Gerber Grow Up Plan (or other ways to save for kid's future)

In My Humble Opinion
1

Our daughter is about 5 months old, and my husband and I have been talking about starting some kind of college/future fund for her. Anyone here have any experience with the Gerber Grow Up plan or other similar plans?

Our main requirement is that she be able to “cash out” even if she doesn’t go to college. There are some college savings programs out there where the money can only be used for education. Obviously we’re going to encourage her to go to college, but if she decides to go into a trade or some other career plan that doesn’t involve college, we want her to be able to use the money for, say, a house, or a car, or investing, or whatever.

Any thoughts?

2

Gerber Grow Up Plan and other cash-value policies are a bad investment. Much better to stick the money in mutual funds or a 529.

3

I’d recommend contributing to a 529 college savings plan. Even if you child decides to go into a trade, the money can be used for vocational education.

Also, the Gerber Grow Up plan is basically whole life insurance, which I think is a terrible way to invest.

4

I’m thinking right now that it’s lucky the name is Gerber and not Thurber. The “Thurber Throw-Up Plan” doesn’t have that ring to it…

5

Thanks, I’ll look into the 529 plan. It looks like it’s not quite as restrictive as I thought (I thought it could only be used for college).