College Savings - buy/sell comics or tax free savings plan??

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Our son is a HS senior, so he just finished with all his college applications before the New Year... so, for what it's worth, here's my take based on our experience. By the way? I've worked at a college for 20+ years.

 

With each year as you get closer to the college application process, your time gets more and more precious as a student. In fact, once they hit high school you need to start thinking in terms of putting together the kind of resume the kinds of colleges/universities your daughter is interested in is looking for. So from a simple cost-benefit analysis, you're better letting your money work for you, and not spending time flipping comics. Use that time more productively. Trust me, you don't want to look back when she's a senior and say "Oh, I wish she'd done x, y and z" three years ago. Flipping comics isn't a good use of her time. Have her get an interesting job. Start a charity. Something that sets her apart.

 

 

Very wise words indeed.

Actually, I'd say buy an AF15 and sit on it for 5 years, it's growth has been crazy the past few years. If not that, then a pre-tax college savings plan for sure GL!

 

 

Jerome

Agreed!!

Flipping comics isn't a good use of her time. Have her get an interesting job. Start a charity. Something that sets her apart.

 

 

Not saying that I'd go the comic route, but starting and managing a business qualifies as an "interesting job".

The other book I think is still very undervalued is Showcase 22 with 10k you could get a nice upper mid grade copy.

Again - I want to be very clear here.

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

I simply stated what I would buy if it was me in his position.....he can do what he likes.....but he asked for opinions and I gave him mine.....AF15 or SC22.

My guess since he is a member here he would prefer going the route of buying a comic than other financial investment venues. Otherwise why as this question on a comic book forum.

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Does it work for larger amounts?

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

Does the name Madoff trigger any thought of considering a reset to your trust system?

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

 

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

 

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

Oh - I never doubted you were serious Dan. There are some tax issues I want to work thru but I'll get back to you soon. Your offer wasn't really my intent with the thread but it does highlight why I'd even think about not just putting the money in a low yield savings account (which is where the rest of her college savings are located).

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

 

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

 

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

Would you put up collateral?

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

 

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

 

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

It doesn't, to me. I am sure you will advise him (and his family) to factor in the loss of a 2K deduction per year over the next 4 years if he deposited 2K of the 10K every year, while using another financial investment vehicle for the declining sum....and here I would think you woud advisie him on short term non-taxable paths... and reserving the other 2K for a IRA account starting now, for an extra deduction in year 1 (now), and then factor in a non-reduction of Scholarship FAFSA reduction using the Ohio 529, and then factoring in an additional tax free income via scholarship/grants under the Ohio 529, and the additional savings utilizing in-State CC for the first 2 years realized by the Ohio 529 process, and then the wonderful world of parent contributions as an additional tax deduction, and then weigh all that against the taxes he will pay on your generous return of unearned income to him (unless you are suggesting he not claim same and that is the reason you suggested a cash transaction). Then of course is the legal conundrum of enforcement of such an offer in the unlikely event of a contract breach, which I am ceratin will not occur, and then there is the vehicle to be used for the transfer of 10K as a personal loan, unless you are suggesting you are placing the cash in a Trust in his daughter's name and the grantor/grantee affiliation is clear unless the 10 K is being invested in your legitimate licensed enterprise and you are declaring the source and expenditure and investment trail to the IRS, and then....

I'm not doing any of that. None. He gives me 10K, I'll give him 16K in five years. I'll put up collateral (but it will be books) on it.

You apparently aren't taking me seriously - and that's fine - but he can do whatever he wants with his money. If he wants a guaranteed 9.86% CAGR, he can send me ten grand.

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

 

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

 

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

 

Would you put up collateral?

Sure, but it will be books.

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

 

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

 

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

 

It doesn't, to me. I am sure you will advise him (and his family) to factor in the loss of a 2K deduction per year over the next 4 years if he deposited 2K of the 10K every year, while using another financial investment vehicle for the declining sum....and here I would think you woud advisie him on short term non-taxable paths... and reserving the other 2K for a IRA account starting now, for an extra deduction in year 1 (now), and then factor in a non-reduction of Scholarship FAFSA reduction using the Ohio 529, and then factoring in an additional tax free income via scholarship/grants under the Ohio 529, and the additional savings utilizing in-State CC for the first 2 years realized by the Ohio 529 process, and then the wonderful world of parent contributions as an additional tax deduction, and then weigh all that against the taxes he will pay on your generous return of unearned income to him (unless you are suggesting he not claim same and that is the reason you suggested a cash transaction). Then of course is the legal conundrum of enforcement of such an offer in the unlikely event of a contract breach, which I am ceratin will not occur, and then there is the vehicle to be used for the transfer of 10K as a personal loan, unless you are suggesting you are placing the cash in a Trust in his daughter's name and the grantor/grantee affiliation is clear unless the 10 K is being invested in your legitimate licensed enterprise and you are declaring the source and expenditure and investment trail to the IRS, and then....

