Oct 20, 2014
5:56:57pm
5:56:57pm
Just received a gift from my grandma to pay for part of my sons' missions. What
is the best way to treat it? My sons are 3 and 1, so a long ways away from going on a mission.
I want the investment to be pretty safe, but I'm not totally risk adverse.
My thoughts so far are:
-Invest it in a mutual fund that follows the market
-Invest it in a similar way but through a 529 plan. Then when the time comes we cover the cost of the mission she gifted and use hers for education. It's switching things up in order to get tax benefits, but will essentially still be her paying for part of their missions.
What else have people done in these situations?
I want the investment to be pretty safe, but I'm not totally risk adverse.
My thoughts so far are:
-Invest it in a mutual fund that follows the market
-Invest it in a similar way but through a 529 plan. Then when the time comes we cover the cost of the mission she gifted and use hers for education. It's switching things up in order to get tax benefits, but will essentially still be her paying for part of their missions.
What else have people done in these situations?
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