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529 for younger sibling (programming.dev)

submitted 3 weeks ago by JumpingPants@programming.dev to c/personalfinance@lemmy.ml

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Hi, there. I want to start saving money for my younger sibling so they can go to college easier.

I have financial aid and managed to get a scholarship to pay for a good amount.

I don't spend a lot of money. So I can put some aside every month for the next 5 years. Wouldn't the rates be pretty good to put money into?

Any reasons why I shouldn't be trying this? Should I save for myself or something? The potential earnings seem like a better idea.

https://www.fidelity.com/529-plans/overview

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[–] plantsmakemehappy@lemmy.world 5 points 3 weeks ago

You could do half for you and half for the 529. I wouldn't solely do the 529, you never know what the future holds.