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what is the best way to save /invest money for my baby?

i have a 4 month old baby girl and i wanted to know what is the best way to invest/save for my baby girl. i was thinking of a 529 savings plan but what if she doesnt go to college what are my alternatives? also i wanted to get life insurance so if anything happens to me she will be covered. what type of life insurance is best for us? i was thinking term since it is the cheapest. please help me out. thanks,

Public Comments

1. In 1996 you could get a great paying job right out of high school. Computers were mysterious and not everyone could operate one back then. I know someone who has been at her job for 15 years and makes over $80k a year. The new hires for the same job start at $30k. In 2008 you can get a pretty decent job right out of high school if you put major effort into it. We are getting to the point where even the manager at Old Navy has a degree. That is sad. In 2026, the likelihood of getting any decent job without a college degree is very slim. Your daughter will need to go to college. Get a 529, it has a great interest rate. If she doesn't go to college, or gets a full scholarship, you should be able to still cash out, you would just have to pay a ton of taxes on all of the interest.
2. It's up to you. I personally recycle aluminum cans and take the money and put it back. I plan on opening a CD for my daughter that way it is untouchable, and gains interest. And then turn around and redeposit it in another CD when the old one runs out. Good luck! And great job getting on this!
3. I am a licensed insurance agent turned stay at home mom.....term is best it is cheapest, it does go up in price as you get older, but the older you get the less coverage you need b/c hopefully you will have paid down most of your debt. Anyway whole life or universal life is a rip off no matter how much someone tries to convince you other wise. Ask any investment guro and they will tell you buy term life... when you purchase term life for yourself, you can add a child term rider that covers every child in your house till age 21 for one flat rate. My husband and I pay 4.99 a month for 25,000 on our kids the best investment for a child is a high yield savings account. The market is too shakey..high yields garuntee money accumulation....Best of luck
4. your best investment would be a money market because it invests a small percentage of your monthly contribution into many different companies ...which spreads the risk and gives you a better more consistent return. open your money market under the ROTH IRA classification so that it builds tax free and upon liquidation in other words if you want to take it out...you wont face a penalty if its for a house, education or hardship....meaning you lost your job or something similar......term life insurance is the best choice for anyone baby or adult....don't buy more than 10-25 thousand dollars worth of insurance for a child 0-18 because it just not necassary... I was a financial planner for years I hope that helps...
5. We put away $20 a week for each child in individual savings accounts. This adds up to $1000 a year, so at age 18, they will have at least $18K for college/life after high school. They will not be allowed to touch this money until they have graduated from high school, and it's not to be used for things like buying a car. As the money grows, we put it into higher interest bearing CD's. Again, this is money that we don't touch for any reason.
6. I started something that is like a CD for my 4 month old son. I save all my change and put it in a jar. And twice a month I put in 20 dollars. Its called a payday saver. Its through credit unions. It gains APR and APY. And when I reach the $2500 I can roll it over into another payday loan and keep adding money. You can add as much as you as many times as you want. It works for me because I have lots of change!!! And I am not expecting my son to go to college. Its just some money for him to use for whatever he might need it for. Life insurance wise I am not sure. My husband has us insured through a SGLI through the Air Force. Good luck!!!