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So I'm an uncle...

C

Carmen813

Diamond Member
My sister just had her daughter, 8lbs w/ 10 toes and fingers. Woohoo 🙂

I've been thinking for a while that I'd like to establish an account to save up for my nieces college education. It's something I wish my family had done for me when I was younger and I'd really like to do this. I think a Coverdell Educational Savings Account (Educational IRA) is the way to go but I don't really know much about investing. I don't really make a lot of money at the moment but I'd like to be able to contribute a couple hundred dollars a year to it, for holidays/birthdays, and not worry about a monthly contribution.

If any of you guys have any advice I'd love to hear it 🙂

 
Originally posted by: Carmen813
There, I fixed the typo. Can you provide useful information now?
Click to expand...

No, pretty much all we have is sarcasm and nitpicking.

Sounds like a nice idea for your niece. I don't know anything about investing though. I'd say you should buy lots of bubble gum cards and hope some rookie gets famous.
 
#1 Don't molest her.
#2 Shouldn't her parents provide her college fund, and shouldn't you save money so that the children you will eventually have can have a college fund?
 
Originally posted by: Carmen813
My sister just had her daughter, 8lbs w/ 10 toes and fingers. Woohoo 🙂

I've been thinking for a while that I'd like to establish an account to save up for my nieces college education. It's something I wish my family had done for me when I was younger and I'd really like to do this. I think a Coverdell Educational Savings Account (Educational IRA) is the way to go but I don't really know much about investing. I don't really make a lot of money at the moment but I'd like to be able to contribute a couple hundred dollars a year to it, for holidays/birthdays, and not worry about a monthly contribution.

If any of you guys have any advice I'd love to hear it 🙂
Click to expand...

That's an awesome gesture. 🙂

You could go with bonds too that can be cashed in and used for education expenses tax free.
 
Originally posted by: Dumac
#1 Don't molest her.
#2 Shouldn't her parents provide her college fund, and shouldn't you save money so that the children you will eventually have can have a college fund?
Click to expand...

Eh, I'm not planning on putting my entire life savings into this account, I'm hoping that maybe by the time my niece is 18 it contains 10,000 or so.

My wife and I aren't planning on having children for at least 7-10 more years anyway.

Bonds might be a good idea...
 
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