upromise.com

[dawgball]

Is anyone here a member of www.upromise.com for additional college savings for their children. This program seems almost too good to be true. I would love to hear some feedback on this if anyone knows anything.

Thanks!

 

[skulldog]

It's a freaking ripoff!! The fees they take are incredible. I work for Century 21 and I've look into entensively and IMO, you would be better off doing it yourself.

I'll try to post some info later.

GL

 

[dawgball]

Interesting. The fees that they charge you as a vendor or the fees that they charge the consumer? They make it seem like there would be no fees on my end. I thought it looked too good to be true!

I'm looking forward to more information from everyone!

 

[DCPlayer]

And we, as humble gamblers know, when it looks to good to be true..... :nono:

Sorry dawg, never heard of it.

 

[caught up]

intense extensively.


i've heard of it--through small ad campaign, though didnt further looking, as i'm a kid myself. GL

 

[rrc]

Some friends of ours with kids ages 7 and 9 are members. They seem to be satisfied and have never heard them complain of any high fees. I do know that the contributions made based on ones purchases are relatively small. However, every little bit helps.

 

[ocelot]

I didn't check out the upromise link but...

If this is one of those state-sponsored college savings plans there are a number of them that aren't such good deals because of the management fees.

There was an article in Forbes (page 24 Dec 8, '03 issue).

Ohio is a particularly bad ripoff and Texas, Arizona, Virginia and Oregon are mentioned as bad deals also. As the article points out you are much better off by buying a an index fund that invests in a cross-section of the market. They have low management fees.

Even with the tax benefits some of these 529 plans more than make up for that with a huge fee penalty. Beware.

 

[ocelot]

Sorry Dawgball,

In the words of Rosanna Danna Danna: "Never mind."

I just clicked the link and this is something completely different but still some here may be interested in my previous post.

 

[badjab]

Dawgball, I signed up for it a year ago or so and it seems to be perfectly legit. There are no fees to the consumer -- I have never received a charge of any kind at least. I don't know what the calculation is, but somehow it grants the customer a small percentage from purchases with specific merchants. I only have around a $100 in the account, but hey, it's free!

 

[dawgball]

Thanks, badjab. Do you have a 529 set up with them or do you have it directed to another type of account?

 

[toastonastick]

My neighbor has this set up for his 2 year old daughter. He gave me a publix scan for my keychain to use seeing as I have no kids. It doesnt cost a thing, he was given 5 keychain scanners and said he has almost $300 in 8 months.

Cant complain about free money!

I will be doing this a soon as I have kids

 

[dawgball]

toast--do you know what kind of account he is putting the money in? I have a Kroger card, but I didn't know Publix had those.

 

[toastonastick]

I will ask him tonight. It just slips on your keychain and everytime you shop at publix they scan it and a certain percentage goes into that account. He got like 5 keychains and gave them two his parents and me, so anytime I shop there it adds ot the account.

Here is the website to enroll that is on the keychain

www.publix.com/upromise

hope this helps!

 

[badjab]

I don't have a 529 account set up yet (although I'm planning to as I'm expecting my first child in May). I didn't even realize that Upromise would manage a 529 until you mentioned it. I always thought the rules were different depending on which state you live in. I'll have to read up on it and see whether or not there is any additional advantage to having a 529 through Upromise.

 

[dawgball]

badjab--that was actually one of my concerns with the program, but I found out that you do not hav eto put it in a 529 program that they manage. I was under the impression that you did.

The rules for 529 plans do vary according to your state. Luckily, the three states that I will potentially live in all have very high marks.

Congrats on the upcoming arrival. My wife and I are expecting our first in May as well. Very exciting times!

 

[toastonastick]

update

$375 for the first year. Not bad for money I would have never saw. Considering my family shopped at Publix already.

 

[dawgball]

toast--I have not seen any advantage to this, but that is probably due to mine and my wife's cheap asses always buyin generic.

 

[Lightning]

That upromise software also installs some other crap. I ended up reformatting my computer to get rid of it and the other spyware that unknowingly came with it.

 

[Doughboy]

Guys,

i am not sure if you can do this with upromise, but for those of you that know you are going to have kids in a couple of years, and want to get started early, you can do this. Just open a 529 account in your or your spouses name, and being that the accounts are totally transferable between family members, you can just transfer them over to your kids when you have them.

This will give you a greater period of time to save, and you won't have to put quite so much money away every month.

 

[Doughboy]

Just enrolled with my wife as the beneficiary. Went ahead and set-up a 529 for her as well putting in $50 per month for the little squirt that is just a mere twinkle in my eye. We figure we are about 2-3 years out, so figured it was only $50 per month. Could have a couple thousand when junior is born.