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Gold IRA / How do I save money for my son’s future?
How do I save money for my son’s future?
My son is 2 years old. I would like to have $100,000 for him by the time he is 18. I realize I can’t rely on putting the money in a CD or IRA, because I’d need to pay out the nose to come save up the sum. Also considering inflation, I wouldn’t want paper sitting around going worthless, while we’re tightening our belts. I bought a few gold coins. Is there any other good money incurring strategies? Please fadctor in the changing economy.
that would be "factor"
Many options a mutual fund, a us savings bond or just plain stock market.
put the money in a stock index fund. with your investment horizon, 16 years, you can leave the money in an S&P 500 index fund for 10 years, then assess the need for the money again, and how much you are willing to risk. If you are saving for college, then you’ll want to transition out of an all stock portfolio to a mix of stocks and bonds as the date draws closer where you will need to start drawing funds out to pay for his expenses.
See if you can get a self directed roth IRA.
You can expect about a 10% average return for about 10 years, then you’ll want to diversify a bit more and might have to accept a lower return in favor of safety. If the stock market is down in year 10, hold the stocks a while longer, and then diversify when they rebound.
now is an excellent time to get into the stock market if you have a long term outlook as you do
References :
Many options a mutual fund, a us savings bond or just plain stock market.
References :
The above strategies are good.
However, I would advise moving funds into money market as the date of use approaches (beginning 3 years ahead)
References :
you are right to consider the economy.
diversification is good. invest in some gold, some oil, some transports, some foreign currency etfs and some global etfs.
References :
http://livingoffdividends.com/2008/03/14/gold-cracks-1000oz-investing-for-a-recession/