529 Plan and College Savings

Archive for February, 2008

Question: best advice for 23 yr old single mom?

Whats the best financial advice for me? im a single mom who gets no child support (he wont work), i work as an RN, i save my money pretty well, my credit is good…what else can i do to benefit myself and my son? I have a college fund and a savings account started for him. hes only 3 though.

I have a 401k through my one job, but im thinking about rolling it into an IRA (if possible i dont even know if its possible).

Through my full time job I have OPERS which is the ohio retirement for county workers (i work at a county hospital) which matches your highest 3 paycheck income when you retired. Then, they match 14% of what i put into the account.

Right now im in an apt, which i know im throwing away money, but i havent even been there a year yet so im gonna stick it out.

Im working on paying off my car (5,000 left) then ill be out of the only debt im in.

I have money in a high yeild savings too, which im able to get to if i need to.

any other advice??

Answer: Wow! I wish you would’ve been around to give me advice when I was a 23 year old single mom. You’re doing everything right! Save up for your down payment on a house and if you’re still in a relationship with the child’s father, dump him. A man who won’t work is nothing but a drain on you and a bad example for your child. Other than that….you’re doing everything right.

President Obama Hosts a Health Reform Town Hall in Ohio