| |
| |
|
|
Investing Information |
|
Shop More, Save More for College Gimmick or Reality?
The man sat in a chair beside a dressing room at a Tampa, Fla. maternity store. "That one looks great," he says to his pregnant wife. "I really like that one." Just as his wife steps behind a curtain to slip on the next outfit, a voice bellows from behind the counter. It's directed toward him. "May I tell you about Futuretrust MasterCard?" she inquires. The employee offers information about a credit card. He's told the store has struck a business relationship with a company named Futuretrust. With nowhere to go, he listens a little more. The clerk explains that the program helps new parents save for their child's college education. She says it offers cardholders cash back on purchases that goes into a college savings plan. In short, she says, it's a program built on the premise the more you spend, the more you save. WHAT'S THE DEAL? Futuretrust is targeting perspective customers before they even become parents. That's why you'll find information about the company at Motherhood Maternity, Pea in the Pod and Mimi Maternity. "We have a great number of men who apply to join," says Futuretrust's Managing Director Adam Bashe. "They'll be sitting in the store and read about the program." Futuretrust is just one of three companies in the business of the trying to help you save for college. There's also Upromise and BabyMint, Inc. All have the same goal. But they're different in services they offer; companies they're affiliated with; and how much you can get back. But should you bother with any of them? And if so, which one? "Our goal is make you become a more disciplined investor," says Bill Koleszar, chief marketing officer for BabyMint, Inc., which, like Futuretrust, offers cash back on purchases good toward a college education. Every time you use the BabyMint credit card, you get at least 1% cash back. If you shop at businesses affiliated with BabyMint, you get even more back. How much depends on the business. Like Futuretrust, the credit card is free. Koleszar says the average BabyMint credit card holder gets back $46 a month. Assuming an interest rate of nine percent, over 18 years, that's $20-thousand. But that would hardly pay for a college education in 2020, which will probably cost five-times that amount for a four-year state university. Koleszar says it's still a good deal. "Even if you just earned enough for books and pizza," says Koleszar, "it's more than you would've earned otherwise? We never pretend we are the end all be all answer however we can provide a meaningful supplement to your (other) savings." Upromise works differently. There's no mandatory credit card to mess with or apply for. You simply register credit cards you already have in your wallet "and you go shopping," says Upromise's Catherine O'Rourke. The company is affiliated with hundreds of company's and products and the cash back you get varies considerably. Upromise offers a credit card at no cost, and you get back even more if you use it. O'Rourke says signing up should be a no-brainer for any father. "This is one of many things they should take advantage of to help save for a child's college education and I can't imagine any father who wouldn't take advantage of it." She recommends signing up grandparents and relatives-and getting them to link their accounts to your child's 529 plan. That way you save much quicker. The money you earn, she says, can be deposited into a 529 plan you create through Upromise, or one you create on your own. WHAT'S THE DOWNSIDE? "There's not a really a downside to them," says Daniel Vigne, a Certified Financial Planner for Wachovia Wealth Management in Sarasota, Fla., though he warns against depending solely on these programs for something as serious as a child's education. "As a father, I'm going to dedicate money to (my own) 529 plan-I'm not going to rely on this card system." Vigne, a father of three, recommends a 529 plan you create though an investment firm or through your state-a 529 plan that be protected from creditors. He says not all of them are. That would be a costly mistake should you declare personal bankruptcy or lose a lawsuit. So, which one is best. That really depends on what you want and which stores you frequent. Check the companies' websites and see for yourself. They're all free. All easy to join. And heck, if you can't decide, join all three-you really have nothing to lose. Is there is a catch? Not one interactiveDAD.com could find. They are what they are: An easy way to sock away at least some money for a child's education. Just remember, whatever you save is just a start. Glenn Lawrence is editor of Interactive DAD Magazine http://www.InteractiveDadMagazine.com, FREE online magazine for fathers focusing on family and finance. It's updated DAILY!
