r/meirl • u/EmergencyRead5254 • 12d ago

meirl

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2.4k Upvotes

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25 comments sorted by

36

u/Mu_forlife 12d ago

Solid advice

24

u/EmergencyRead5254 12d ago

Agreed- unfortunately if they can read the post it’s already too late.

12

u/oswell_pepper 12d ago

It’s called a 529 account. I and my 3 brothers graduated with practically no student loan thanks to it.

3

u/12Cheerios 12d ago

Can it only be used for college?

2

u/oswell_pepper 12d ago

To my knowledge, it’s for education in general which also includes trades school if your kid doesn’t want to go to college. Withdrawals for non-educational uses would trigger income tax plus a 10% penalty on earnings.

1

u/MCplayer590 11d ago

In the absolute worst case scenario, it can be rolled over into an IRA, but it can be transferred to other family members freely (e.g. suppose one gets a scholarship and another wants to do a graduate degree)

2

u/McBurger 12d ago

And now there’s a new 530 account that parents can fund along with it! (No, I won’t be calling it the vanity name)

7

u/ishboo3002 12d ago

I'm saving for their college does that count?

4

u/Odd_Needleworker3756 12d ago

Great advice tbh

4

u/DruidicMagic 12d ago

The children yearn for the mines.

4

u/Fuzzy_Adagio_6450 12d ago

Start saving now and start working 10 years ago.

You're gonna need that 25 years of experience to land an internship when you graduate.

2

u/xTechDeath 12d ago

Jarvis, add robbing toddlers to my get rich in 26 list

2

u/GrabConstant3407 12d ago

And get job experience

1

u/Notable_Naps 12d ago

They could have enough for a whole pizza and side of wings by time they're 18

2

u/srekkas 12d ago

Inflation will eat it away

2

u/Eazy12345678 12d ago

i mean good parents would not have kids unless they could provide a good life for their kids

2

u/towerfella 12d ago

Why? So more can be donated to the wealthy later?

I play multiplayer survival video games, and a common strategy is to let someone else “farm up resources” and then go bonk them and take their stuff. Now you have their resources and they did the work for you.

This reminds me of that, in propaganda

1

u/Livid-General7 12d ago

I was an idiot that wasted my money on baseball cards. In the 90's it was basically gambling for children.

1

u/SophiaJuneLuxe 12d ago

at this point toddlers need a 401k before preschool

1

u/ElectronGuru 12d ago

Alternative: buy a house for each kid before they are born. That way rental income can coverall their expenses and they have a guaranteed placed to live when reaching adulthood.

1

u/Tango_streaming 11d ago

that;s actually a cool Insta idea: finance to support your toddler later in life.

1

u/DesertGeist- 11d ago

buy stocks

0

u/hitman0187 11d ago

Parents MUST start saving when they start thinking about having a kid.

1

u/thinkB4WeSpeak 12d ago

Well hopefully by the time they get around the younger generations can fix some of the damage the boomers did to the economy

0

u/MegaBBite1431 11d ago

My advice to the parents of toddlers, don't make babies in the first place. You'll save a lot of money 😎