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Your kids will thank you for whatever you’re able to put away for them, but as others have said always make sure you’re funding your real retirement needs before kids college. You can finance a degree, you can’t finance your retirement
Yeah I already max out my retirement and have rental properties that will supplement that along with 2 pensions so I’m good there. Just wondering about saving for college.
Are you talking about savings as in a 529 plan? I think the usual suggestion is to max out your own retirement stuff first (assuming you’ve paid off high cost debt) before doing kids college. $600/month seems aggressive. I did about that ($5k per kid per year) when my kids were first born for a few years but have since scaled back (wanted to make sure to start early so it had 16-18 years for funds to grow).
I did not fund 100%. My goal was to fund all the big payment amounts. So I pay tuition and fees from the 529 (first year this included room and board in the dorm). I pay rent out and books out of pocket and she pays the rest. This makes it manageable for us.
My kid is getting scholarships or student loans. I can’t afford to save money for them because I’m still paying off my own loans. Hope they’re smart 🤷♂️
You can borrow for college but not for retirement. Simple advice. OP, sounds like you are on the right track. I’m a realist and didn’t start funding college until my kids were done with daycare.
$100 a month x 18 years = $21,600
^seems more reasonable
thats why the 22k is invested over the 18 years so its more like 50k
Send your kids to a community college for two years to knock out gen ed credits then to a state school. Probably won’t need to save even half what that said
They will be fine. I have 529 plans for my kids but certainly do not do $600 a month - I have three! They will have some $ for college and then can work off the rest - I did and am grateful for it!
That can’t be right 😦
We put in $1,000 a month for our daughter. We only have 1 child as of now, but that was the number we were told we needed to fully fund a private college education.
My belief is to support them 50%. I’ve seen (best friends included) where kids who feel like they are getting a free ride in college consider college as just having fun. If they have some of their own skin in the game they may think twice about ditching class cuz of a hangover.
I think it totally depends on the kid. My dad paid for my school and I graduated 1st in accounting at a big public school. I’m paying for both of mine with some help from grandparents. My son graduated with an engineering degree (cum laude) and worked as a tutor the last two years of college. My daughter is a nursing student pulling in all As and will graduate a year early (dual enrolled last two years of high school).