 

Dear God - you do know it all. Where were you to tell me to not marry my ex wife.

I'm not doing any of that. None. He gives me 10K, I'll give him 16K in five years. I'll put up collateral (but it will be books) on it.

 

You apparently aren't taking me seriously - and that's fine - but he can do whatever he wants with his money. If he wants a guaranteed 9.86% CAGR, he can send me ten grand.

No reason to be offended. I am taking you seriously. If I was not, I would not have commented as I did. The point being that there are serious questions and legalities to consider by both parties to any such proposed transaction. I do not know either of you personally, and do not have a vested interest. I don't doubt the sincerity of intent by either person. It is simply an interesting subject.

You are correct. He can do anything he wants with his money.

However, there is a sticky problem that he has declared. It is not his money. It is his daughter's via inheritance. That bring s a lot.... a very lot...of fiduciary questions into the mix.

The reason the old adage exists that there is no such thing as a sure thing without consequences, is because there isn't.

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

 

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

 

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

 

It doesn't, to me. I am sure you will advise him (and his family) to factor in the loss of a 2K deduction per year over the next 4 years if he deposited 2K of the 10K every year, while using another financial investment vehicle for the declining sum....and here I would think you woud advisie him on short term non-taxable paths... and reserving the other 2K for a IRA account starting now, for an extra deduction in year 1 (now), and then factor in a non-reduction of Scholarship FAFSA reduction using the Ohio 529, and then factoring in an additional tax free income via scholarship/grants under the Ohio 529, and the additional savings utilizing in-State CC for the first 2 years realized by the Ohio 529 process, and then the wonderful world of parent contributions as an additional tax deduction, and then weigh all that against the taxes he will pay on your generous return of unearned income to him (unless you are suggesting he not claim same and that is the reason you suggested a cash transaction). Then of course is the legal conundrum of enforcement of such an offer in the unlikely event of a contract breach, which I am ceratin will not occur, and then there is the vehicle to be used for the transfer of 10K as a personal loan, unless you are suggesting you are placing the cash in a Trust in his daughter's name and the grantor/grantee affiliation is clear unless the 10 K is being invested in your legitimate licensed enterprise and you are declaring the source and expenditure and investment trail to the IRS, and then....

 

 

Dear God - you do know it all. Where were you to tell me to not marry my ex wife.

I hope I didn't marry her, unaware of her prior affiliations.

Again - I want to be very clear here.

 

If the OP sends me $10K in cash, I will guarantee $16K five years from the date I get the money. I'll sign a binding contract and have it triple notarized or something. That's a 9.86% CAGR risk free.

Wow, thought you were just joking. Kudos to you!

 

Does the name Madoff trigger any thought of considering a reset to your trust system?

 

It shouldn't. I'm dead serious here and I'm not sure people are getting it.

 

If the OP gives me $10,000, I will give him back $16,000 five years from the date I get the cash. I guarantee the return.

 

It doesn't, to me. I am sure you will advise him (and his family) to factor in the loss of a 2K deduction per year over the next 4 years if he deposited 2K of the 10K every year, while using another financial investment vehicle for the declining sum....and here I would think you woud advisie him on short term non-taxable paths... and reserving the other 2K for a IRA account starting now, for an extra deduction in year 1 (now), and then factor in a non-reduction of Scholarship FAFSA reduction using the Ohio 529, and then factoring in an additional tax free income via scholarship/grants under the Ohio 529, and the additional savings utilizing in-State CC for the first 2 years realized by the Ohio 529 process, and then the wonderful world of parent contributions as an additional tax deduction, and then weigh all that against the taxes he will pay on your generous return of unearned income to him (unless you are suggesting he not claim same and that is the reason you suggested a cash transaction). Then of course is the legal conundrum of enforcement of such an offer in the unlikely event of a contract breach, which I am ceratin will not occur, and then there is the vehicle to be used for the transfer of 10K as a personal loan, unless you are suggesting you are placing the cash in a Trust in his daughter's name and the grantor/grantee affiliation is clear unless the 10 K is being invested in your legitimate licensed enterprise and you are declaring the source and expenditure and investment trail to the IRS, and then....

 

 

Dear God - you do know it all. Where were you to tell me to not marry my ex wife.

 

 

 

I hope I didn't marry her, unaware of her prior affiliations.

Amazingly she is still on the market last I heard. I'm sure she will be making a lucky guy very miserable in no time.