04-21-2008, 09:15 PM
I think it is great that you are planning for your childrens future. My parents did not for me. I do not resent them for it. I am just fine and making it on my own. Some people tell me it builds charachter. I say that is just an way to make the people without feel better. HAHA. No in all seriousness it does teach you a lot.
Diversify your childrens saving just like you should your retirement. You have a 529. Make a long term CD. At least you know it will be there. When you get some more buy some stock in something. The main thing is you want the money to be available no matter what route they go.
You fear that doing the prepaid will lock them into community college for the first two years then state. Well if it is in CD's, Stocks, Bonds, and cash in a shoebox in the gun safe. Hell invest in other countries money since ours is bad. Take your money buy some euros. Then in 16yrs exchange them back. They will be worth 10x as much. I know that is sad. I hope the economy does pick up. It is available for them no matter what route they go.
If they want to go to private college tell them ok. First they apply for every scholarship in the sun. Which they wont get. (I am pessamistic). They will either not be smart enough. Others will say they are not 'special' enough. Some will say you are not the right demographic. We want an minority with a 2.8gpa not a cacasion with a 3.8gpa. Then the rest will say your mommy and daddy make to much money. So for them it is student loans and what you save.
But what was my whole point? Thats right do not do prepaid. This way no matter what directiont they go it is there. If they go to college or no. If it is public/private etc. If you can get it into something that would not be reported to the gov't when it comes time for college even better. Lowers the EFC which is realy good. Money Laundering anyone?
Diversify your childrens saving just like you should your retirement. You have a 529. Make a long term CD. At least you know it will be there. When you get some more buy some stock in something. The main thing is you want the money to be available no matter what route they go.
You fear that doing the prepaid will lock them into community college for the first two years then state. Well if it is in CD's, Stocks, Bonds, and cash in a shoebox in the gun safe. Hell invest in other countries money since ours is bad. Take your money buy some euros. Then in 16yrs exchange them back. They will be worth 10x as much. I know that is sad. I hope the economy does pick up. It is available for them no matter what route they go.
If they want to go to private college tell them ok. First they apply for every scholarship in the sun. Which they wont get. (I am pessamistic). They will either not be smart enough. Others will say they are not 'special' enough. Some will say you are not the right demographic. We want an minority with a 2.8gpa not a cacasion with a 3.8gpa. Then the rest will say your mommy and daddy make to much money. So for them it is student loans and what you save.
But what was my whole point? Thats right do not do prepaid. This way no matter what directiont they go it is there. If they go to college or no. If it is public/private etc. If you can get it into something that would not be reported to the gov't when it comes time for college even better. Lowers the EFC which is realy good. Money Laundering anyone?
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