Q: My husband and I have two children — what are the smartest ways to save for college?

A: The smartest way to save for college is to create a plan that is personalized for your situation. Calculate how much you’ll need and how much you can save. The time until college also may change the best place to save. Unless there are many years, 529 plans may not grow enough to provide many tax benefits. Beware of the disadvantages of each strategy. For instance, deposits into an UTMA are technically irrevocable gifts to the child to be used for anything they want at age 18. Keep one thing in mind: you can borrow for college, but not your retirement. Don’t use retirement money or savings.

—Russel L. Phelps, CFP, CDFA
Ameriprise Financial
1130 Iron Point Road, Suite 140, Folsom
916-351-0000

Q: I’m planning to visit a casino this upcoming weekend and want to gamble. What game do you recommend I play that offers the best chance to win big money?

A: A great way to hit it big at a casino is by playing slots with progressive jackpots – these are jackpots linked to other casinos around the country and can feature jackpots in excess of a million dollars. Another way to hit it big is to play in a casino’s “High Limit Room,” where players can play slot machines or table games at higher denominations, which can allow them to win more. Players are also encouraged to join the casino’s rewards program where they can receive special offers for free meals at the casino’s restaurants, and be entered into drawings to win exclusive prizes.

—Bryan deLugo, Vice-President of Slots
Red Hawk Casino - Placerville, CA
redhawkcasino.com