College fund or tech school/tool fund?

[b*saint]

So my boy is due in April. I am debating what to setup for him. I hate assuming what he wants to do with his life. I figure a porsche or mercedes benz master tech tool set by the time he is of age plus auto tech school will be like 60k - 70k total (30k for school 30k in tools.) But figure college in 18 years maybe easily 100k for 4 years at a state college (depending on which state we live in.)

I should just let whatever mature and when he's 18 do whatever he wants with it.

[mrsleeve]

Set up the fund let it grow and if he wants to go to school whatever it that may be.

If he dose not want to do a schooling path, dont tell him about it, and let it keep growing and give it to him as a wedding present or when hes getting ready to buy his 1st home. If none of those things at least wait till hes 25 to give it too him

[KenC]

I don't understand what your question is. How much money to save?

[LuckyHenriksen]

Yea I see no question here, but I agree with what sleeve said

[camip]

There is no way you can tell what he wants to do I'm 18 and a senior in high school and change my mind hourly. I like the guys idea just to save and if he don't go to school its a wedding present.

[gwb72tii]

look into a 529 plan
tax exempt saving for secondary education done thru mutual funds
go to vanguard, fidelity, t rowe price etc and read up
u can do a monthly contribution that is deducted from your bank for a modest amount
plus if your boy (congrats!!) doesn't go to school you can use the $ for yourself for additional school, or another child, or just spend it on yourselves
the rule is that if the 529 funds are used for secondary education, the $ are tax free, including any earnings you've made on the investments
18yrs is a long way off (it goes quickly however) so take some risk and just keep funding it continually

[dannyyisntt]

Put all the money in an account for him and inform him that it's for his college, then the week he finishes highschool go buy yourself a new boat with the money

[Dagamus(NM)]

Sleeve is correct. Our kid will be here soon enough. My wife works for the college so tuition there will be free. That is something that cannot be passed up.