What do you think the best approach to saving for your children I just had a daughter she is 4 months old but I was thinking about a 529 plan but I wanted your opinion on what options may be better or made more sense

#1

Just wanting to know what’s the best way to save for my children’s future I just had my first child my wife has twins that are almost 4 and they are my children as well and I will plan for their future… so 3 small children what’s some good options

#2

Hey Nick!

I think the “oxygen mask” rule applies here. Make sure you have taken care of your finances first before trying to save for your kids. The best thing you can do is be financially sound, set a good example, teach them well and not be a burden.

I would suggest not saving anything for your kids until you’re on phase 5 of investing. If you are there, then great! Yeah, a 529 offers a nice tax break when saving for a child’s college, so I’d probably go that route!

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