MORE RESOURCES:
Investing - Google News |
|
|
|
RELATED ARTICLES
Discipline in Trading and Investing The one thing I can think of that most affects both trading and investing has to be self-discipline.Being disciplined is fully 50% of the job of trading or of investing. Why have Investment Plans for the Stock Market If you do not have an investment plan in the stock market you are subject to impulses, urges, hunches, premonitions, strong feelings, greed, panic, fear, indecision, and just plain foolishness. In my opinion, without a plan, without that clear conception of a total stock market investment strategy, the chances of successful investing in the stock market are pretty slim. Stocks: Reduce Risk Yet Maximize Profits It is important to note that every smart investor wants to minimize risk while maximizing profit potential. Yet conventional investment theory tells us that in order to increase returns, you have to increase risk. My Way Or The Highway: Give Your Financial Professionals A Good Talking To! All this talk about Investing is encouraging lately. Over the last few years, more people have become interested in the duty to invest there money, then ever before. Planning Starts with the Basics When developing a plan for your finances, the toughest question often is: "Where do I begin?" Before investing in stocks and bonds or buying life insurance, before implementing any change or making any decisions, you first need to analyze and understand your entire financial picture. Two documents allow you to do just that. CYA You all know what CYA stands for. Of course, Cover Your Assets. Online Trading Options Strategies - Rolling Rolling is defined in options online trading as moving a position from one strike to another either vertically in the same month, horizontally to another month or some combination thereof.Other times, you may have to buy your short call back so that you will not lose your stock. Annuity Investment Guide While there is not a lack of information on annuities, there certainly is a lack of good information. In an age full of information, we are constantly bombarded with irrelevant data. Gold and Silver Maple Leafs Get New Packaging Gold Maple Leafs and Silver Maple Leafs are receiving packaging makeovers, changes clearly mandated by investor disfavor with packaging that the Royal Canadian Mint has used since the coins were introduced. Gold Maple Leafs debuted in 1979, Silver Maple Leafs in 1988. Investing in New Zealand - Learn how to Find Unique Investment Opportunities Investing in New Zealand might be much easier than investing in other western countries, thank to the excellent infrastructure, the low taxes and the assistance of the supportive NZ government.Technological Face of New ZealandNew Zealand has a unique reputation within the global market place. Is Your Mutual Fund the Right One for You? Mutual Funds are considered to be one of the best investments one can get hands on. They're very flexible and cost-effective. Exchange Traded Funds They call 'em ETFs.There are hundreds of them. Reasons For Joining An Investment Club Whether you're a novice investor or an experienced stock picker an investment club may be beneficial to growing your investment portfolio. This article explains what an investment club is, why you should have an investment program and finally why you should join an investment club. Useful Tips on Investing Here are some useful tips on investing. When you make an investment, you are giving your money to a company or an enterprise, hoping that it will be successful and pay you back with even more money. What Is A Fair Market Value, Really? If Youre Going To Trade, Be Sure Its Worth It! I've been involved in online trading, specifically with stock and index options, for several years. In this time, I've spent a great deal of time thinking about value and the fact that anything, be it a stock or currency or even a house, is worth exactly whatever someone else will pay for it. Short Selling for Investors Shorts. Let's see. Bad News - Why The Financial News Media Can Cost You Money! The communication innovations we have around us today like the internet, financial newspapers, and special interest television channels focused on investing like CNBC are a high speed pipeline of nonsensical chatter. All these sources of information mean that there is no shortage of media people trying to answer our questions about the stock market and specific stocks. Critical Options Investing Tip When Trading Naked Calls and Puts An option is a derivative trading product that is best used by investors as a hedging tool providing investing profit protection and profit enhancement. Although it is a powerful risk management tool, it can also be used effectively as a stand-alone trading vehicle. 5 Day Trading Tips for Success 1. How to Treat Gap Openings A gap up or gap down open is an emotional move, and it often will reverse course and turn in to "trap open". Who Wants To Be A Millionaire? I am sure you have probably read about the power of compound interest. And how if you invested $10,000 at 10% return and let it compound for 50 years you would have a little over 1 million dollars.
|
|||||||||||||||||
