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I pretty much can't stop watching Toddlers and Tiaras (that reality show about the wonderful world of child beauty pageants) because it makes me feel better about myself. This clip inexplicably features a variety of "financial experts" providing investment advice to the parents of child star Alana Thompson (aka "Honey Boo Boo") to help them capitalize on their newfound fame and fortune.
The experts first recommend putting Alana's earnings into a trust fund to which she will be granted access once she turns 21. They also suggest putting a chunk of the earnings from the show into a tax-free 529 plan in which investments are made according to the child's age (as the child nears college age, investments become much more conservative). Someone has even made calculations to determine exactly how much money the family would need to put into the 529 plan every month in order to save the equivalent of 4 years' tuition at an average public school.
Perhaps seeing the writing on the wall, the experts also make recommendations about investment strategies that are NOT geared toward saving for college. I won't spoil the surprise by telling you what they are (but one of them is purchasing disability insurance).
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