i have a new born child and i am thinking to open savings account with dual purpose of saving some $$$ for his future as well as reduce income tax.
There are so many things around and i am not able to make up my mind what is best.
401K/IRS/UTMA account etc..etc..
some one also suggested me to open a Insurance policy which mature when he is grown up that can be used towards his college tution.
But need some opnions from fellow fetwalleters....
your suggestions are appreciated.
thanks
Mojo...
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- modijay
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posted: Mar. 24, 2008 @ 5:08p 
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- troutmd
- Senior Member - 1K
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- superkid
- Senior Member
Do you expect/hope your child(ren) will go to college ?
Are you middle class or higher ?
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- fokatkamaal
- Happy Member
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- lorcha
- Cranky Member
modijay said:401K/IRS/UTMA account etc..etc..What is an IRS account? You gonna start prepaying his taxes or something?
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- svap
- Member
some one also suggested me to open a Insurance policy which mature when he is grown up that can be used towards his college tution.
Insurance is not investment.
Maybe 529 College Savings Plan is for you.
An Introduction to 529 Plans
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