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| tracyv |
 Posted: Sat Feb 19, 2005 2:05 pm Post subject: college funds |
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New Poster
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| This question has probably been asked before but I am new and have yet to read through all the posts. anyway, what is the best way to save money for college? Mutal funds? My husband and I are wanting to set something up for our boys but are very naive when it comes to this What are some suggestions? Thanks for your input |
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| lmountford |
| Posted: Mon Feb 21, 2005 10:33 am Post subject: |
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Investing Sr. Associate
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| I would like to know about this too. Some of us mentioned college funds in the feedback area and I think there may be a special section for college funds now. |
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| chop456 |
| Posted: Mon Feb 21, 2005 12:35 pm Post subject: |
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Investing Sr. Associate
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| We currently put into a 501 plan (I think that is what it is called) each month. We also have a UPromise account for each of the kids (very small amoutn of $$ here) and the kids also have savings accouts where their birthday $$, etc. goes. Once the savings gets to $1000 we put it into a CD. |
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| trixiezzz |
| Posted: Mon Feb 21, 2005 4:41 pm Post subject: |
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Investing Manager
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| Also, I think how many years you have left to invest before your child will be ready to go to college will affect your decision. If it's less than 5 years, it may not be wise to put it in the stock market, since a sudden drop could mess up his money. If you've got longer to weather any falls, you'll do better. |
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| ammo |
| Posted: Tue Feb 22, 2005 12:24 pm Post subject: |
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Investing Sr. Associate
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Swear jar agen
PUt all your loose change in a jar and if your like me in a few months youll have completely saved u enough money.  |
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| jeepgirl30 |
| Posted: Wed Feb 23, 2005 6:33 am Post subject: |
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Investing Sr. Associate
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Asking the relatives to give cash instead of toys for gifts! Seriously if my MIL gave the kids cash instead of all the dollar store toys she gives them just to give them something it would be so much better use of the money.
My parents give the kids a small present for each holiday/birthday but put money aside every month.
The kids are young so they don't care about not getting a ton of presents. |
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| lmountford |
| Posted: Wed Feb 23, 2005 1:17 pm Post subject: |
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Investing Sr. Associate
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We have saved around ?10 ( a little under $20) a month for our daughter since birth ( she is now 5 and a half). We have also added birthday and Christmas money to this and it has grown slowly in her post office investment account, until she has around ?1500 . Last year her Grandma gave her a further ?1000 and we now have to choose a sensible home for it in the longer term. I am sure the post office rates are beatable but obviously don't want too much risk - hey iy's not my money  I know that she will need money for college but I'm also a little tempted to take out a small 'stakeholder' pension for her! I figure that will give it plenty of time to run! |
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| waynela2005 |
| Posted: Fri May 05, 2006 12:20 am Post subject: college funds |
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Investing Associate
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| I would suggest you invest yourself is the best |
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| hcook |
| Posted: Sun May 07, 2006 9:54 am Post subject: RESP's |
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New Poster
Joined: 07 May 2006
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Hello,
I work for a canadian RESP dealer and can answer any questions you might have.
I can explain your options, give a comparison and there is no obligation. Planning for your children's futures is very important, especially when the cost of post seconday education is going to continue to go up.
Sincerely,
Heather Cook
hcook@rogers.com |
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| bobis |
| Posted: Tue May 23, 2006 1:36 pm Post subject: |
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Investing Sr. Associate
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| Is a plan worth it. Dont you have to pay taxes on any money worth earning? Then you have to think is that something I want to invest in? |
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| hcook |
| Posted: Tue May 23, 2006 5:11 pm Post subject: RESPs |
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New Poster
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Are they worth it? Well, I guess you need to assess whether investing in your children's futures is worth it. Essentially, that is what you are doing with an RESP. This is not a *just in case* fund. If what you want to save for is a new car, then save for it through the bank. If you want a plan for your child's education then make sure you understand that it is a committment.
