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There are some exceptions, but there is a 10% penalty on the gains if not used for qualified educational expenses.
How does Vanguard compare to Fidelity funds, for example, for basic long term mutual fund investing?
Was coming in to post the same. Vanguard is near the best or best in class in terms of low fee investments. Target date is perfect in terms of how the money will be invested.
If the funds are tracking an index, within a small range of tracking error they should perform very similarly. The key is the management fees, and without checking I'd assume Fidelity is low but that's Vanguard's hallmark in offering low-cost mutual funds and ETF's vs. the market of other fund companies. If the management fees are similar and they track indexes, should be no significant differences.
Yep. And I think you can get into Vanguard's "Admiral Shares" starting at $10K for index funds which come with even lower expenses (0.05%).
Because it's my sons money and I really don't want to lose it. Even if it pays off a semester of college or a car or whatever.
Significant interest rate risk in preferred stocks. Very long maturity dates or perpetual. Anything paying north of 2% nowadays comes with risk.
I understand that risk, I just don't see the U.S. able to raise interest rates substantially with the size of our debt.
This. Admiral shares of the Vanguard 500 index fund.
I'll also add this one:
These are low risk, but might require some maintenance:
