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529 plan?

I was thinking about opening a 529 plan for my kids. I want to get as much background information about it as I can.

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vova

Asked by vova at 11:59 AM on Dec. 23, 2008 in Money & Work

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Answers (4)
  • I believe that a 529 plan is only good if your child goes to an in-state college so take that into consideration. We looked into it many years ago but opted not to do this for our children; I felt we could do better in financially planning for our children's college education(s) than a 529 plan.
    Anonymous

    Answer by Anonymous at 12:05 PM on Dec. 23, 2008

  • what is the best way to save for college this days?
    vova

    Answer by vova at 12:09 PM on Dec. 23, 2008

  • We are meticulous and extremely disciplined about our saving and our spending. We started saving when our children were born - as is the customary advice - so many dollars a month per child based on the estimated amount of their college costs 18 years later. What people seem to forget is that you're comparing future college costs with today's dollar value. We stopped making ourselves crazy by getting out of the mind set that we were doomed for failure if we didn't save every month for college costs, and instead set our goals on paying down debt, paying off our house, and saving every penny we could. We are in the best financial position of our lives (no debt, no mortgage, no car loans, etc.) and are children's funds for college are sitting here waiting for them. There's no magic method; we just did it the old fashioned way. Our oldest is still two years away from college so we're way ahead of the curve. Best of luck.
    Anonymous

    Answer by Anonymous at 1:32 PM on Dec. 23, 2008

  • thank you, i hope i'll make it happen sooner than later
    vova

    Answer by vova at 3:57 PM on Dec. 23, 2008

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