Looking for feedback on options for setting something up for Lil' Twitch. Outta state for UW is gonna cost some coin. Only have 17 more years to prepare. Looking for info on plans. Donations accepted too.

Dogfish? This up your alley?

Dude. Great topic. I am a few chapters in to "The New Dads Survival Guide" and my to-do list is already a few pages long. "Start college fund now" is right up towards the top of the list. "Find another side job" wasn't far behind.

Looking forward to some educated advice as well.

GET (guaranteed education tuition) is one good option. Not sure if Oregon has that program. It is a tax deferred investment held with the state, and takes away the investment risk for future market adjustments.

Here is a short primer on 529 plans.

https://www.fidelity.com/529-plans/what-is-a-529-plan

I agree with Dogfish. GET was a great deal for us. Paid for 10 years of school.
4 years at Central in Eburg 5 years at Pen in Philly and 2 years at Columbia in
in NYC. Completely transferable to other states at the rate of the Washington
schools. With the things the market did when we were saving we may have not been able to help them with their education expenses. GET IS GREAT!

diapers are cheap + 10 !

Look at Twitch getting all prepared and sh!t already.

At least you have an eye on a top-notch school for junior Twitch.

Got a 4 year old and spent way more time on this subject than I wanted to. We do a couple plans. A Coverdell plan is like an IRA for saving for college. We contribute pre-tax dollars so it reduces our tax bill now. Biggest advantage is you can use it for any "educational expense" at any time. So we could even use it for paying field trips at daycare now, if we so opted. Gives a bit of flexibility if you are concerned that you might save a ton and end up with a kid who opts for no school since you could draw down the fund as high school progresses. Biggest drawback is contribution limits. Last years were $2,000 so it really won't help that much when you think about the numbers discussed above. We do that account with Schwab.

Our bigger plan is the GET. Great deal if you are looking at 17 years out. Works by you paying a big premium on the current cost of tuition. I.e. say a year at WSU (somehow the most expensive college in the state) cost $15,000 last year. Under the GET program, you pay $20,000 for a year's worth of credit. You assume that by the time you use it in 2027, a year at the highest cost state school will be more than $20,000. Thus, there is an age cutoff when it is not worth contributing to GET. Right now that cutoff is right around 13 years old. At that age, because you pay such a current premium for the future credits, it is unlikely you will make up your money and are better off looking at alternatives.

Once that happens, you need to look at 529 plans. Fortunately, I didn't have to look to much at those since there are hundreds of them each better or worse depending on which state you live in. Only consistent thing with 529's is watch your fees and costs if you do them, like all investments. Better off running those through Vanguard or some other no load and low fee brokerage. Good luck.

Been thinking about this a little too. Would US savings bonds be a good investment for college or trade school? I have to buy some to catch some kids up with the others but was considering buying more as this type of investment?

I should also add that I need something (at least for now) that doesn't require a big chunk to open, or substantial monthly deposits. We have a household income of absolute jack $hit. Like, literally we qualify for the local food bank. Mrs. Twitch only works on my days off, so I can stay home and watch the little guy. We live so far out in the sticks there are no daycare/neighbor options. We are lucky to make bills each month, there is no ability to "put 10% of your paycheck into this account". I need something I can deposit into when possible, NOT an auto deposit.


Need to raise the kid with a good work ethic. I busted my ass and paid $76K for four years of school out of my own pocket; no loans, major scholarships or parental help. At times it required working up to three jobs while taking full credit loads, BUT it can be done.

Of course, there's always the athletic scholarship route too

Twitch, a couple things to note; you are doing what you enjoy and that says a lot and can be much more important than income earnings.

Like you, I put myself through undergraduate school without any help from loans, family or scholarships and yet, feel I'm better off for it because if forced me to prioritize my life and develop a good work ethic working nights/weekends and during the summer in AK. It paid off because a few years later, my employer offered to pay my way through graduate school. That was also a sacrifice because I was working full time, raising a family, and attending full/part time grad school. But it certainly paid off.

The great thing about starting early is you don't have to start with large amounts of cash. But by consistently adding small amounts over a long period of time, the accrual and interest will definitely add up.

Savings bonds, EE, pay 0.10% at the moment. They are not a wise investment, as they won't even keep up with the pace of inflation. You would be better off stuffing money in a can in the back yard.

"Need to raise the kid with a good work ethic. I busted my ass and paid $76K for four years of school out of my own pocket; no loans, major scholarships or parental help. At times it required working up to three jobs while taking full credit loads, BUT it can be done. "


That's what I did. Parents treat their kids like the fricken pope these days and the kids grow up entitled. The best investment plan is to teach the little one how to plow his own row in life. Our kids pay 50% of their education and are required to work outside the home starting at 15 for the extras in life plus they have to save for school . You are not doing them any favors by making it easy on them. They go out and get degrees that sound romantic but pay as much as working at 7 eleven. Their first year or two are party years at $30 to $50k . Not on homies dime . Provide him with the basics and that work ethic but do not go into debt or sacrifice your retirement to send them to college. If they want to go they will do what you did and still love you.

I'm also in the same boat as Twitch. I'm thinking about looking into GET, but in the mean time, I opened up an Edward Jones investment account where I've been placing $50 per month in the Growth Fund Of America.

My advice would be to save any small amount you can spare now. Even if you're tossing $5 from each pay check into a jar. Just be consistently saving what you can spare without feeling the financial impact and you will thank yourself later.