- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1
Posted on 3/24/22 at 4:07 pm to Bryant91092
We do the same as Bryant and had the same thought process as well.
We do a 529 and do a direct deposit every month. We don't put enough to fully fund there college, our hope (like most parents I'd assume) is that if our child goes to college that they'll have scholarships to pay for most/all. Our main goal with it is to act as a supplement, so that if/when they go to college we'll have something to help us pay and not have to come up with large amounts of $ at once.
We also help fund a brokerage account, this is where we put all of there birthday/Christmas money and we put a small amount in there each month. We'd planned on doing an UGMA/similar, but I also don't like the idea of our child having there hands on a large amount of money at an early age. I'd love to one day hand it over when they're looking for there first house and it can be used as a downpayment, but we'll see..
We do a 529 and do a direct deposit every month. We don't put enough to fully fund there college, our hope (like most parents I'd assume) is that if our child goes to college that they'll have scholarships to pay for most/all. Our main goal with it is to act as a supplement, so that if/when they go to college we'll have something to help us pay and not have to come up with large amounts of $ at once.
We also help fund a brokerage account, this is where we put all of there birthday/Christmas money and we put a small amount in there each month. We'd planned on doing an UGMA/similar, but I also don't like the idea of our child having there hands on a large amount of money at an early age. I'd love to one day hand it over when they're looking for there first house and it can be used as a downpayment, but we'll see..
This post was edited on 3/24/22 at 4:09 pm
Posted on 3/24/22 at 5:33 pm to ThermoDynamicTiger
quote:
Skip the daycare and actually do the right (and difficult) thing, which is raise them yourself. Here come the downvotes. Discipline them by breaking their will without crushing their spirit. Get off your phone and spend lots of time with them while they are young. Kids are a lot of fun. Don't do clothe diapers. Eat dinner, pray, and read the bible with them. Get some sleep when you can. Protect them from liberalism but don't shelter them. Watch what you say. That's it.
Yep
Posted on 3/24/22 at 5:39 pm to Triple Bogey
quote:
Daycare runs me 1k a month for our two kids
For Two? That's a steal.
I pay $900/mo for one. Bout to have another. $1800/mo for daycare.
This post was edited on 3/24/22 at 5:39 pm
Posted on 3/24/22 at 6:49 pm to GREENHEAD22
Metairie. The nanny game is savage. $20/hr is market right now for a nanny. She is salaried at 40 hours a week. She gets PTO. She's paid if we take vacation. It's a fricking racket. I can't wait to get that money back in +/- 2 years although some will be taken with #2 goi g to private school then.
This post was edited on 3/24/22 at 6:53 pm
Posted on 3/24/22 at 9:03 pm to ThermoDynamicTiger
quote:
Skip the daycare and actually do the right (and difficult) thing, which is raise them yourself.
Asinine statement
quote:
Discipline them by breaking their will without crushing their spirit. Get off your phone and spend lots of time with them while they are young. Kids are a lot of fun. Don't do clothe diapers. Eat dinner, pray, and read the bible with them. Get some sleep when you can. Protect them from liberalism but don't shelter them. Watch what you say. That's it
This part I agree with.
Posted on 3/24/22 at 9:20 pm to TheWiz
quote:
Metairie. The nanny game is savage. $20/hr is market right now for a nanny. She is salaried at 40 hours a week. She gets PTO. She's paid if we take vacation. It's a fricking racket. I can't wait to get that money back in +/- 2 years although some will be taken with #2 goi g to private school then.
Retire your wife.
Posted on 3/25/22 at 5:32 am to ThermoDynamicTiger
quote:
Skip the daycare and actually do the right (and difficult) thing, which is raise them yourself.
It’s a huge sacrifice if you wife has a good job, but we’ll worth the investment.
We are now talking about wife looking for jobs with school schedules once he stats schools that will basically go to paying private school education
Sent my oldest two through BR magnet schools and while the education was great (and free) they came out brainwashed liberals (socialists)
Posted on 3/25/22 at 6:24 am to Junky
Before bonuses, she out earns me. She's my retirement plan now. Lol. Pension, 403b, and a 457.
We're still putting $60,000-$65,000 away each year for retirement, throwing $1,700 a month into savings, and paying down student loans at $2,100 a month.
I think our setup is good and will become great when the need for a nanny expires.
We're still putting $60,000-$65,000 away each year for retirement, throwing $1,700 a month into savings, and paying down student loans at $2,100 a month.
I think our setup is good and will become great when the need for a nanny expires.
Posted on 3/25/22 at 5:58 pm to ThermoDynamicTiger
quote:
Skip the daycare and actually do the right (and difficult) thing, which is raise them yourself.
Ran across this yet again this week...
2 parents working
1 travels for work a ton
Both fit in personal workouts in non-working time
Date nights on Fridays are regular events
Asked myself, "when do they parent?"
