How much are folks contributing towards 529? I got 2 kids and we do $500 each/month. My goal was to get to about $100k each (plus gains) when they are ready for college to get them started. Thoughts?

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I started with $100/month the day my daughter was born. Every raise I increased it $50/month. Baby #2 is due in May and I’ve already increased it to $300/month. I’ll probably max out at $500/month.

Hoping to have $40k / each child. Plan is for them to go to a “private” public school such as I did at UT Austin. Tuition was about $6k a semester. Opened every door possible at a fraction of the cost.

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Makes sense, I wasn’t sure if you were referring to something specific.

You’re absolutely right that top tier public universities offer great education at a bargain. Not always as great of a bargain if you’re applying from out of state, but still usually less expensive.

Thank you for this reminder. I just upped my contributions. Heard some kind of vacuuming noise coming out of my wallet...
Cheers.

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S&1 that’s exactly what I’ve done. Try to increase with my raises. 3 kids. Not easy!

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Same. 2 kids, $500/month since birth. Tax free growth is nice, but I wish there were more investment options than what's typically available through a 529.

In Mississippi I can deduct $1000 in tax if I contribute $20k a year

I feel like 500 per month is way too much when you take into account 18 yrs of compound growth

Just started one and put $1k down to start and $250/mo

If your state offers a tax break it’s great. You can now also use 529 funds to pay for private school before college. So if you’re gonna pay for that in case you might as well put it into a 529 first for the tax benefits

Not enough. We prioritized paying off our student loans/car loans/house and have been trying to catch up now. Student loans and cars are all paid off, house will be done when my oldest starts college (15 year loan).

We’re at a point now where all bonus money goes into 529. With 5 kids it’s unlikely we’ll be able to fully pay for private college for all of them. I’m just banking on getting everything else paid off, retiring, and hoping the tuition bubble has popped by then. J/k

Looks like USC just announced free tuition for families making under $80k.

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