Save for your kid’s college fund


  1. Calculate the costs you need to save for college. 
    Find out the costs of attending college in both private and state universities in your area. Decide where you want your kids to attend college in the future and estimate the cost. 
  2. Invest in Education Savings Account (ESA). 
    ESA allows you to invest up to $2000 (after tax) per year, per child, and it grows tax-free. It is highly suggested as it has an average stock rate of 12% – a far higher rate of return than investing in a regular savings account.
  3. Invest in 529 Plan if you want to save more than $2000 for your kid’s college fund. 
    If your kids are older or want them to study in a more expensive school, you can invest in a flexible 529 Plan instead of a “fixed” or “life phase” plan. This will allow you to stay in control of the mutual funds all the time. 
  4. Get a Uniform Transfer/Gift to Minors Act (UTMA/UGMA). 
    This allows you to open up a mutual fund in your child’s name which they can use any way they want once they reach the age of 21 (or 18 for UGMA).


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