Coli Parents/Almost Parents: 529 vs Birthday Gifts.

[Rawtid]

Damn, word?

The whole point of putting money in a 529 is to save for college. If you're going to give your child the option to obtain higher education, just put the money in a mutual fund. It's way more versatile.

 

[BillCosbyAteMyHomework]

What did you end up doing? This is something I will most definitely do for my kids in one way or another.

My ex's family did something similar for him. Him and sisters still got gifts, but a majority of holiday money went into a college fund (family and friends did it for them too). He ended up going to a prestigious engineering school (totally paid for by family savings), then to a private law school (loans ).

 

[Dwolf]

My daughter is having her 5th birthday soon. I was going to tell people to donate to the 529 instead of getting her gifts. Do you think that's too forward?

I read about this idea in a magazine and I wanted to try it out.

So wait, how will they donate? Cause asking for cash makes it seem like you begging for money.....

 

[Rawtid]

So wait, how will they donate? Cause asking for cash makes it seem like you begging for money.....

There is a form they fill out and send in. Or they can go online. No cash in my hands. Straight to her 529.

 

[Dwolf]

There is a form they fill out and send in. Or they can go online. No cash in my hands. Straight to her 529.

For some reason I pictured the scene from Good Fellas where they were just lining up giving them envelopes of money.

 

[MewTwo]

My kid is going to college. That's not really an option, that's why I'm starting early.

Wrong attitude to have. College is not for everyone. My mom had the same attitude towards me, "go to college no matter what even if you're studying something you're not interested in". She wanted me to have a degree simply for bragging rights.

When your child comes of age you need to sit down with him/her and discuss his/her future. Projecting your insecurities onto your child is never a good thing.

 

[sanityovar8ted]

I think its a good idea to start saving for college early. But also make her party special cuz these are lasting memories. I wouldnt feel some type of way if I was asked to donate to a college fund. Parents with sense wouldnt either, more than likely they will donate and still get a gift. But this is just my meager opinion coming from a parent.