Do you all contribute to a 529account for your kids? If yes, how much?

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We did what was then called the Texas Tomorrow Fund. Best financial decision ever made. It was between $1,500-$1,900 a year, and paid for a 4-year degree from a tier 2 school. Oldest graduates in 37 days (!) with no debt, and youngest will eventually do the same

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Huh, I will look into it. What is it ?

If you’re in Texas (or maybe you can from any state, not sure), look for the Texas Guaranteed Tuition Plan. You can choose the level you want to purchase - so many credits at different level schools - and then pay it out until child turns 18. Then they use it for tuition and some fees. The younger your child, the cheaper it is - ours were six months and 1.5 years, so fairly cheap, considering. It locks in the tuition rate the year you enroll, so you save the cost of inflation.

Others will tell you a 529 plan will do the same, but it doesn’t lock in the tuition rate. That was the big seller for me. My degree back in the day cost around $20k. With the plan, we paid about $24k. If they were paying today rates at where they attend (ATM, Commerce), it would be around $64k+

You can find those types of deals by state. My state only has a 529 plan so we put $250 per month per child into the accounts. Your stockbroker can calculate the need based on your state costs and the age of your children

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