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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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What kind of account did you set up for your child?
Custodial account?
Savings?
Did you go through your own bank?
I'm talking about setting it up for an infant to save as they grow.
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Posted 2/21/16 9:10 PM  |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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What kind of account did you set up for your child?
Custodial account at my bank. We also have 2 different college accounts
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| Posted 2/22/16 5:09 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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What kind of account did you set up for your child?
529 through vanguard which is free to setup and a Roth IRA
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| Posted 2/22/16 6:21 AM |
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momtimes2
LIF Infant
Member since 4/14 333 total posts
Name:
stephanie
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What kind of account did you set up for your child?
529
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| Posted 2/22/16 9:09 AM |
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Bridex100
Two Under Two Mommy
Member since 3/08 10420 total posts
Name:
Momx100
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Re: What kind of account did you set up for your child?
We don't have separate accounts for the kids. We plan to pay for their college tuition but don't have a special account for it.
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| Posted 2/22/16 9:24 AM |
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starlitdragon
Me and my love
Member since 3/13 1301 total posts
Name:
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What kind of account did you set up for your child?
We have a 529 and a savings account.
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| Posted 2/22/16 9:28 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: What kind of account did you set up for your child?
savings account we opened up at our bank
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| Posted 2/22/16 9:41 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: What kind of account did you set up for your child?
We have a 529 and a UTMA and a custodial investment account. I was just reading up on FAFSA though for college aid and I'm not sure that custodial accounts are in their best interest. I have to read into it a little more.
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| Posted 2/22/16 9:48 AM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: What kind of account did you set up for your child?
IRA and 2 brokerage accounts. In our names, so not tied to the kids in any way.
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| Posted 2/22/16 9:53 AM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: What kind of account did you set up for your child?
They each have 529 plans, savings account and mutual funds.
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| Posted 2/22/16 10:17 AM |
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EandF
LIF Adult
Member since 11/11 1674 total posts
Name:
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Re: What kind of account did you set up for your child?
Custodial savings accounts. Need to do some research for additional savings vehicles.
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| Posted 2/22/16 12:37 PM |
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BsMomma2014
Fly high little one
Member since 6/10 2662 total posts
Name:
nicole
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What kind of account did you set up for your child?
529
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| Posted 2/22/16 1:12 PM |
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racheK
Hudson's Momma
Member since 10/10 2853 total posts
Name:
Rachel
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Re: What kind of account did you set up for your child?
Posted by starlitdragon
We have a 529 and a savings account.
I suggested 529 accounts on a FB board I'm part of (we set it up as soon as we learned we were pregnant) and I can't even tell you how many people said they weren't worth it because who knew if their child was going to college. I had a few arguments for them, including that it can count towards any secondary education and can be passed down to siblings or their children's children. I was really surprised at how many people were against them!
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| Posted 2/22/16 1:31 PM |
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muffaboo
LIF Adult
Member since 12/10 3797 total posts
Name:
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Re: What kind of account did you set up for your child?
Posted by racheK
Posted by starlitdragon
We have a 529 and a savings account.
I suggested 529 accounts on a FB board I'm part of (we set it up as soon as we learned we were pregnant) and I can't even tell you how many people said they weren't worth it because who knew if their child was going to college. I had a few arguments for them, including that it can count towards any secondary education and can be passed down to siblings or their children's children. I was really surprised at how many people were against them!
My husband is in finance and he doesn't like them 
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| Posted 2/22/16 2:30 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: What kind of account did you set up for your child?
Posted by racheK
Posted by starlitdragon
We have a 529 and a savings account.
I suggested 529 accounts on a FB board I'm part of (we set it up as soon as we learned we were pregnant) and I can't even tell you how many people said they weren't worth it because who knew if their child was going to college. I had a few arguments for them, including that it can count towards any secondary education and can be passed down to siblings or their children's children. I was really surprised at how many people were against them!
Why would you tie up hundreds of thousands in an account for children's children? Unless you are a mega millionaire, retirement and other funds should be under your control (not specific for education) until you are paying the tuition. That's JMO.
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| Posted 2/22/16 2:38 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: What kind of account did you set up for your child?
Posted by muffaboo
Posted by racheK
Posted by starlitdragon
We have a 529 and a savings account.
I suggested 529 accounts on a FB board I'm part of (we set it up as soon as we learned we were pregnant) and I can't even tell you how many people said they weren't worth it because who knew if their child was going to college. I had a few arguments for them, including that it can count towards any secondary education and can be passed down to siblings or their children's children. I was really surprised at how many people were against them!
