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Author: canonian Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 8158  
Subject: Re: Newbie Date: 5/31/2014 5:39 PM
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I have always thought that 529 plans were the worst. You do not have any control of the money. Whoever runs the plan has control over what they invest in. If the money is not used for school you pay penalties.

If you like handing your money to someone else to invest for whatever you are saving for - go ahead and do it. I like to have control over the account, what it is invested in, and where it will not be penalized based on its use.

Nothing is perfect and all types of investing have risk of losing money instead of gaining. Spread the money out over several different investments. A straight up Brokerage account, Coverdell (this is aweseom because you have control over the money and nothing is taxed during the growth like dividend stocks. Downside is the max amount you can put in each year), Real Estate (rentals) - just as a few examples.

Remember to take care of yourself first. If you are in drowning in debt and or not saving for retirement - focus on this first, then college savings.
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