Contest Money for College

Deanna has a 10-year-old daughter, and she just won a contest that awarded her $25,000. Deanna isn't sure where to put this money for her daughter for the future. Dave makes college the first priority.

QUESTION: Deanna in California has a 10-year-old daughter, and she just won a contest that awarded her $25,000. Deanna isn’t sure where to put this money for her daughter for the future. Dave makes college the first priority.

ANSWER: What you’re outlining makes a lot of sense. Basically, as far as I’m concerned, her going to college is the first thing it should be used for. It’s the most important use of the money. What you’re talking about doing there makes a lot of sense.

The only other question is car and what you’re going to do with a car for her later when she’s 16, but you’ve got six years for her to work on that and you to work on that.

We’ve got about 10 years for that money to grow, so that’s going to be fabulous as well. That’s exactly what I would do with it. I don’t have a different idea. What you guys have come up with makes a lot sense.