So I've got a lump sum of cash I want to set aside for a college/mission fund...

Sep 26, 2016
9:30:16am

Triznaynay All-American

Either of those are about 12 years away. What should I do with said money? What's the best way to put it away/invest it/tax advantage it?

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Triznaynay

Bio page: Triznaynay
Joined: Aug 29, 2007
Last login: Apr 25, 2024
Total posts: 24,454 (4,822 FO)

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Author

Time

So I've got a lump sum of cash I want to set aside for a college/mission fund...

Triznaynay

9/26/16 9:30am

If you're sure its for college, then 529, otherwise, just a brokerage account.

d-coug

9/26/16 9:35am

Aren't ESA's generally considered better options then 529's?

sandtrapcougar

9/26/16 9:41am

The ESA has untaxed gains, the 529 lets you save taxes up front.

d-coug

9/26/16 9:46am

So between a brokerage account and an ESA? Because I'm not 100% sure it'll be

Triznaynay

9/26/16 11:18am

If he puts in a brokerage account now and then uses it for a mission in 12 years it could have huge tax savings

RdF3

9/26/16 10:33am

I'd look at a UTMA account.

Mexicougazul

9/26/16 9:36am

I like UTMAs as it allows you to use it for what you want for the child.

specsauce

9/26/16 9:41am

Yeah, but it's considered an asset of the kid, rather than the parent

d-coug

9/26/16 9:51am

If he has a large lump sum to set aside this early in the game, his kids

Pimpin4Paradise

9/26/16 9:54am

Consider a 529 and or a borkerage account. Or real estate.

Baron

9/26/16 9:37am

BM Venomous Viper

ElCapo

9/26/16 10:12am

If you aren't maxing out on your own retirement savings, do that first.

frontrowcougar

9/26/16 10:16am

Invest in Kramerica's chickens.

reagan21

9/26/16 10:21am

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