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re: Those with children: how much are you saving per child for college?
Posted on 2/3/16 at 7:52 pm to danilo
Posted on 2/3/16 at 7:52 pm to danilo
Being a home owner is no requirement for parenthood.
A good friend of mine in BR just sold his house. It had an appreciation of about 1 %/year over 7 years.
After maintenance, home improvements, taxes/fees/insurance/HOA fees etc he might have barely come out ahead if he had rented a similar house after we crunched the numbers.
Moral of the story...home ownership doesn't always insinuate stability and renting can at times make more sense.
A good friend of mine in BR just sold his house. It had an appreciation of about 1 %/year over 7 years.
After maintenance, home improvements, taxes/fees/insurance/HOA fees etc he might have barely come out ahead if he had rented a similar house after we crunched the numbers.
Moral of the story...home ownership doesn't always insinuate stability and renting can at times make more sense.
1
Posted on 2/4/16 at 7:01 am to LSUAfro
I have a 2 year old, just trying to fund retirement, college is more than I can think about now.
I got a scholly, maybe she will also?
I got a scholly, maybe she will also?
Posted on 2/4/16 at 8:44 am to okietiger
My kid is in his sophomore year of high school now. Around midway through his junior year, I'll start saving for college - probably $1,500/month. That will give him around $30K. He'll get TOPS and scholarships (he's around the 98th percentile), so I'll mostly be paying for his living expenses and books. Told him anything over that, he may need student loans. I've been spending $1,500-2K/month for the past few years for his Taekwondo expenses (mostly competition-related travel expenses). He knows he could give up competition and save all that extra money for college, but he'd rather continue traveling and competing even if it means some student loans in the last year or two of college. He understands that I eventually need to start saving for my golden years as well, since I'll turn 50 next month. He'll likely continue teaching martial arts part time at a school near LSU for a little extra spending money.
This post was edited on 2/4/16 at 8:48 am
Posted on 2/4/16 at 4:20 pm to LSUAfro
The 529 plans have contribution limits. Now if by luck the fund swells in value you can use foresight to use the money on legal educational related expenses and avoid a hefty tax bill.
Still at the very worst you get taxed on profits not contributions. Your not going to lose money and I find it hard to foresee a situation where it's not a good idea.
Still at the very worst you get taxed on profits not contributions. Your not going to lose money and I find it hard to foresee a situation where it's not a good idea.
Posted on 2/4/16 at 7:11 pm to 911Moto
You are 49 and didn't start yet?
Posted on 2/4/16 at 7:26 pm to Jp1LSU
quote:
Your not going to lose money and I find it hard to foresee a situation where it's not a good idea.
"Not losing money" is not my goal. Maximizing my monies potential is my goal.
I'm just of the opinion that over funding a 529 isn't the best plan. I think it's smart to diversify.
A Roth allows me not to be taxed on all my gains if my kid gets a scholarship, and I don't want to pay a penalty and be taxed if my kid is a dumbass and doesn't go to college.
This post was edited on 2/4/16 at 7:32 pm
Posted on 2/4/16 at 7:30 pm to danilo
quote:
Rent? What you doing having kids will being a renter?
You can't be serious.
Posted on 2/4/16 at 8:35 pm to okietiger
I am supplementing my kids college through a direct 529 plan. My strategy has been to put $5000 in each of the accounts when the beneficiary, my child, was born and then follow it up with a $150 monthly contribution to each child's account. Due to my childrens' young age, I am positioned 100% equities. We'll see where it ends up when they attend college, and they'll be lucky.
This post was edited on 2/4/16 at 8:38 pm
Posted on 2/4/16 at 9:29 pm to 3morereps
None. Just gonna pay as we go.
Posted on 2/4/16 at 9:35 pm to danilo
quote:
You are 49 and didn't start yet?
Better late than never, right?
Posted on 2/4/16 at 9:39 pm to 911Moto
.
This post was edited on 2/4/16 at 9:43 pm
Posted on 2/4/16 at 10:26 pm to okietiger
No kids here, so I probably don't apply here, but I thank my dad every chance I get for the gift of not having student loan debt after college. That alone is better than any car, condo, etc that he could have given me.
Posted on 2/5/16 at 8:01 am to okietiger
I have a 7 month old that we opened a savings account for when he was born. Try to put $100 or so a month in it. Would I be wise to keep putting money into that or open a 529? Can that money be rolled over into that account?
Posted on 2/5/16 at 10:00 am to thatguy
quote:
I have a 7 month old that we opened a savings account for when he was born. Try to put $100 or so a month in it. Would I be wise to keep putting money into that or open a 529? Can that money be rolled over into that account?
Yes, put it all in a 529. At that contribution rate, you aren't going to be in danger of overfunding. Down the road you may decide to put some in a regular brokerage or savings account but I'd get the ball rolling in the 529.
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