{ "media_type": "text", "post_content": "Going to have a kid towards the end of the year and thinking of saving for the child. What are the drawbacks in opening a 529? Are there other investment vehicles that I should consider for my kid?", "post_id": "6095e220997f880020c40c24", "reply_count": 4, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Going to have a kid towards the end of the year and thinking of saving for the child. What are the drawbacks in opening a 529? Are there other investment vehicles that I should consider for my kid?

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If you are saving for college a 529 is great. If not for college, don’t use a 529

I definitely want to save up for the kid though. What are the alternatives to 529?

Unsure what would be the higher education scene eighteen years from now with all the online learning but want to have money available for the kid to use. As asian parents we would most certainly like our kid to get good higher education but the final decision will be upto them.

529, UTMA is also an option or UGMA. UTMA is not allowed in a couple of states for some reason. The gift ones are very versatile, but come with a tax at whatever the child’s tax rate is. Also, they could go buy a car and drinks instead of investing. It’s their money and an adult at that point. What would you have done with a bunch of money at 19?

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