Saving for College?

[lookout123]

i met a guy who knows a guy who once read about financial planning.

he suggests:

priority #1 always always always has to be your own retirement first. no exceptions. if you aren't fully funding your own retirement plans (401K, IRA, etc.) you shouldn't be thinking about college plans yet. Why, you ask? many students can get grants, scholarships, and loans. to date, there are no retirement scholarships.

priority #2 everything else. if college savings for your kids is something that you want to do, 529 plans are a great way to go. if you invest in the one sponsored by your home state, they are often tax deductible. but it is important to remember that not all 529 plan money managers are top notch, so it is sometimes prudent to forego the tax deduction in favor of another state's 529 plan that will give you more consistant returns. things like risk tolerance and time horizon are important questions to consider. or so i've been told. by a guy.

if you want specific info, i recommend that you inquire with a guy who knows a guy who knew a guy who met a guy who read a book. or someone similar.