Before making any stock market investments know exactly what you expect from those investments. Have the patience for the investments to fulfill the expectation, and the wisdom to know exactly how the investments will fulfill the expectation.
A forethought example:
I want every stock market investment to supply me with ever-increasing cash for the rest of my life. I want my retirement investment portfolio income to grow until the income from my portfolio replaces the income from my job when I retire.
Probably one of the most important things we do with our Partnering For Your Success students is to help them define their goals. We discuss their need for both short and long term goals. This might sound trite to you, or you might say, Yeah, everyone says to define my short term and long term goals.
Education IRAs allow you to save for qualified higher educational expenses for a beneficiary. Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18.
Contributions are allowed prior to the beneficiary turning 18, and contributions may not exceed $2,000 per beneficiary per year.