Hello,
I am a NJ resident with a two-year old. I have considered opening up a 529 plan, however, shied away from it thus far. I have $120,000 in VOO in Vanguard (S&P Index Fund) earmarked for my child's college and anything else really (summer vacations, playing an instrument, whatever it might be).
After getting taxes done this year, my accountant recommended a 529 plan (again). I am feeling really lost.
I guess I will outline my questions, and see if this will help me organize my own understanding of this:
1. What is the "best" state plan to invest in for a 529?
2. Being that I am in NJ, does a NJ plan come with some benefit to me?
3. Is Fidelity or Vanguard a better institution to go with for a 529?
Last, if you invested in a 529 can you in very simple terms walk me through why and how you went through the motions of contributing?
I am new to this type of investment, so feel free to explain it to me like I am 5 years old!
Thank you in advance.
I am a NJ resident with a two-year old. I have considered opening up a 529 plan, however, shied away from it thus far. I have $120,000 in VOO in Vanguard (S&P Index Fund) earmarked for my child's college and anything else really (summer vacations, playing an instrument, whatever it might be).
After getting taxes done this year, my accountant recommended a 529 plan (again). I am feeling really lost.
I guess I will outline my questions, and see if this will help me organize my own understanding of this:
1. What is the "best" state plan to invest in for a 529?
2. Being that I am in NJ, does a NJ plan come with some benefit to me?
3. Is Fidelity or Vanguard a better institution to go with for a 529?
Last, if you invested in a 529 can you in very simple terms walk me through why and how you went through the motions of contributing?
I am new to this type of investment, so feel free to explain it to me like I am 5 years old!
Thank you in advance.
Statistics: Posted by liz24 — Fri Mar 22, 2024 4:45 am — Replies 13 — Views 838