Author Topic: Thks Mr.Bush, for putting my child thru college! (Read 1895 times)

Ripsnort · « **on:** August 02, 2001, 07:42:00 AM »

...not yet, but in about 16 years! We took the $600 bones and started a mutual fund for our littlest (2yr old), auto deduction of $100 month taken out of checking account each month thereafter. We did this with Geeman too, back 4 years ago, today he has $13,000 and its projected to roughly be about $80,000 when he's 18.

You see, $300-$600 may not seem like alot of money to you all, but wisely invested, it can be useful when you get close to retirement, and don't feel like forking out thousands for an education for your young-uns. Granted, tuitions will go up too, but hey, something is better than nothing (like I had, 0 ) when your 18.

I can only hope that those so intently against an administration that wants to return your money to you can only go as far as taking that money, and returning to the government, ie.,put your money where your mouth is.

(Don's flameproof suit)

AKSWulfe · « **Reply #1 on:** August 02, 2001, 07:48:00 AM »

There are a lot of solid, steady and non-liquid investments you can put that money into. Meaning that after several years of compounded interest, just a couple hundred dollars can turn into thousands. It's pretty much guaranteed, unlike stocks in companies which are pretty unstable.

Basically what I'm saying is, if you take that money and invest it in something that has a locked interest rate but is very stable and put in about 100$ a year from your paycheck, your kid will be able to retire a millionaire. If your still alive, this means roles are reversed and your kid now has to take care of you.

Anyways, that 600$ will turn into 10 to 100 times that depending how long you keep it invested.

It's a smart move Rip.
-SW

[ 08-02-2001: Message edited by: SWulfe ]

Ripsnort · « **Reply #2 on:** August 02, 2001, 07:56:00 AM »

Quote

Originally posted by SWulfe:
There are a lot of solid, steady and non-liquid investments you can put that money into. Meaning that after several years of compounded interest, just a couple hundred dollars can turn into thousands. It's pretty much guaranteed, unlike stocks in companies which are pretty unstable.

Basically what I'm saying is, if you take that money and invest it in something that has a locked interest rate but is very stable and put in about 100$ a year from your paycheck, your kid will be able to retire a millionaire. If your still alive, this means roles are reversed and your kid now has to take care of you.

Anyways, that 600$ will turn into 10 to 100 times that depending how long you keep it invested.

It's a smart move Rip.
-SW

[ 08-02-2001: Message edited by: SWulfe ]

Well, I did alittle researching 5 years ago, found a nice mutual fund that was balanced enough to enjoy the benefit of a bull market, yet robust enough to handle the bear market we're in...he made more money in this bear market in the last 1 1/2 than I did in my investment plan via my company. Guess I should invest in his mutual fund!

AKSWulfe · « **Reply #3 on:** August 02, 2001, 07:59:00 AM »

Mutual funds are the way to go.

Then again, bonds can work out too. Although they take 7 years to mature, they are still pretty good ways to safely double your money.
-SW

Eagler · « **Reply #4 on:** August 02, 2001, 08:16:00 AM »

wtg Rip!

lucky boys to have parents who care about their futures over temp materialistic gains.

still waiting on our monies, 2nd to last in the distro list

Ripsnort · « **Reply #5 on:** August 02, 2001, 08:28:00 AM »

Quote

Originally posted by SWulfe:
Mutual funds are the way to go.

Then again, bonds can work out too. Although they take 7 years to mature, they are still pretty good ways to safely double your money.
-SW

Mutual fund that Gee has:

Initial investment: $1000
$100 x 48 months additional each month=$4800
Total invested out of my pocket=$5800
Net worth today=$13,000
Capital net gain profit of $7200

..in 4 years, alot better than a bond IMO. But yes, bonds can be profitable.

Incidently, the mutual fund is thru Oakmark. By investing in them 10 years ago for my own account, we were able to go from a 1400 sq. ft. 3 bd/2bth house to a 2600 sq.ft.5 bedroom,3 bath house in 6 years.

Can't tell you enough how important it is to put some away for a rainy day!

[ 08-02-2001: Message edited by: Ripsnort ]

DingHao2 · « **Reply #6 on:** August 02, 2001, 09:11:00 AM »

The downside to a mutual fund though, is that they charge an annual or quarterly charge to invest ur money there. I prefer to research and invest in stocks myself (no, not day trading--thats gambling).

Ripsnort · « **Reply #7 on:** August 02, 2001, 09:20:00 AM »

Quote

Originally posted by Ding_Hao:
The downside to a mutual fund though, is that they charge an annual or quarterly charge to invest ur money there. I prefer to research and invest in stocks myself (no, not day trading--thats gambling).

Simple, get a "no-load" fund like we did. Also, I don't have a broker, I am mine own. I pay nothing.

jihad · « **Reply #8 on:** August 02, 2001, 09:57:00 AM »

Cletus has *nothing* to do with your being a good parent.

Ripsnort · « **Reply #9 on:** August 02, 2001, 11:08:00 AM »

Returning money that I overpaid in taxes is definately in that equation, Jihad.

LePaul · « **Reply #10 on:** August 02, 2001, 11:20:00 AM »

Good for you, Rip. Nice to have that kind of planning for your kids.

I just started up a Roth IRA a few days ago. At 31, I was doing some scribbling to figure out what I would have if I want to retire at 65 (or whatever). So far, here at work I have a $401k plan, the newly established Roth IRA, plus whatever benies the UPS Pension will offer, then Social Secuirty, if its still around.

I figure if I can't live it up now, maybe I can take a little finanical pinch now, so I can later on in life

Weave · « **Reply #11 on:** August 02, 2001, 11:30:00 AM »

Unfortunatly Rip by the time Geeman is ready for college, the 80k should take care of a couple of quarters.

Ripsnort · « **Reply #12 on:** August 02, 2001, 11:34:00 AM »

Quote

Originally posted by Weave:
Unfortunatly Rip by the time Geeman is ready for college, the 80k should take care of a couple of quarters.

Yep, that's why I stated "Granted, tuitions will go up too, but hey, something is better than nothing (like I had, 0 ) when your 18."

jihad · « **Reply #13 on:** August 02, 2001, 01:01:00 PM »

Quote

Originally posted by Ripsnort:
Returning money that I overpaid in taxes is definately in that equation, Jihad.

<snicker>

WTF did you overpay for?

Claim the maximum dependants allowed on your W-2 form and put the difference you recieve into an interest bearing account, pay taxes at the end of the year and pocket the rest - or do you trust the US government to manage your money better than you can?

You really crack me up thinking theres a difference between the current regime and past ones.

The only difference between the slack jawed fool we elected and Clinton is he just hasn't been caught yet.

Time will show he's as big a crook as his daddy and RayGunZ regime were.

batdog · « **Reply #14 on:** August 02, 2001, 01:11:00 PM »

Naaaa... if he gets caught it'll be with a Dallas Cowboy Cheerleader and not fat sow "i look like a farm animal from home"...

xBAT