Saving for child's education

I live in US but I'm an Indian citizen with a son that was born here. I wanted to start saving for his education but I do not have a path to getting a green card for US for the next 30 to 40 years, since I am on a work permit I may have to go back to India if I lose my job. Given all of these complexities I did not find a 529 plan to beneficial because if we have to move back for any reason my child's education may be in India and I will not be able to use that money. I went ahead and bought in a index fund and started making payments from each paycheck to make sure I have something for his education that can be used anywhere even if we have to pay capital gains on it but I wanted to reach out to community here and ask what advice would you have for my situation.

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  • You are doing the right thing by budgeting for your son's education. Congratulations! 529s are a great savings vehicle but the tax benefits are for people who pay US taxes really. Where I would focus on is building the discipline to not raid that account for a future expense (trust me, you'll be tempted) and being goal-oriented in investing the amounts wisely: I've known people who are quite disciplined in saving but foolish enough in investing 100% of those assets in the stock market instead of less riskier instruments.

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