Just had a kid, best long term savings plan

[YALE]

See, I look at putting cash and assets aside for my kids not as a crutch but as a reserve. I'm not even going to tell them about paid for college until I see their grades and see if they get scholarships on their own. I'll admit, my reasons are selfish. If they are headed in a way I approve of, I'll open the safe and hand them the cash. If not? I have funds for new toys.

Yeah, a 529 plan could never help with that.

[mustang_marc]

Take out a high value life insurance policy. Then off yourself.

[2011GT]

My wife and I are doing the Gerber Baby Fund for our kids.

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I hope it's not whole life insurance

[1carcrazyguy]

Take out a high value life insurance policy. Then off yourself.

Just read the fine print of the policy you take out first.

[danielhv]

I hope it's not whole life insurance

?

I don't know what it is, she's the one that set it up. I do know it is supposed to be some kind of life insurance, when they turn 18 they get the money, it's guaranteed to be worth more than what we contributed, and if we die between now and then, they get the full amount.

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[Broncojohnny]

Hahahaha oh man that's was so good! I bet no parents want their kids to grow up in the top rung of pay scales with a standard work week! You must be the CEO of the same cry baby association as talisman! Show me your W2!!!!11!

Of all of my friends whose parents funded their entire college and living...guess how many make more than me or hold a higher position? zero.

I'm not saying it wouldn't have been nice to not have to work and pay my way through college...but it taught me responsibility and instilled more work ethic than I ever expected. I hated every minute of it until I got out and realized just working was great.

And to the OP, my original comment was mostly sarcasm.

+1 internet self esteem for Mr. Party Lifestyle, the new cowskin rug champion!

[mightyp]

firearms....as long as you buy them right you'll never lose money..

[2011GT]

?

I don't know what it is, she's the one that set it up. I do know it is supposed to be some kind of life insurance, when they turn 18 they get the money, it's guaranteed to be worth more than what we contributed, and if we die between now and then, they get the full amount.

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That's whole life insurance and it's over priced garbage. Get term life for you and your wife (much cheaper). Setup a good 529 for college for them.

Brokers sell that garbage not because it good but because they get paid the most to sell that type of life insurance.

[mustang_marc]

Just read the fine print of the policy you take out first.

Have someone else off you? (no suicide)

[Moose242]

Firearms. Hear me out (yes, I am that crazy gun dude to a lot of people).

1. Guns are complex mechanical devices that are difficult to replicate without factory level tooling.
2. Buying right ensures a solid and steady increase in value and return on investment.
3. With things like gunbroker and gun traders all over the web, guns are now more liquid than ever.
4. Buy right: rare isn't always good, good isn't always rare. Do some research or I would be more than happy to help you out here.
5. You can enjoy your investment and pass them along to your family one day or sell them and use the money.

[ceyko]

My plan isn't to spoil this kid, but the exact opposite. I want him to have a great work ethic and I have something set aside for when I feel he could use the help. If he turns into a smack addicted street junky, fuck no I won't just give him a handout.

This is my exact plan for my twins. Just a bit of a cushion if needed, if not give it all to them at 25 or so.

Otherwise, they will have to figure most of it out themselves.

[CJ]

Firearms have been a great investment for me, but they are at the whim of politics, which I don't like. They are highly volatile, but usually only in a positive sense.

[Moose242]

Firearms have been a great investment for me, but they are at the whim of politics, which I don't like. They are highly volatile, but usually only in a positive sense.

Indeed. I do not think they could never pass a bill spending the retroactive ownership of firearms. I do believe anything you own at this time will be a transferable and safe asset for generations.

[talisman]

Have someone else off you? (no suicide)

Actually a lot of life policies cover suicide as well, but there is rightfully a year or two waiting period after you take out the policy before you can kill yourself and your beneficiaries will still collect.

[564826]

Buy high sell low.. The investors mantra.
HA!