My husband is in finance and he doesn't like them
Banking/ fund people don't like these things 
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| Posted 2/22/16 2:38 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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What kind of account did you set up for your child?
Custodial account. I put all his gift money in there. I want it some place stable so he always has it.
Not doing a 529 plan either. Right now, we max our 401Ks. My theory will always be that loans exist for college, but they do not exist for retirement. It's kind of the airplane and oxygen mask theory. My goal is ultimately to pay for their college out of our savings / assets / pocket, but if life should deal us a bad hand one day, they can take out loans and make an investment in themselves.
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| Posted 2/22/16 3:21 PM |
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stephaniea
LIF Adult
Member since 1/07 1280 total posts
Name:
Stephanie
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What kind of account did you set up for your child?
My children are older. Last one entering college in fall. I'm so glad we had their college funds. It was nice not have to lay out the money or have them take loans. They also each have life insurance.
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| Posted 2/22/16 4:14 PM |
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beachbabe
LIF Adolescent
Member since 9/15 731 total posts
Name:
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What kind of account did you set up for your child?
Virginia 529's
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| Posted 2/22/16 4:35 PM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: What kind of account did you set up for your child?
Posted by JDubs
savings account we opened up at our bank
Same
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| Posted 2/22/16 4:50 PM |
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soontobemommyof2
My boys...my everything <3
Member since 4/15 3635 total posts
Name:
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Re: What kind of account did you set up for your child?
What's the difference between a custodial and a savings account (under ur kid's name)?
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| Posted 2/22/16 5:49 PM |
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ChilisWife
God Bless America
Member since 5/05 3572 total posts
Name:
A.K.
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Re: What kind of account did you set up for your child?
Posted by bunnyluck
Custodial account. I put all his gift money in there. I want it some place stable so he always has it.
Not doing a 529 plan either. Right now, we max our 401Ks. My theory will always be that loans exist for college, but they do not exist for retirement. It's kind of the airplane and oxygen mask theory. My goal is ultimately to pay for their college out of our savings / assets / pocket, but if life should deal us a bad hand one day, they can take out loans and make an investment in themselves.
Agreed, we are the same. It's just not worth the tax savings to tie up that money. And in order to contribute, we would have to lower our 401K amount which I don't think is a good idea.
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| Posted 2/22/16 7:18 PM |
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racheK
Hudson's Momma
Member since 10/10 2853 total posts
Name:
Rachel
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Re: What kind of account did you set up for your child?
Posted by Millie3
Posted by muffaboo
Posted by racheK
Posted by starlitdragon
We have a 529 and a savings account.
I suggested 529 accounts on a FB board I'm part of (we set it up as soon as we learned we were pregnant) and I can't even tell you how many people said they weren't worth it because who knew if their child was going to college. I had a few arguments for them, including that it can count towards any secondary education and can be passed down to siblings or their children's children. I was really surprised at how many people were against them!
My husband is in finance and he doesn't like them
Banking/ fund people don't like these things
I should note my husband is a wealth management/financial advisor and he was the one that said we should set it up!
Message edited 2/22/2016 7:42:50 PM.
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| Posted 2/22/16 7:40 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: What kind of account did you set up for your child?
Posted by racheK
Posted by Millie3
Posted by muffaboo
Posted by racheK
Posted by starlitdragon
We have a 529 and a savings account.
I suggested 529 accounts on a FB board I'm part of (we set it up as soon as we learned we were pregnant) and I can't even tell you how many people said they weren't worth it because who knew if their child was going to college. I had a few arguments for them, including that it can count towards any secondary education and can be passed down to siblings or their children's children. I was really surprised at how many people were against them!
My husband is in finance and he doesn't like them
Banking/ fund people don't like these things
I should note my husband is a wealth management/financial advisor and he was the one that said we should set it up!
Financial advisors do like 529's, I'm on a different side of the industry and most of my peers do not have them. In reality, it's important for people (in general) to save money. Whatever vehicle gets them to do that, is not a bad thing.
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| Posted 2/22/16 8:41 PM |
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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Re: What kind of account did you set up for your child?
thank you all!
yeah i was not looking into a 529 anyway for many reasons stated.
i think ill go with the custodial account at our bank.
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| Posted 2/22/16 9:01 PM |
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