Rachel does nott want her daddy to ever waste even ONE penny in ANY pennystock.
Rachel wants her daddy to put all those pennies that are jangling in his pocket into a TAX-FREE 529 plan for her higher education expenses.
If your state offers a tax deduction or credit for using the 529 plan offered by your state, then look at that plan and see if you'll benefit from the tax credit or deduction.
If your state doesn't offer a tax deduction or credit for you, then choose a 529 plan from any state. Ones which offer low expenses and good investment choices include: California ScholarShare 529, Iowa, and Alaska. There are others as well which are OK - check Kiplinger or Forbes for 529 plan rankings, investment options, fees, etc,
If you don't know what 529 plans are, start reading and then set one or more up (you're nott limited to only one - even for the same future student beneficiary).
Rachel wants a future. That means her daddy stays the HELL ~OUTT of ANY pennystock and set up and funds at least one 529 plan for her education.
If her daddy is generous, he will also set up an Education IRA for Rachel - Vanguard is the best IMO - and put the munny in a dividend-paying equity fund of the Vanguard family.
Daddy will sign up for monthly automatic contribution from Daddy's Czeching account into the 529 plan(s).
When college and grad school roll around, Rachel and her daddy will be able to pay for her to study - and daddy will nott regret blowing any of his munny in penny stocks - which are ALL scams.
AI
