04-06-2017, 10:44 AM
Dom has a savings account for spending money people give him, but I decided not to open a separate "college fund." A lot can happen in 18 years and I didn't want the lack of liquidity and/or penalties associated with education accounts. I just dump everything into the same mutual fund account we have for whateverthehellweneed. If he gets scholarships or we need it for say, medical, we have it. It's also one less account to worry about. At some point I'll have one in his name, but it'll still be a mutual fund account. Most of my research said save 100% for retirement before saving for college, so this can flex either way.
'76 911S | '14 328xi | '17 GTI | In memoriam: '08 848, '85 944
"Here, at last, is the cure for texting while driving. The millions of deaths which occur every year due to the iPhone’s ability to stream the Kim K/Ray-J video in 4G could all be avoided, every last one of them, if the government issued everyone a Seventies 911 and made sure they always left the house five minutes later than they’d wanted to. It would help if it could be made to rain as well. Full attention on the road. Guaranteed." -Jack Baruth
"Here, at last, is the cure for texting while driving. The millions of deaths which occur every year due to the iPhone’s ability to stream the Kim K/Ray-J video in 4G could all be avoided, every last one of them, if the government issued everyone a Seventies 911 and made sure they always left the house five minutes later than they’d wanted to. It would help if it could be made to rain as well. Full attention on the road. Guaranteed." -Jack Baruth