Investing my sons benefit money. Need ideas
Hey y'all,
I need help figuring out what to do with my Son's VA Ch 35 money. He is graduating high school and will start off at community college before transferring to a University, hopefully one of the Cal Poly's. He gets two years of community college tuition free through a program they offer and should be able to go to any Cal State or UC tuition free as well.
Instead of waiting till he transfers to a university, I wanted him to be able to start getting his Ch 35 money now so I can stash it till he transfers.
My credit union has club accounts that offer 5.84% - 6% pay and I can deposit $1000 a month. The account matures after 12 months and then I start over. I myself have 2 of these accounts, but I haven't had them very long.
Anyways, I thought that would be a possibility and then when it matures, move that into a fund or other hysa. He gets 36 months of this benefit, so I figured I'd take whatever he gets during his community college years and try to grow it so when he transfers, he will have a chunk of change to work with.
I'll be buying him a car after one of my club accounts matures in July so he won't have to worry about that.
To get to the point, what are some good options I have with this money? He'll get about $1500 a month only while attending school. Depending on how he's doing in school, he may get a job. I want to at least take $1000 each month and invest it.
Thank you