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Hopefully college will be free by the time our kids get there
Similar to M1, but throw in 529 plan. The cash percentage starts to go up a little as the kids get into school, but the wife gets bored, so expenses will go up too
Maxed out 401k and Roth IRA. Have to start 529. I also maintain a 6 month worth of expenses in savings account with 1% Interest. No wonder I have to say NO to the fancy BMW.
Student loans are killing me and I'm 30...hopefully I can save my future kids from this burden, at least dent it.
If you think cost of college is depressing... I pay more for my sons day care (Montessori) than I did in tuition for college. Granted I was at a state school, and I hope to send him to a better school... but the point is, it starts early!
Anyone else depressed about how much college costs will be based on projections and how much to save per kid?
I'm a bit behind. I drop 6 percent in 401k and luckily my dad set up a 529 for the kids. He puts in 250 a month each and I donate 100. My wife's taste doesn't encourage a lot of savings lol.
I went to Montessori and I feel like it was worth the money!
Unless you have clever way of doing Roth (see back door 401k route thread a few days ago) 529s are the only option. If you can do the Roth it's the best.
(Especially the wife lol)
12% 401k, then HSA max out and then 5% cash.
Damn OP, very nice of ur dad to help out
Hey, you'll be glad that you have that emergency fund. Good for you!
Thanks for the feedback! 😀 They do some pretty incredible stuff there!
Do you guys think that the 529 is better than just another savings vehicle? My dad is anti-529, but as I get older, I find myself disagreeing with him on personal finance topics more and more.
Start it now. College isn't going to get any cheaper considering Hillary or Trump are taking over soon.
I'm not sure what else would be better. No age restrictions, state tax deductions, anyone can contribute (parents, grandparents, etc) and you can pull it out tax free as long as it's for higher education. I guess there's some flexibility lost but benefits seem to outweigh IMHO.
Right now, essentially 0%. Stay at home wife and multiple kids are very expensive
Nothing wrong w student loans. Just saying.
Yea. That's huge. It's a big relief.