How do you plan to invest your child credit monthly cash starting July.
How do you plan to invest your child credit monthly cash starting July.
If you qualify, How do you plan to invest your child credit monthly cash starting July?
I am planning on investing the additional funds ($550) into my daughters 529 to beef it up some more.
I am already maxing out my 401k (19.5k), wife’s 403b (19.5k) & 457 (19.5k), our HSA (7.2k), maxing out my Roth 6.5k & wife’s Roth (6.5k).
What are your thoughts?
I am planning on investing the additional funds ($550) into my daughters 529 to beef it up some more.
I am already maxing out my 401k (19.5k), wife’s 403b (19.5k) & 457 (19.5k), our HSA (7.2k), maxing out my Roth 6.5k & wife’s Roth (6.5k).
What are your thoughts?
Re: How do you plan to invest your child credit monthly cash starting July.
The source of the cash doesn't matter; it makes sense to invest your tax reduction the same way you would invest a raise.
If you are maxing out your retirement accounts, and don't need to save for a short-term need such as a new car or home down payment, then investing in a 529 plan is a natural choice. Another option is paying down your mortgage for a guaranteed return, although you can likely refinance now to a rate so low that it isn't worth paying down.
If you are maxing out your retirement accounts, and don't need to save for a short-term need such as a new car or home down payment, then investing in a 529 plan is a natural choice. Another option is paying down your mortgage for a guaranteed return, although you can likely refinance now to a rate so low that it isn't worth paying down.
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Re: How do you plan to invest your child credit monthly cash starting July.
Post-tax brokerage account into our normal asset allocation.
Re: How do you plan to invest your child credit monthly cash starting July.
Our kids are 5 and 7 and we've been doing 529's since they were born. We are taking this year off of 529's because we want to do a big kitchen remodel next year and want to pay for it all in cash, so I think we'll just put the credit towards our cash savings for the kitchen.
Re: How do you plan to invest your child credit monthly cash starting July.
Credit is for me, the parent. It is going to taxable account and into total US market, total international market, and/or US small cap.Warsad wrote: ↑Mon May 17, 2021 8:00 pm If you qualify, How do you plan to invest your child credit monthly cash starting July?
I am planning on investing the additional funds ($550) into my daughters 529 to beef it up some more.
I am already maxing out my 401k (19.5k), wife’s 403b (19.5k) & 457 (19.5k), our HSA (7.2k), maxing out my Roth 6.5k & wife’s Roth (6.5k).
What are your thoughts?
"Know what you own, and know why you own it." — Peter Lynch
Re: How do you plan to invest your child credit monthly cash starting July.
Any extra money we receive goes to pay off our HELOC. If we didn't have to do that, I would put it in our taxable account.
Re: How do you plan to invest your child credit monthly cash starting July.
Why would the source of income change the way in which any excess income is invested? Make a plan, stick to it.
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Re: How do you plan to invest your child credit monthly cash starting July.
It will go to a Roth. We usually wait until tax time to fund, but now we’ll fund it monthly. Might put the extra ($1k per child) to 529’s.
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Re: How do you plan to invest your child credit monthly cash starting July.
Guess I'll be increasing my weekly purchase of VTSAX in my brokerage account by ~$75 soon.