Investment for new grandson
My husband and I just became grandparents last month to a beautiful baby boy. We want to start some type of investment account for him (not a 529 account) and wonder what you would suggest. Someone mentioned a (whole) life insurance policy. What might some other options be? We would like to do the same for any future grandchildren as well. Thank you!
Terry Says
The “someone” who mentioned an insurance policy must be a life insurance salesman! Why NOT start a 529 account? It’s the absolute best gift for a baby. You can keep adding money every year. It won’t impact financial aid for college. And you have nearly 20 years to make it grow!
Plus, if you live in a state like Illinois, you get a break on state income taxes for your contribution to a 529 plan in the state.
Read this article.
