Clever ways to setup 4 year college investment?

Dell / Eng
cmpxch

Dell Eng

PRE
EMC Corporation
cmpxchmore
May 10, 2018 9 Comments

My sister's kid got into Seattle U but can't afford it, he will need $15k/year starting next year .. I'm happy to set aside $60k now but would prefer that they, and I, can't touch it except for the $15k check each year, and if I can make it tax efficient, even better. Anything better than just collect 1.5% from ally bank?

comments

Want to comment? LOG IN or SIGN UP
TOP 9 Comments
  • Dimension Data / Mgmt Yvnm54
    Does a 529 work? My529.org is what I use.
    May 10, 2018 2
    • Dell / Eng
      cmpxch

      Dell Eng

      PRE
      EMC Corporation
      cmpxchmore
      OP
      Good point .. I usually think of 529 as long term savings not just a 4 year lock up but .. it might work. Thanks!
      May 10, 2018
    • New / Eng
      Cornwallis

      New Eng

      PRE
      Facebook
      BIO
      Prematurely grumpy old man
      Cornwallismore
      529 short term only makes a lot of sense if you are in a state that has tax breaks on contributions but the tax break on growth will help a little in the last couple of years. Only real down side is you're still limited to going very safe or risking losing principle
      May 10, 2018
  • Return to Your Power 1username
    +1 on 529 to make sure they are used for accredited education (or related and approved education expenses)
    May 10, 2018 0
  • Dell / Eng
    cmpxch

    Dell Eng

    PRE
    EMC Corporation
    cmpxchmore
    OP
    A WA state 529 GET account must be opened 2 years before they will distribute funds :-(
    May 10, 2018 3
    • Return to Your Power 1username
      Set one up with 30grand. For junior and senior year
      May 17, 2018
    • Dell / Eng
      cmpxch

      Dell Eng

      PRE
      EMC Corporation
      cmpxchmore
      OP
      Yeah .. that's valid. Doesn't really seem worth it so I'm just going to write a check anually.
      May 19, 2018
    • Return to Your Power 1username
      A solution exists!
      May 19, 2018
  • Microsoft AweAwe
    What plans do u use for 529? And fidelity?
    May 10, 2018 0