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.
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.