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Who has a UPromise account, and if you do, do you have it linked to a 529?
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KristinasMama
How did she turn 2 so quickly?
Member since 10/07 8257 total posts
Name:
Blessed Mama of Kristina Elena
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Who has a UPromise account, and if you do, do you have it linked to a 529?
I am looking into the 529, but wondering if I should do it based on how the market is right now.
Opinions?
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Posted 10/28/08 3:42 PM  |
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Mkr09
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Member since 5/05 7550 total posts
Name:
M
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Re: Who has a UPromise account, and if you do, do you have it linked to a 529?
We opened one for Kaydyn after her christening. And we keep getting the statements and it is losing money, but I figure the money is going to be in there for 18 years...hopefully the market will turn around and it will actually start to gain money.
I do not have it attached to my UPromise account though.
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| Posted 10/28/08 3:44 PM |
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KristinasMama
How did she turn 2 so quickly?
Member since 10/07 8257 total posts
Name:
Blessed Mama of Kristina Elena
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Re: Who has a UPromise account, and if you do, do you have it linked to a 529?
Posted by merri221
We opened one for Kaydyn after her christening. And we keep getting the statements and it is losing money, but I figure the money is going to be in there for 18 years...hopefully the market will turn around and it will actually start to gain money.
I do not have it attached to my UPromise account though.
That's what I'm scared about Meredith.... I have the money from her baptism all locked up in savings bonds. I took the checks, deposited them, and then took the money and bought savings bonds.
I was looking at my Upromise acct, and was thinking about the 529, but then I was thinking about what I watch on the news every night, and I just thought maybe it's better to leave it just sit in UP... it's not gaining ANY kind of interest at all, but at least it's there... KWIM?
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| Posted 10/28/08 3:47 PM |
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LovingLife
Blessed
Member since 8/06 2818 total posts
Name:
Blessed
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Re: Who has a UPromise account, and if you do, do you have it linked to a 529?
Posted by merri221
We opened one for Kaydyn after her christening. And we keep getting the statements and it is losing money, but I figure the money is going to be in there for 18 years...hopefully the market will turn around and it will actually start to gain money.
I do not have it attached to my UPromise account though.
I just opened on for Mathias...after researching and speaking to a few financial advisors and accountants...and based on what I gathered...since DS will not be going to college any time soon now is a good time...you are purchasing at a very low price(benefit) and even if you lose now you will gain later.
I was told to make sure its a NYS 529 plan (for the tax benefits); deposit money into it regularly; and I pick a plan that get conservative as he gets older.
HTH
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| Posted 10/28/08 3:48 PM |
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Mkr09
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Member since 5/05 7550 total posts
Name:
M
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Re: Who has a UPromise account, and if you do, do you have it linked to a 529?
Posted by LovingLife
Posted by merri221
We opened one for Kaydyn after her christening. And we keep getting the statements and it is losing money, but I figure the money is going to be in there for 18 years...hopefully the market will turn around and it will actually start to gain money.
I do not have it attached to my UPromise account though.
I just opened on for Mathias...after researching and speaking to a few financial advisors and accountants...and based on what I gathered...since DS will not be going to college any time soon now is a good time...you are purchasing at a very low price(benefit) and even if you lose now you will gain later.
I was told to make sure its a NYS 529 plan (for the tax benefits); deposit money into it regularly; and I pick a plan that get conservative as he gets older.
HTH
Yea this is what I figure too...the money is going to be in there for a long time so it should be fine.
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| Posted 10/28/08 4:22 PM |
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Mkr09
.....
Member since 5/05 7550 total posts
Name:
M
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Re: Who has a UPromise account, and if you do, do you have it linked to a 529?
Posted by KristinasMama
Posted by merri221
We opened one for Kaydyn after her christening. And we keep getting the statements and it is losing money, but I figure the money is going to be in there for 18 years...hopefully the market will turn around and it will actually start to gain money.
I do not have it attached to my UPromise account though.
That's what I'm scared about Meredith.... I have the money from her baptism all locked up in savings bonds. I took the checks, deposited them, and then took the money and bought savings bonds.
I was looking at my Upromise acct, and was thinking about the 529, but then I was thinking about what I watch on the news every night, and I just thought maybe it's better to leave it just sit in UP... it's not gaining ANY kind of interest at all, but at least it's there... KWIM?
As the other poster said maybe it is a good time to put money in a 529 because things are very low. We still deposit money (or actually ILs give us a check for her 529 acct) every month. Getting statements hasn't stopped us putting money in there b/c eventually things should go back up.
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| Posted 10/28/08 4:24 PM |
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