posted by RaoulDuke View Post
    A Jets PSL

    Sh*t will be worth millions in 18 years.
    Lolz


    Hows about a proprietary interest in an Horse butchery?


    Congrats on the grandchild!


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  4. #4
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    Forget the monetary gift. Get him a lirpa, lobo or katana and have him trained. The zombie apocalpyse IS coming.

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    Get him a generator.

    No really cant go wrong with the bond.

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    Quote Originally Posted by The Boston Patriot View Post
    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.
    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

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    Israeli Bond.

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    Quote Originally Posted by FF2® View Post
    Israeli Bond.
    > James Bond

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    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 You contribute however much you want whenever you want, it grows tax free and is withdrawn tax free if used for qualified educational purposes like college.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.

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    Quote Originally Posted by jetstream23 View Post
    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.
    + 2

    Got one for each of my kids.

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    Quote Originally Posted by petejet View Post
    + 2

    Got one for each of my kids.
    Same here.


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    Quote Originally Posted by jetstream23 View Post
    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.
    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.

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    Quote Originally Posted by The Boston Patriot View Post
    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.
    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.

    http://personal.fidelity.com/plannin...ng.shtml?bar=p

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    Quote Originally Posted by RaoulDuke View Post
    A Jets PSL

    Sh*t will be worth millions in 18 years.

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    Quote Originally Posted by The Boston Patriot View Post
    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.

    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.

  16. #16
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    Quote Originally Posted by southparkcpa View Post
    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..
    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.

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    Quote Originally Posted by FF2® View Post
    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.
    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.

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    get him a pot of hardy mums.

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    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.

  20. #20
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    Quote Originally Posted by Timmy® View Post
    get him a pot of hardy mums.
    Why you ****** ******.



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