CROSS POSTED FOR AS MUCH ADVICE AS POSSIBLE
Hello Everyone!
TLDR: starting out 529 accounts for 2 kids, have no idea what investment option to do.
I am a SAHM of two kids. A 23 month old and a 2 month old.
My partner and I just decided we wanted to contribute to an education plan for them. (We both did one year of college and never went back) We live in NE and are more than likely going to use the NEST 529 that’s in state and just out of pure convenience. Figured something is better than nothing! I’ll be using some of the money my partner puts into a joint account for us to use on random expenses. I want to do $50/month per kid. I plan on going back to work once our little turns 1 (TBD on if that’s a for sure thing) I plan on contributing more then)
My question is:
What investment option do I even go with?
I want something super safe for now. Just something I can put money into and there’s no chance we will lose it over time, or at least not a lot. I don’t really want to gamble with their school funds.
I had initially thought we opened up an account, set up a direct deposit and forgot about it. I now realized there’s investment options. We are not well versed in stocks or investments, the language around it, or how they work. I feel a little ashamed at not knowing this. Granted I am 25, my parents never taught me so I’m trying to learn as much as I can for when the kids are older. I have a small 401k from the job I previously had and expect to contribute as much as possible to a Roth IRA once I start working again so I have the whole “put your oxygen mask first” mindset down. However, while I’m able to use the funds we have now, I would like to contribute to our kids future.
Any suggestions or tips are appreciated!!