When you stop to consider the fact that 2/3 of jobs today require a post secondary education, the answer is relatively simple. Yes. A plan ensures that your children will have choices after high school, choices you can give them without dipping into your RRSPs. The altneratives are you could:
a) Do nothing (Child can fend for him/herself)
b) Borrow money/re-mortgage the house
c)Ask family/friends for the money
d) Set up a plan
In a plan, the money and the growth on the money is tax sheltered for the duration of the plan.
You need to be aware of a few things when looking to invest:
1) Research all your options
2) Ask what the fees are and if you get back an equivalent amount (banks and mutual funds charge fees but don't return them)
Please email me if you need more information, aren't aware of the government grant that every parent who saves money in an RESP is entitled to. It's important that you talk to someone who does this for a living and who can answer your questions with concrete knowledge. I see a number of things here that people are correct in believing, but also a lot of misconceptions. Bottom line is, when your child(ren) go onto school, don't you want to make sure you made the best possible choice where you invested your money?
Heather Cook
hcook@rogers.com |
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| nickspcs |
| Posted: Fri Jun 02, 2006 12:50 pm Post subject: |
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Investing Sr. Associate
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| Because of the extreme importance of the money I would only put it in a high yield cd check ing |
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| DKnightSr |
| Posted: Sun Jun 04, 2006 5:17 am Post subject: Re: RESPs |
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Member of the Month
May
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| hcook wrote: | [i]
When you stop to consider the fact that 2/3 of jobs today require a post secondary education, the answer is relatively simple. Yes. A plan ensures that your children will have choices after high school, choices you can give them without dipping into your RRSPs. The altneratives are you could:
a) Do nothing (Child can fend for him/herself)
b) Borrow money/re-mortgage the house
c)Ask family/friends for the money
d) Set up a plan
In a plan, the money and the growth on the money is tax sheltered for the duration of the plan.
You need to be aware of a few things when looking to invest:
1) Research all your options
2) Ask what the fees are and if you get back an equivalent amount (banks and mutual funds charge fees but don't return them)
Please email me if you need more information, aren't aware of the government grant that every parent who saves money in an RESP is entitled to. It's important that you talk to someone who does this for a living and who can answer your questions with concrete knowledge. I see a number of things here that people are correct in believing, but also a lot of misconceptions. Bottom line is, when your child(ren) go onto school, don't you want to make sure you made the best possible choice where you invested your money?
Heather Cook
hcook@rogers.com |
Ya' missed an alternative Ma'am. ROTC pays full boat if you qualify, and they pay you a stipend besides. If you don't care to be an Officer, there's Montgomery Bill money, and SLRP (Student Loan Repayment Program) "It's important you talk to someone who does this for a living and can answer with concrete knowledge. "
With 5 children, $10,000 each was the best I could do. Not one of them has used it, but instead I have one Navy Veteran (High School GPA 4.0)(CD intact, 2 Associates Degrees), one drop out, one working her way through college (High School GPA 4.0) (with her CD in tact ), one about to start college (High School GPA 3.97) (also planning the work plan, CD intact) and one still 2 years away (GPA 4.0)(CD intact).
I'm happy to report that 3 of the 4 college age or older (and the youngest too) all were in in the top 5% of the United States scholastically. That helps when it comes scholarship time. THAT's what the child can do for him/her self. As for the 5th, he chose drugs, and has reaped the benefits of his choices.
This parent is really discouraged with people constantly telling me what a lousy person I am because I didn't buy my kids a college education. I hold a Bachelor's Degree, but got not one dime from anyone (not even FAFSA) getting there. These long term "College Savings Plans".... like all other investments.... cost fees. I notice you give your e-mail address...
So as long as we're plugging companies.... here's one for the US Army. Feel free to contact me if you need assistance.
dennis.knight@us.army.mil |
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| rsfenterprises |
| Posted: Tue Jun 06, 2006 10:06 am Post subject: |
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Investing Associate
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| stoogepid |
| Posted: Wed Jun 21, 2006 6:28 am Post subject: |
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Investing Sr. Associate
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| If you are saving for college is best if you dont put it in any volatile funds or stocks. You want something relatively safe. CDs? Savings Account? Maybe some Mutual Funds. |
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