Brought our first & likely only kid home last month and it has me thinking about their future. My wife and I went ahead and put 10k for her in a HYSA but I'm wondering if that's the best course of action. We intend to contribute around $200 a month for the foreseeable future. May add some bonus money from taxes or something as well. I've also noticed a 529 is a popular choice amongst this subreddit to help with college costs.
Now my hesitancy for the 529 route. Our daughter was born at 28 weeks and two pounds even. It's not uncommon for micro-preemies to have issues as they mature. We've agreed this account will cover those expenses. But if all goes well at the 4.35 rate (will obviously fluctuate) we're hoping this account is around 50-60k when she turns 18. She can use this for college or to roll into her own savings for retirement. IMO that's the route I'd hope she goes.
I don't know much about investing other than save save save. Is there another route we should be considering?
We also just threw 58k in a HYSA ourselves for the future. Hoping to contribute several thousand to that a year as well (this is outside our 401ks). This could allow us to buy or build our dream home in 10 or so years. Is a HYSA the best course of action or should we be opening a brokerage account and tossing it in the S&P? Advice would be appreciated.
Submitted January 18, 2024 at 02:06AM by littering_andd https://ift.tt/d1wehK9
