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re: How much is enough in the 529 accounts?
Posted on 12/17/20 at 4:29 pm to ashy larry
Posted on 12/17/20 at 4:29 pm to ashy larry
Omg some of y’all.... make them frick sticks get a scholarship and a job. Daddy’s money doesn’t teach them anything. Get a good amount and let them do the rest. Have them contribute when they can.
I’ll be damned if my kid fricks around college because a lot was already paid for. That’s what happened with my BILs wife as a teacher she has 110k in debt
I’ll be damned if my kid fricks around college because a lot was already paid for. That’s what happened with my BILs wife as a teacher she has 110k in debt
This post was edited on 12/17/20 at 4:31 pm
2
Posted on 12/17/20 at 4:33 pm to Hu_Flung_Pu
Agree, my wife and I have arguments over this. I’m not paying shut unless it’s a real degree.
Frick around on your own dime - I worked my arse off to get the good degree
Frick around on your own dime - I worked my arse off to get the good degree
Posted on 12/17/20 at 8:45 pm to ashy larry
I might be in minority here as a casual baw, but I’m putting $75 per month for each of my children. We shall see what that yields around college time and figure it out from there.
Posted on 12/17/20 at 9:33 pm to Nephropidae
quote:
I might be in minority here as a casual baw, but I’m putting $75 per month for each of my children. We shall see what that yields around college time and figure it out from there.
I wouldn’t belittle yourself or your savings just because others have plans for saving lots of money. $900 a year is more than most parents do for their children and a whole lot more than most did a generation ago. That will show them you care about their education and there will be plenty of loan options for them.
Posted on 12/17/20 at 10:00 pm to ashy larry
quote:
Or are you just contributing until they finish high school?
I am planning to contribute until they’re done with high school. Trying to hit state limit by then. Started slow but up to 15k each a year. Should get it
Done
Posted on 12/18/20 at 11:17 am to ashy larry
TREE FIDDY!!!!!!!!!!!!
Posted on 12/18/20 at 12:50 pm to eng08
Sounds like you don’t have much confidence in your ability to teach them responsibility.
Posted on 12/18/20 at 1:00 pm to ashy larry
Great start - private college is one of the biggest scams going though. Even with "scholarships", you can easily be out $40,000 to $50,000 per year and that is just an average/above average deal.
Posted on 12/18/20 at 3:41 pm to Nephropidae
quote:
I might be in minority here as a casual baw, but I’m putting $75 per month for each of my children. We shall see what that yields around college time and figure it out from there.
We do $100/month per child. It will help out but won’t be enough. I want them to have a little skin in the game.
Posted on 12/18/20 at 6:38 pm to hottub
My kids both got scholarships so now I’ve got 529 and Coverdell money that I can give to a nephew or use it for my wife to take classes.
Maybe I’ll even try for golf related degree later.
Maybe I’ll even try for golf related degree later.
Posted on 12/19/20 at 5:01 am to skidry
quote:
t’s costing me about $17K/year right now at LSU
Tuition
Books
Rent
Food
Just starting into 529 and I find it fantastic that you can use the money towards housing tax free. I need to talk to my advisor in more detail but if I can transfer the money to buy a house or condo in the kids name tax free and rent it out then that’ll be a huge benefit. Probably do a couple hundred a month. Do most of you do this along with a mutual fund or just use this solely as sort of the sole fund for your kids? I know a combination could be beneficial for various reasons.
Posted on 12/19/20 at 5:08 am to Hu_Flung_Pu
quote:
Omg some of y’all.... make them frick sticks get a scholarship and a job. Daddy’s money doesn’t teach them anything. Get a good amount and let them do the rest. Have them contribute when they can.
There are ways to do both and you can adapt to each kid all while being fair. The understanding of finances and how things work is what I plan on teaching them. It’s not like everyone is just throwing money at kids just to make them happy. While I will tell them I have a plan for them, it also needs to be earned. Good grades, no trouble, etc are a few things that will bump up numbers regardless of scholarships. Keep them incentivized and working hard for everything you can offer them.
Posted on 12/19/20 at 5:13 am to makersmark1
Since they got scholarships can’t you pull the money out penalty free?
I have three kids 5, 3, and newborn and they each get the $4800 state max benefit per year ($400 per month per kid). I figure each should have about $100k in there by the time high school is over. I’ll re-evaluate when they’re in high school in terms of scholarship potential.
I have three kids 5, 3, and newborn and they each get the $4800 state max benefit per year ($400 per month per kid). I figure each should have about $100k in there by the time high school is over. I’ll re-evaluate when they’re in high school in terms of scholarship potential.
This post was edited on 12/19/20 at 5:18 am
Posted on 12/19/20 at 5:39 am to TitleistProV1X
quote:
Since they got scholarships can’t you pull the money out penalty free?
As of right now, yes ... up to the value of the scholarship.
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