529 Plan and College Savings

Archive for August, 2007

Question: I want to invest for my 2 year old daughters future, any ideas?

I want to invest for my 2 year old daughters future, any ideas?
I am currently receiving $158 a month for 3 years from a home I sold and partially financed. The total will be about $6,000 in 3 years and then I will invest what I can afford after that.
I opened a regular savings account for her, But with the current cost of college, and to think of the price probably doubling in 15 or 16 years, I need a plan that will yield the most money.
Is a no load mutual fund better then a 529 Plan ? (Texas)
or should I open an IRA in her name?
What is the minimum age for an IRA?

Answer: Re: 529s: http://allfinancialmatters.com/2008/04/18/morningstars-best-and-worst-529-plans/

http://www.savingforcollege.com/

http://www.collegeanswer.com/paying/lt_financial_planning/ltfp_collcost.jsp

Check if your state has one of these – it can dramatically cut the cost of college. You might want to post another question regarding this: http://www.floridastudentfinancialaid.org/ssfad/bf/

529 College Savings Plans