Idea for kid's birthday

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  • Ed62
    The Full Monte
    • Oct 2006
    • 6021
    • NW Indiana
    • BT3K
    #1

    Idea for kid's birthday

    About 5 or 6 years ago, my wife had a brilliant idea. All the kids in our family get more toys than they need for their birthdays or other special occasions (just like yours). She proposed that instead of giving toys, we give them savings bonds. The toys have seen better days, and most are now gone. But the kids have a good start on saving for a college education. She comes up with a good idea every so often.

    Ed
    Do you know about kickback? Ray has a good writeup here... https://www.sawdustzone.org/articles...mare-explained

    For a kickback demonstration video http://www.metacafe.com/watch/910584...demonstration/
    Tags: None
    • Mrs. Wallnut
      Bandsaw Box Momma
      • Apr 2005
      • 1566
      • Ellensburg, Washington, USA.
      #2
      This year the in-laws did this for our kids. All three of the kids now have a savings bond. Its a good start for them.
      Mrs. Wallnut a.k.a (the head nut).

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        • onedash
          Veteran Member
          • Mar 2005
          • 1013
          • Maryland
          • Craftsman 22124
          #3
          This last Christmas we got our kids all Bank accounts and an add on CD.
          So we started with $100 and add some every month. I think that makes it more appealing. Even though it is gaining a little interest the extra monthly additions make the growth more substantial and hopefully more appealing so it sinks in that its good to save.
          YOU DONT HAVE TO TRAIN TO BE MISERABLE. YOU HAVE TO TRAIN TO ENDURE MISERY.

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            • steve-norrell
              Veteran Member
              • Apr 2006
              • 1001
              • The Great Land - Alaska
              • BT3100-1
              #4
              Originally posted by Ed62
              About 5 or 6 years ago, my wife had a brilliant idea. All the kids in our family get more toys than they need for their birthdays or other special occasions (just like yours). She proposed that instead of giving toys, we give them savings bonds. The toys have seen better days, and most are now gone. But the kids have a good start on saving for a college education. She comes up with a good idea every so often.

              Ed
              As an old, retired college professor I find it refreshing to see folks actually saving for college for the kids and grandkids. Keep it up.

              I have four grandkids and set them up with 529 plans. Since they usually get more toys than they can play with, I give them a deposit for their birthdays and Christmas. You can check out 529 plans at http://www.savingforcollege.com.

              IMO,the tax advantages of these plans make them well worth looking at. These plans have the added advantage of leaving control in your hands and they can be transferred to other family members if the need arises. The only disadvantage is that if they are not used for education any gains and earnings are taxable.

              Regards, Steve

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