Comments on: 529 Plan and College Savings: Should We Contribute?

By: PT

PT — Mon, 30 Nov 2009 02:18:13 +0000

@amiel – definitely open one for each child.

By: amiel

amiel — Sun, 29 Nov 2009 23:10:45 +0000

Should I open 2 different 529 accounts for each child or should I have one account?

By: PT

PT — Sat, 25 Apr 2009 16:05:27 +0000

@Mary – How old are your grand kids? What type of investments did you have in the 529? Mutual funds?

I would advise heavily against pulling your money out of the 529 now. You’ll only seal you fate and your losses will become realized.

If your grand kids still have a few more years before they’ll need that money, then just sit tight. The market will recover and it seems we’ve already hit the low and are returning to a normal upward trend.

Besides, Money Market Funds and CDs aren’t paying that much these days.

Historically, mutual funds/stocks have out performed any type of investment. Stick with them as long as you still have some time…more than a couple of years.

By: Mary Webster

Mary Webster — Sat, 25 Apr 2009 13:45:53 +0000

We opened a 529 college fund for our great grandchildren with $20,000 each child three years ago. Was doing fine until last fall (2008) and lost all interest made plus $200 on each fund. Then March we received statement for 529, each child…it is now worth $13,000. I am now in the process of thinking to move it to a CD or money market. Certainly not making any money staying in the 529 fund.

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Saving For College Images | Hot Web Trends — Sat, 21 Mar 2009 13:23:05 +0000

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By: Star Money Articles and Carnivals for the Week of Mar 9 | myBlog

Star Money Articles and Carnivals for the Week of Mar 9 | myBlog — Mon, 16 Mar 2009 20:11:22 +0000

[...] Prime Time Money covers life insurance and 529s. [...]

By: MITBeta @ Don't Feed The Alligators

MITBeta @ Don't Feed The Alligators — Sun, 15 Mar 2009 15:33:41 +0000

We have a 529 plan for our 2 year old and we’re just about to open a 2nd one for our 2 month old. These plans are funded from gifts to the girls (Christmas, birthday, special events, etc.) and from the cash back rewards that we receive from our credit cards. These two source have allowed us to contribute over $2000 to daughter #1’s account in just over 2 years.

This money doesn’t flow through our budget at all, so it doesn’t impact our retirement savings in any way.

By: 10 Top Posts: Weekly Wrap Up March 1-8 | Personal Finance Firewall

10 Top Posts: Weekly Wrap Up March 1-8 | Personal Finance Firewall — Tue, 10 Mar 2009 05:54:06 +0000

[...] Prime Time Money had a list of a bunch of different finance blogs, and their authors views on 529 plans. The view [...]

By: Fabulously Broke

Fabulously Broke — Sun, 08 Mar 2009 15:21:37 +0000

I agree with Ashley. If I can save for my future kids without hurting my retirement, I will. If not, they'll have to go at it on their own with some help from me. I also don't plan on paying for their education 100% outright. I think they should learn how to pay off debt as an early financial life lesson, but I wouldn't let them cripple themselves in doing so (like bankruptcy). I think paying off my own student loans and my debts made me a stronger person than if my parents had paid for everything. A little fear is a good thing. Fabulously Broke in the City "Just a girl trying to find a balance between being a Shopaholic and a Saver."

By: Weekly Blog Reading: 1k Twitter Followers Edition | The Passive Dad

Weekly Blog Reading: 1k Twitter Followers Edition | The Passive Dad — Sun, 08 Mar 2009 11:05:14 +0000

[...] Time Money wrote 529 Plan and College Savings: Should We Contribute? Some great comments challenge readers to consider saving for retirement before establishing a [...]