I assume they are fully "present" (not thinking about next week's work meetings) and not on phones while watching kids dance or play baseball? But am doubtful.
We approached parenting as a precious gift, with a full time parent at home from birth. Would not change a thing. Interestingly enough, the $, status and lifestyle was available to us just the same, and ironically enough, was never important to us.
With this post, our kids are now doomed to be car jackers, deal drugs, and get locked up soon. Jokes on them. 529 funds not eligible for bail money.
Posted on 3/25/22 at 6:09 pm to Turf Taint
Any thoughts on different ways to allocate between LA K12 and Start college plans? 50/50? Load up K12 to fund private school and hope for college scholarship?
Posted on 3/25/22 at 8:18 pm to LSU Nguyener
Many ways to approach. Here is mine:
What is objective?
One of our primary objectives was to minimize, if not eliminate, college debt for child. Therefore, 529 for college is my primary focus. Primary school would be planned via annual budget, if possible.
If not possible, estimate the primary school cost tuition and when you may be able to afford in your annual budget.
Estimate monthly amount needed between now and then to get 1st year of primary school tuition covered (with intent to be able to cover in annual budget asap thereafter).
I would focus on college thereafter 100%.
Preference, get primary tuition covered in annual budget and use 529 for college only, if possible.
Hope this helps. Of course, others may have other views on how to approach. Welcome others'!
What is objective?
One of our primary objectives was to minimize, if not eliminate, college debt for child. Therefore, 529 for college is my primary focus. Primary school would be planned via annual budget, if possible.
If not possible, estimate the primary school cost tuition and when you may be able to afford in your annual budget.
Estimate monthly amount needed between now and then to get 1st year of primary school tuition covered (with intent to be able to cover in annual budget asap thereafter).
I would focus on college thereafter 100%.
Preference, get primary tuition covered in annual budget and use 529 for college only, if possible.
Hope this helps. Of course, others may have other views on how to approach. Welcome others'!
Posted on 3/25/22 at 8:20 pm to LSU Nguyener
Try to avoid 'hope' strategy (ie, hope for scholarships). Focus on what has to happen. (follow up to my previous post where I should have added this).
Best of luck!
Best of luck!
Posted on 3/25/22 at 9:02 pm to LSUmajek
Take this as advice or not, but the number of my friends that utilize 529's while letting their ROTH's go unfunded (if they even have them) is scary. I'd never put a dollar in a 529 until retirement accounts were fully funded. You can always withdraw contributions to a ROTH later if needed, penalty free.
Posted on 3/25/22 at 9:47 pm to dragginass
quote:
I'd never put a dollar in a 529 until retirement accounts were fully funded.
Implied objective:
retirement peace of mind value > than education debt burden value
If interpreting accurately, 100% agree! There is much more mitigation opportunity for a person dealing with education debt burden than lack of retirement peace of mind (read: time!).
Posted on 3/25/22 at 10:19 pm to makersmark1
OP....get that kid in a Roth ASAP.
Posted on 3/25/22 at 10:25 pm to LSUmajek
We didn't subcontract ours out. No daycare. But you scarface a lot and need a flexible job. I am not big on 529 plans. Just buy an etf or crypto. fricking dance is expensive.
Posted on 3/26/22 at 1:34 am to ThermoDynamicTiger
quote:
Skip the daycare and actually do the right (and difficult) thing, which is raise them yourself.
1) no parenting style is right necessarily. Different methods work for different folks
2) having your child in a (good) daycare is proven to have a number of benefits for the child that they are likely to not get at home with a parent or a nanny
- on that note. Don’t skimp on daycare. You get what you pay for. The cheap daycare near your house will do little more than necessary. High quality daycares will give more care to infants and do much more in the way of teaching for toddlers up til pre-K
Posted on 3/26/22 at 6:32 am to Upperdecker
Congrats on your exciting news! I think the best advice is do what works for you and your family. We have a 5 year old and 4 month old and we have 529 accounts for both of them. We made an initial deposit and put in a monthly sum, for right now we're not looking at overfunding their accounts. Who knows what their interests may be when they get older, but we wanted to have a good start incase they do want to go to college and we can ramp up the savings even more when the picture gets clearer. Neither my wife or I have student loans and graduated without student debt so we feel that we want to put them in the best position possible to do the same if they want to go to college. With that being said we also do our best to save as much for retirement as possible. I feel this is also an investment in their future because I don't want them to have to take care of us or have us be a burden when we get older. Every time I see money go into our retirement accounts, I feel good because it is for the benefit of us and them.
Posted on 3/26/22 at 11:31 am to LSUmajek
Really the only advice specific to having a child I would give you (my daughter was born 2/22/22) is you need to start touring daycares. They all have waitlists, most require a deposit to get on the waitlist. COVID has made the good ones difficult.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News