{ "media_type": "text", "post_content": "Currently 25 with 2 kids. The 1st one is 4yr old and the 2nd one is 8month old. Currently making a combined income of 285k with my wife. We have about 344k net worth. 401k & Megaback door Roth is max out. Not a fan of 529, because college can be free if you put in the work. Our only debt is our mortgage $1400monthly. We also have a brokerage account where we invest about 10k monthly in stocks. Looking to buy rentals, but we feel like stocks is the way to go for now.", "post_id": "60e336eef226820021a3036a", "reply_count": 54, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Currently 25 with 2 kids. The 1st one is 4yr old and the 2nd one is 8month old. Currently making a combined income of 285k with my wife. We have about 344k net worth. 401k & Megaback door Roth is max out. Not a fan of 529, because college can be free if you put in the work. Our only debt is our mortgage $1400monthly. We also have a brokerage account where we invest about 10k monthly in stocks. Looking to buy rentals, but we feel like stocks is the way to go for now.

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I'd rethink the 529, as was said above ... I started a plan for each of my kids when they were just a few years old, and my now high school aged kids have almost enough (maybe a bit too much) for their undergraduate studies. I am funding the plan for each until college. Once they start undergraduate studies, I'll stop. It already looks like my older one will be getting some scholarships, so that one will instead have money for a masters. You seem to be doing quite well, but maybe diverting 1k per month per kid to the 529 would make sense? You'd still be investing plenty each month, just some of it would be "restricted".

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I am guessing these are merit based scholarships?

529s are great for passing down wealth if you end up not using it. It’s tax free and it keeps growing. I’d say keep it. It you end up using it then big deal. It’s a 10% penalty but that pretax amount would have grown a lot more than the post tax amount.

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Damn I’m 25 and still on my parents health insurance lol

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Ohh but still, cool flex bro 😂

Humble bragger…you don’t need our help..

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This^^

Did you have a kid while in college? Wondering if 25 was a typo lol

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Yes I had my son while in college.

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You invest 10k a month?? Wtf

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You are doing very well. Suggest you rethink 529 plans as “college can be free if you put in the work” is a risky strategy for a very major expense. For most people including those who are smart and / or athletic, college is not free, at least colleges that you would want your children to attend. And you won’t qualify for need based scholarships at your pace. Starting a 529 while they are young is a great way to build tax deferred money for their education.

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I wouldn’t bank on a free education, not at all. Yes, college *can* be free if you work hard - but not all colleges will be free for all kids and the schools who do offer your kids a free ride might not be the ones you or they want to attend. It’s always good to have options and a college savings plan gives you options. No shade at all towards anyone for whom cost is the primary decision for which college to attend - that’s the reality for many/most people. BUT - your kids are so young, there is no way you could know what sort of a school will be the best fit for them OR their areas of interest/skill.

Ignore the haters. I'd recommend posting in the personal investment chatter bowl

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In regard to real estate: it is truly is a gamble. If you can buy 5+ and think you’ll buy “right” over 50% of the time, you’ll do great. But if you happen to buy “wrong” over 50%, you’ll loose out. The problem with real estate is, once you’ve made a bad move, you my not realize for 2+ years. And real estate is a bit less liquid than stocks… Edit: in regard to 529, if you’re as disciplined in your children’s development as you appear to be in your finances, I don’t think 529 will be necessary. Even if they don’t get full ride, there are always teaching fellowships to make up for it.

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Serious q - how do you have $344k wealth at 25 with 2 kids? Kids are expensive! Given your combined income, seems infeasible. Gifts / inheritance? If not, can you please share so we can all learn from you?

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Respect

College cannot be free if you put in the work. Very few full rides and you make too much for any need based aid. Save now and fund college early.

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There is no way for you to predict scholarships or tuition 12-22 years from now. Put some in a 529.

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What else can we be doing to maximize this blessing?

Teach us your ways

Cheat code = if you have kids take care of them

You are obviously doing better than most people your age . Now the trick is to stay disciplined for the long ride . Diversifying risk is a good investment practice and real estate is one such opportunity to consider .

You should go on the fire (financial independence retire early) bowl for like minded opinions

Do either of you have access to a FSA account through your insurance? (You’d need to have a HDHP plan) That’s a triple-tax advantaged account. Plenty of discussion on that in the investment bowl if you want to learn more about it.

Yes we do invest 7.2k yearly into our family HSA account.

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Goals minus the kids at such an early age lol I’m tryna be a DINK (dual income no kids)

Just invest the minimum to get the tax benefit in your state, don’t over think it. You can make the beneficiary whoever you want - another relative, yourselves for baking school, whatever.

And it’s not totally restricted, you can still take it and pay a penalty.

Was this a question or are you just flexing?

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