Hello blogworld, I've decided to post my next entry regarding kids college saving plan and what is the best plan out there. Usually the most popular type is the 529 plan and I'm against it simply because of the fact that if you don't utilize in the future for your kids tuition you can face a huge penalty. Also there is liquidity issue with this plan and it doesn't accrue any interest. You simply lock your money up and in the future you have access to it.
Solutions....
Now if that is the case I'd recommend a ROP (return of premium) life insurance. If your a mother or father and have a kid who is dependent on you, your going to need life insurance anyways because in the case of the absence of the breadwinner, the people who are dependent on you can continue on with their lives financially. ROP also guarantees that you are insured for 10,20,30 years (however you delegate it) and by that 10,20,30 years, if you are still alive and well the Life Insurance Company will give you back all the money you've contributed. Plus you have access to portion of your money starting the 4th, 5th, 6th year and each year you'll have more access to your money. If you decide to not touch your money until that 10,20, or 30th year, then you have access to all your money and you can use it for whatever you want.
Another solution will be a ING global plus life insurance. This product you have liquidity so you can use it without any penalty or getting taxed for your long term goals. I'll get into more details about this product when my video uploads...VIDEO COMING SOON!
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