Just had a kid, best long term savings plan

[95ragtop]

Had a kid a week ago and I have been thinking of how to save up for him. I am probably going to save a $100 a month. Tuition isn't an issue, so I was thinking a Roth ira for a heads up on retirement or just invest it and have money saved for rent during college and a cheap beater.

Curious to see what you guys have done or any other ideas.

[Baron Von Crowder]

Bury it in a mason jar in the back yard.

[LANTIRN]

The best long term savings plan would have been no kids.

[mstng86]

The best long term savings plan would have been no kids.

afuckingman

[slow99]

Utah for 529 plan.

[BlackGT]

Mattress + knife...

[2011GT]

Why is tuition not an issue?

[2011GT]

Utah for 529 plan.

This is the 529 I went with. It's one of the cheapest options.

[95ragtop]

Why is tuition not an issue?

I won't be needing my GI Bill, so I'll pass that along and if they need more I also have the Hazelwood Act.

[TX21]

Nevada's looked good to me too. Never did it just read about it.

[racrguy]

The best long term savings plan would have been no kids.

I was about to say the same thing. LOL

[Forever_frost]

Having a purple heart means my kids can go to school either free or reduced depending on the college so there's that. I've started saving an ounce or so of silver a month for the kids because dollars will depreciate and stocks can tank. My suggestion would be take the money you were going to invest and buy some precious metals and take the rest of it, buy a safe and stick it in there. Interest rates suck at the moment anyway and if there's an emergency where you need cash before banks open, it's on hand.

[slow99]

Missed the tuition caveat, my bad. It's long term money, just put it in equities - spy, acwi, ijr etc.

[YALE]

Having a purple heart means my kids can go to school either free or reduced depending on the college so there's that. I've started saving an ounce or so of silver a month for the kids because dollars will depreciate and stocks can tank. My suggestion would be take the money you were going to invest and buy some precious metals and take the rest of it, buy a safe and stick it in there. Interest rates suck at the moment anyway and if there's an emergency where you need cash before banks open, it's on hand.

A 529 plan would stave off dollars depreciating. You realize you're paying more than credit card interest to unload precious metals quickly, right? Literally ANY regular fund is cheaper to get out of. Hell, paper silver is cheaper to unload, and offers the same short term advantages as real silver.

[slow99]

A 529 plan would stave off dollars depreciating. You realize you're paying more than credit card interest to unload precious metals quickly, right? Literally ANY regular fund is cheaper to get out of. Hell, paper silver is cheaper to unload, and offers the same short term advantages as real silver.

Well, but thank god the price of silver never fluctuates.