kirks5oh Posted February 24, 2012 Report Share Posted February 24, 2012 Yeah I will call a financial advisor next week at some point and look into this. I don't want my son and or future kids having to worry about how they are going to pay for college and take out thousands in student loans like I have had to definitely go with the 529 plan. we have one for each of our kids---very easy for family members to put money into as well. we have a certain amount that comes out every single month and flows into those 3 accounts. we will also toss money into them from time to time. some of it is just a guessing game--but: i'd recommend a quick visit with a financial planner (that you trust) to set one of these up. they will know on average, what it takes to send a kid to college, and be able to predict what you should be putting into it monthly. things they can't predict:: what the market will do, if your kid goes to private college, or if your kid decides they love it enough to try 5 years of college. but you should be 'in the ballpark' so you don't have to worry about taking large loans out keep in mind the planner doesn't necessarily make money by having you put money into these---they will always try to steer you towards stuff that makes them some money as well. it helps to have a friend who knows about these things so you can put your financial advisor 'in check' from time to time. Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted February 24, 2012 Report Share Posted February 24, 2012 keep in mind the planner doesn't necessarily make money by having you put money into these---they will always try to steer you towards stuff that makes them some money as well. it helps to have a friend who knows about these things so you can put your financial advisor 'in check' from time to time. There is nothing wrong with your planner/advisor making money. You are going to them for their expertise and/or time in this area that you don't know well enough to do on your own, or don't want to invest your time into. This is what they do for a living and they should get paid for it. They should be upfront about any fees and honest about why they are pointing in a certain direction. If you don't feel you can trust them, then go find a different person to do your business with. Josh, I suggest talking to friends or family in the are you live in and get some suggestions. That's how we found our guy and are very happy with him. He spent a few hours with us and answered all of my probably way too detailed questions before we invested our relatively small chunk of money through his firm. Quote Link to comment Share on other sites More sharing options...
kirks5oh Posted February 24, 2012 Report Share Posted February 24, 2012 There is nothing wrong with your planner/advisor making money. You are going to them for their expertise and/or time in this area that you don't know well enough to do on your own, or don't want to invest your time into. This is what they do for a living and they should get paid for it. They should be upfront about any fees and honest about why they are pointing in a certain direction. If you don't feel you can trust them, then go find a different person to do your business with. Josh, I suggest talking to friends or family in the are you live in and get some suggestions. That's how we found our guy and are very happy with him. He spent a few hours with us and answered all of my probably way too detailed questions before we invested our relatively small chunk of money through his firm. i agree. different companies/planners have different ways of making money. some have fees up front, and some make commissions based on specific mutual funds/etc.. they may not make money on advising you to fully diversify (bonds, gold, real estate, etc.). i'm not inferring that they are not worthwhile. we're good friends with our financial planner. if they have the option to take extra money and put it into the 529 vs. mutual funds, their recommendation will lilkely be the mutual funds. Quote Link to comment Share on other sites More sharing options...
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