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Grandkid's college tuition

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gold-leaf-deere

01-16-2007 18:49:26

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I am considering selling a very rare John Deere and put the proceeds in a Tax Free Fund for my Grandkid's College Fund. Which do you recommend, Polk's, King's, Everitt's or E-Bay. There are possible other places, these just came to mind. It is not the Gold D, I have a Grandson that will get it.

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gold-leaf-deere

01-17-2007 20:28:26

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

Thanks for all or the comments. I will try to condense all of the comments and give my blanket reply to them. 1. I have six grandkids and they all will have plenty of rare special old tractors to remember Grandpa by. 2. The hope for monetary gain by investing in a College Fund surely won't ruin the incentive for each kid to work to help pay his way in College. 3. When I graduated from Electronic trade school 50 years ago, I owed no one , I had paid my way totally. I agree this installed a work ethic that I have carried for my total working life. 4. My youngest grandson is 1 month and the oldest is 12 years old, and I am 70 years old. 5. I have seen the Ford T market go South and just had the idea to diversify and let one of 12 rare tractors go and invest it as PARTIAL Tuition help for the Grandkids. Thanks for the ideas. 6, I have seen the Low Cost Government Loans being used wrong. For instance, A local Doctor drives his BMW, Lives high on the Hog, Invest heavily in Mutual Funds and let's his payments slide on His Tuition Loan, all this is done at us poor Tav Payer's expense. Enough of this rant.

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ErnieDD

01-17-2007 14:57:19

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

You want the money in your name, with the grandson as beneficiary, in 529 account. The money will appreciate tax free and not have to be declared on the FAFSA form. If you "give" the money to his parents or to him, the assets will count against money that he might otherwise qualify for.

The advice to see how he does at school and finance through loans is pretty good too. You can always reimburse on graduation day. It also depends on your time horizon, is graduation 20 years away and your health poor?

The idea to keep the asset and sell just before graduation has merit if the asset keeps appreciating. One has to judge how the John Deere market will hold up. Brass model T were the rage 25 years ago, now you don't hear of them, it is now 60's muscle cars. We may be seeing old tractor's peaking.

May be I should be acquiring 286 and 386 for speculation 30 years from now....

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Darin in Nebraska

01-17-2007 09:31:29

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

Hello there gold-leaf-deere. I am a 24 year old guy that met only of of his grandpas. I myself, would rather have something that I could remember him by. I would rather of spent time with him and then see him sell any of his prized toys for my education. I worked two jobs through college and made it just fine. I would rather see you keep the tractor and then you and your grandchildren can enjoy it together. But do what your heart pleases.

Thanks Darin

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mark 2 in Ohio

01-17-2007 09:23:24

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

If you do that for your grandkid, you will spoil him. He needs to work to go to school or take out loans and pay them back. It's all about discpline, and not taking anything for free.
Did your grandpa give you a college loan?

If you give him that money, he'll just have more money to spend on beer and etc.
I know that I worked harder at college because it was MY money...people always respect their money more than money given to them!

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nw_bearcat

01-17-2007 07:51:32

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

Teach him to work hard. My grandpa gave me a cow when I was 6. I graduated 2nd in my class and had built my herd to 35 head intending to sell them off as I needed college money. the hard work that i put in in high school paid off. I MADE money the first 2 years of college w/ scholarships. I never used the grants, or loans, and didn't sell any cows until I wanted to buy a house a couple of years back. Not everyone can do the livestock thing, but intsill a good work ethic and the kids will go along way.

regarding selling the tractor, if it's that rare, i'd lean away from e-bay, I sometimes wonder if there's too many scams for some people to get really serious when one of those "rare" items comes up...

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Paul in On

01-16-2007 19:12:31

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

Why not let the John Deere increase in value as the years progress? I'd bet u'd get more money that way.

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Steven@AZ

01-16-2007 19:07:50

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

Having the child get a loan and hold down a steady job to pay back the loan will go 100% farther as a life lesson.

Made a better person out of me to be a little short on $$ once in a while through college and right now the loan keeps me working at a professional career.

If you do decide to sell, eBay works great if you have it end on a Sunday evening...

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dds-inc

01-16-2007 19:01:13

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Re: Grandkid's college tuition in reply to gold-leaf-deere, 01-16-2007 18:49:26

don't sell any of them...they have loans now. He'll pay them off in 37 years like i have to.
i graduated with a masters and i have a $132,644 bill to pay over a span of 37 years.

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