[USER]

Hello frugal friends! I have 2 granddaughters who I would like to start an investment or college fund for. Where do I start and where can I get the biggest bang for my buck?

Thank you

[Nancy]

Look into 529s for your state or Roth IRAs. Some states have match depending on income.

I would call Vanguard or Fidelity and work with an expert. It’s worth it and there should be no for the consultation.

Don’t miss: What is the best “hands off” 10-15 year investment option for kid’s savings accounts?

[Laurie]

529 accounts

[Christy]

Maryland has a plan where if you get the amount deducted directly from your paycheck and don’t ever early withdrawal… and only use it for college….it becomes tax free….ask HR if you something similar.

[Julie]

Look up IUL’s they’re life insurance policies that you can take money out from (without dying) my kids are 23 and 19 now. I got those policies for them when they were 6 and 10.

My oldest took out 24k for college and since she got a scholarship she used it as a down-payment on her house.

I tell everyone about this because I had never heard of such a thing until I heard about these policies.

By the way, the life insurance policies are still open. The money we got was interest earned at 8.5%.

[Author]

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