Advice for nephews' college fund

[Eggmanmja01]

If you go to Academy at ZERO DARK 30 with the cash and stock up on ammo, you could easily double that money.

In the short term, I do not see a lot of gain for investment. If it were me, I would just keep track of the amount and put it in my savings account.

Good luck

 

[The Old Jaybird]

I was very poor and didn't have very good grades but I got thru college, albeit in the 1960s with grants and loans. Check with college they might attend and see what is really needed. You might be surprised at how much aid is there. Local and state colleges will be the cheapest.

 

[Hayata]

You can use 529 monies for training other than college, yes? Like welding/pluming/electrician classes?

 

[NDIrish1]

A frat brother of mine from UGA said to put it in a money market account. 529 plans are for school only..... potentially loose $$, money market we just had auto withdrawals and grandparents also contributed. I have 2 at private universities and so far we just transfer the $ to checking and pay each semester. Got one thru Mercer undergrad & other is at WaKe Forest with 1 year to go.......

 

[sparked1]

My money market account is currently paying a whopping .60% APY. I made $136 last year. Harvard, here we come.

 

[WallsGa]

You can use 529 monies for training other than college, yes? Like welding/pluming/electrician classes?

It can be used for tech schools, vocational school classes, yes. I'm just not sure what the specific stipulations are.

 

[J45404]

I personally have had lots of success with mutual funds through T Rowe Price. My best picks have been "Global Growth Stock", "Communications & Technology" and "Health Sciences"

My "Global Growth Stock" fund has had an 84% gain since I purchased the fund at the end of April 2020. Much of that is because I purchased when the market crashed from the beer bug, but regardless, all of those funds have had a great history over the past 10-15 years. I think the average annual rate over the past 15 years for these funds have been around 13-15%. T Rowe Price's web site will give you lots of information regarding the funds history. I have not done anything more than put my money in there in April of last year and let it sit, so no expertise necessary.

 

[MacTavish]

Your nephews could use ROTC to pay for college and be guaranteed a job that includes company paid health insurance upon graduation.

 

[jeep78]

Make use of the Move o n when ready program. Graduate HS with an Associate degree for free.

2 years of free college cuts your college bill......in half!