Advice for investing in my babys future!!
February 28, 2010 5:34 PM Subscribe
Advice on investing in my baby's future......
posted by madmamasmith to work & money (7 answers total) 10 users marked this as a favorite
I am trying to figure out the best way to save for my baby's future. Not just money for college, but savings she can access at an age we feel comfortable with, say 25. But I don't want it to effect her chances at getting scholarships or student loans or any other kind of aid in her life if she needs it. Basically a trust fund I guess, that her father and I can invest in monthly and that requires both of us to withdrawal money. When I was a kid I had some kid of savings account started by my grandma but my dad took all the money out and bought hookers or something with it. I want it to be secure but not crazy restricted. For instance the 529 plans that can only be used for schooling and if not you pay penalties, or IRAs that require earned income from the account holder, which I don't understand. Or what about Gerber Grow Up Plan, can you cash in on that at any time? Or a simple money market account? Also where would one go to open such an account. I use a credit union and am not sure if it is smarter to go with a bigger bank or a smaller or what. So please offer me suggestions on the best way to build a little nest egg for my baby!