| Posted By |
Message |
aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
|
529 College savings plan?
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING? 
I admit it, i'm a little ignorant when it comes to these things.  So bear with me.
|
Posted 10/27/08 11:53 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
|
Re: 529 College savings plan?
Posted by aliwnec10
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING?
I admit it, i'm a little ignorant when it comes to these things. So bear with me.
YES an billion times YES! You buy low and sell high. Right now stocks are on sale and by the time you DC is old enough to go to school you will have lots of $$$$ in that account if you invest now while stocks are low. Plus, as your DC get older you would move it into more conservative investments within the 529 plan. Right now I would open one, go super aggressive and diversify as your DC gets older. JMHO. Good luck! 
|
| Posted 10/27/08 11:56 AM |
| |
|
aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
|
Re: 529 College savings plan?
Posted by dandr10199
Posted by aliwnec10
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING?
I admit it, i'm a little ignorant when it comes to these things. So bear with me.
YES an billion times YES! You buy low and sell high. Right now stocks are on sale and by the time you DC is old enough to go to school you will have lots of $$$$ in that account if you invest now while stocks are low. Plus, as your DC get older you would move it into more conservative investments within the 529 plan. Right now I would open one, go super aggressive and diversify as your DC gets older. JMHO. Good luck!
but i know nothing about stocks. Will they do all the work for me?
|
| Posted 10/27/08 11:59 AM |
| |
|
dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
|
Re: 529 College savings plan?
Posted by aliwnec10
Posted by dandr10199
Posted by aliwnec10
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING?
I admit it, i'm a little ignorant when it comes to these things. So bear with me.
YES an billion times YES! You buy low and sell high. Right now stocks are on sale and by the time you DC is old enough to go to school you will have lots of $$$$ in that account if you invest now while stocks are low. Plus, as your DC get older you would move it into more conservative investments within the 529 plan. Right now I would open one, go super aggressive and diversify as your DC gets older. JMHO. Good luck!
but i know nothing about stocks. Will they do all the work for me?
There are plans within the 529 program. You research the plan and pick the one that you want, be it aggressive or conservative. I would not trust anyone else to do that but myself. I learned a lot by reading all about the program after DD was in bed at night. It's not chick lit (my normal reading material) but I did learn a lot about how the plan works. 
Message edited 10/27/2008 12:12:11 PM.
|
| Posted 10/27/08 12:01 PM |
| |
|
KartveliT
...
Member since 1/08 8363 total posts
Name:
|
Re: 529 College savings plan?
Posted by aliwnec10
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING?
I admit it, i'm a little ignorant when it comes to these things. So bear with me.
We opened high interest savings acnt for DD when she was just few weeks old and have been putting as much as we can in it. maybe we'll open 529 down the road ,but we are sticking to savings acnt for now.
|
| Posted 10/27/08 12:13 PM |
| |
|
JenBenMen
party of five
Member since 9/06 11343 total posts
Name:
Jen
|
Re: 529 College savings plan?
Posted by aliwnec10
Posted by dandr10199
Posted by aliwnec10
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING?
I admit it, i'm a little ignorant when it comes to these things. So bear with me.
I agree with the above poster- I am contributing $$$ in an aggressive plan now (DS is one) and then as he gets closer to college age then i will make the plan more conservative
529's in NY are also starting a program where family/friends can contribute directly to the plan
also--its a tax deduction
YES an billion times YES! You buy low and sell high. Right now stocks are on sale and by the time you DC is old enough to go to school you will have lots of $$$$ in that account if you invest now while stocks are low. Plus, as your DC get older you would move it into more conservative investments within the 529 plan. Right now I would open one, go super aggressive and diversify as your DC gets older. JMHO. Good luck!
but i know nothing about stocks. Will they do all the work for me?
|
| Posted 10/27/08 12:46 PM |
| |
|
ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
|
Re: 529 College savings plan?
if you will not actively monitor/manage the stock put it in a savings account. i dont think this is a good time to be experimenting if you are not familiar with the stock market.
|
| Posted 10/27/08 1:18 PM |
| |
|
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: 529 College savings plan?
Posted by aliwnec10
Posted by dandr10199
Posted by aliwnec10
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING?
I admit it, i'm a little ignorant when it comes to these things. So bear with me.
YES an billion times YES! You buy low and sell high. Right now stocks are on sale and by the time you DC is old enough to go to school you will have lots of $$$$ in that account if you invest now while stocks are low. Plus, as your DC get older you would move it into more conservative investments within the 529 plan. Right now I would open one, go super aggressive and diversify as your DC gets older. JMHO. Good luck!
but i know nothing about stocks. Will they do all the work for me?
Most, if not all, 529 plans allow you to pick an investment that is age based. The younger your child, the more aggressive the investments can be because you have time on your side. As your child grows, the investments are allocated appropriately.
Here's a link to Vanguard's NYS College Saving Plan...LINK
|
| Posted 10/27/08 4:33 PM |
| |
|
MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
|
Re: 529 College savings plan?
Yes!! We went the vanguard route as well...we put in a certain amount every month so we dollar cost average. That is why even though I know I have lost some money on my original investment I will certainly make it back with what I am buying monthly right now.
|
| Posted 10/27/08 4:41 PM |
| |
|
KarenG2003
My BIG man and my little man!
Member since 4/08 1684 total posts
Name:
Karen
|
Re: 529 College savings plan?
Posted by dandr10199
Posted by aliwnec10
My husband and i want to open some type of account for our son. Everyone keeps talking about 529's. With the economy right now, is this a smart move?
What 529 plan do you have?
Is it better to just put the $ in a high interest savings account like ING?
I admit it, i'm a little ignorant when it comes to these things. So bear with me.
YES an billion times YES! You buy low and sell high. Right now stocks are on sale and by the time you DC is old enough to go to school you will have lots of $$$$ in that account if you invest now while stocks are low. Plus, as your DC get older you would move it into more conservative investments within the 529 plan. Right now I would open one, go super aggressive and diversify as your DC gets older. JMHO. Good luck!
EXACTLY!! Do it now!! 
|
| Posted 10/27/08 10:03 PM |
| |
|
snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
|
Re: 529 College savings plan?
yes!
do it now and anything pre-tax is great!
|
| Posted 10/27/08 10:08 PM |
| |
|
