Want to start a savings for my daughter

[COUGZ]

I am ready and in a position to start putting away a certain amount on money on a montly basis for my 5 month old (I know I'm starting early), but I think that it is something important.

What is the best method for a good return 18 years from now? My plan now is to put $100-200 a month in this account and when feasible 5 years down the line bump that up to $400 or so a month.

Thanks.

[fusnik11]

Originally Posted by COUGZ

I am ready and in a position to start putting away a certain amount on money on a montly basis for my 5 month old (I know I'm starting early), but I think that it is something important.

What is the best method for a good return 18 years from now? My plan now is to put $100-200 a month in this account and when feasible 5 years down the line bump that up to $400 or so a month.

Thanks.

You got crazy money to be able to do that....

[COUGZ]

Originally Posted by fusnik11

You got crazy money to be able to do that....

thanks...I try sometimes. Not all of us are as extremely well to do like you.

[MikeWaters]

my parents' way of helping me out was telling me from a young age that they would not help me out.

There are pluses and minuses to that approach.

[Surfah]

Originally Posted by MikeWaters

my parents' way of helping me out was telling me from a young age that they would not help me out.

There are pluses and minuses to that approach.

Mike, are you my brother?

[SteelBlue]

Originally Posted by MikeWaters

my parents' way of helping me out was telling me from a young age that they would not help me out.

There are pluses and minuses to that approach.

That was pretty much the same approach my parents took. "Son, I have six kids. I can't pay your way through college, but you're going." He did tell me from the get go that he'd cover my mission. So, I was able to save quite a bit for college.

[fusnik11]

Originally Posted by COUGZ

thanks...I try sometimes. Not all of us are as extremely well to do like you.

I am as poor as poor gets....And even after getting married to a girl who makes good money and who has little debt, we won't be able to stash away $100-200 a month for a newborn child, like I said, you must have crazy money to be able to do that, especially so soon...

As for saving money for the future there are educational Roths, etc, where you can store money for education....

[MikeWaters]

I dont' know much about this area...

but I think there are tax-free or tax-deferred ways to either do a trust fund or a college fund.

Since my son will be going to BYU, I have the luxury of not having to save any money. (TIC)

[Surfah]

Originally Posted by MikeWaters

Since my son will be going to BYU, I have the luxury of not having to save any money. (TIC)

I have thought that same thing without being TIC. I wonder if many other LDS parents do think along those lines. Maybe that's why my parents sent me to the Y.

[Mormon Red Death]

Originally Posted by COUGZ

I am ready and in a position to start putting away a certain amount on money on a montly basis for my 5 month old (I know I'm starting early), but I think that it is something important.

What is the best method for a good return 18 years from now? My plan now is to put $100-200 a month in this account and when feasible 5 years down the line bump that up to $400 or so a month.

Thanks.

I would go with this (below) if I were you. Its rated as one of the best plans around. Additionally that is a lot of money for a kid if you aren't saving for retirement. Save for retirement first then the kid.

http://www.savingforcollege.com/529_...ils&plan_id=52