College Fund Baby - Reddit
Banks as far as I am informed already allow people to open fund accounts geared toward the child's post-secondary education. With a $500 incentive provided it goes to the institution of your child's choice. You are able to contribute to it at little to no tax cost to the child as long as they are willing to use it for their education. Should they decline, you may return all of it back to the bank at the cost of the money you put in the Child's Education Savings Account. Which in a way is kind of type of backstab scam on banks part since not only are they taking the initial $500 back but also the accumulated interest and the money you put into the pot. Which I do not appreciate hearing since on the realistic side, not every child is born rich; wants or will continue on with education; completes high school; lives to see their high school graduation. This may be a great advantage to help your child through to college if you are a Dual Income Family and/or in the mid to high-income range. Otherwise, you and/or your child/ren may decide to find alternative ways to saving for future education.
Kevin Miller
No comments:
Post a Comment