how much you estimate cost of college and k-12 education and raising for newborn kids . Have 2 yr old and we are planning for 2nd kid after she turns 5. Will narrowing age gap helps in reducing costs

like
Posting as :
works at
You are currently posting as works at

You may not have to wait until she is 5 to have another. If possible, buy 2 $100k or less 3 bedroom/ 2 bath rentals with 15 year mortgages. The rent will cover the mortgage payments and the houses will be paid off in 15 years or sooner. Refinance or sell the houses when they go to college. This should cover tuition, room and board for both.

likeuplifting

C1 I am in Atlanta GA too. What areas do you invest in - 3br/2ba at $100k where rent covers all expenses sounds amazing. I would love to buy me some rentals for cash flow. Are you open to discuss, can I DM you? Thanks

Not sure any of us have a clue what colleges will cost in 20 years

likeuplifting

Good financial planners have projections of college costs for nearly all mid and major universities. I gave mine 6 colleges to estimate for planning purposes. Of course a lot can change in the next 15-18 years but it's a sound measure for a savings plan.

Probably not by a lot, honestly

like

Also depends on where you live if private schools are required, if a child develops special needs, etc. You can’t make this decision based on economics alone b/c there are too many unknowns.

like

Assume you are male Unless your wife is much younger than you, you are taking a big risk waiting that long if you really want a second. Otherwise be content with what you have.
Doesn’t answer your question but there’s not enough info provided for that - will your kid need tutoring, do you plan on private vs public schools, is college an open choice or limited, tuition for state school or private university, loans & scholarships or no, maybe your kid wants to go a non-traditional route like culinary school or be an Olympic athlete or go to West Point. Some of that you can plan for, some you can’t. But start saving now even if it’s just one.

like

Approx $750k/ kid , if which $250k for expenses prior to college and $500 (inflation adjusted ) at 18

like

$600/month/kid/529 for a good public university (e.g., Cal or UCLA). Double for private regardless of in or out of state. Then $20k per year for daycare through private school per kid until/if you transition to public by High School. Good luck! (these are the takeaways from several hours of planning with my financial advisor).

like

thanks for info. there are lot of things i never considered. i cant afford pvt school due to single income. also right now in high col area so until housing bubble burst buying rental is not option

Education costs have been growing at several times inflation for over 50 years.

We have a 6 year old and a 3 year old. Financial advisor forecasts 600-650k all in for each one’s college if they go private, 400-450k if they go public and get in state tuition. We save around $800/mo/kid.

However, I know a lot of people who send their kids to private school now and are just planning to have roughly similar tuition payments for a longer time

have you guys thought of sending them outside country where education costs are manageable. i don't know what sort of majors and minors will exists as industry is evolving so fast. will American colleges will be best for future generations or in age of hyperconnectivity location will not matter. will kids ever go to full time college, everything is online. classroom and college experience is must but how it will shape up in future is the question

If you save in 529 for college, that money is locked in, correct McK1? How does one access or repurpose that money towards something else (eg: retirement) if they choose to go overseas to an inexpensive college?

Related Posts

Favorite science show to watch as kid?

like

Anyone else’s important plans/ events got postponed/ cancelled/ disturbed for this year? Marriage/ visa/ family planning/ city-work move/ major travel plans?

like

One more day until I can see my hubby and kid. Being away for a few weeks for go-live sucks 😭. Can't wait to be home.

like

Who has 12-15 year old children at home? Are you thinking about getting them the Covid vaccine ASAP? Holding off? What are your thoughts?

like

I moved back in with my parents in August, and my mom and stepfather have demanded monthly rent. They are in no way poor at this moment in time, and in my opinion it’s f*cked up to demand your child pay rent. I bought a VR headset a couple weeks back and my mom increased the rent because “I can afford it.” Is this normal? I honestly feel used. Fwiw I’ve worked since I was 13, and hustled my entire life.

likefunny

So, I knew ahead of time that I would be working Thanksgiving weekend, but I just got my schedule for December and it looks like I'm going to miss Christmas as well. I feel bad that I am missing so much time with my kids, how does everyone else deal with these emotions? Any tips on how I can make up the missed experiences with my children?

like

Why do Black Lives Matter?

like

Thinking of moving from SF to LA. Where are the most livable neighborhoods for quality of life, convenience and meeting similar folks? 31/m with pregnant wife. WFH when not traveling.

like

We are expecting a second child in about 15 days and my first one is 2.5 yrs old. My wife took a break after our first child and we never had a nanny. Our entire family lives outside of US. With the current situation, none of our extended family members are now able to travel and help. we are worried about hiring a nanny at this point because of covid concerns. What are my childcare options so that I can be with my wife during the labor?

like

So here is my dilemma:
- based in the UK
- opportunity for lateral internal move (culture&engagement) or stay where I am (reward). I am mid level IC struggling to progress due to flat structure so considering lateral move then hopefully up from there.
- 2 primary aged children, currently have flexibility in current/new role too
- Husband just got accepted on a international rotation which means I will be single parent for the short term.

What to do? Go with the unknown or coast comfortably?

like

Need some advice bc my work and personal life intertwine. Too much sometimes. Father is my boss. Wife is adamant that when folks come over they take off their shoes. Tried to ask my family...cont

like

Dating SO for 7 months. Where is a nice place to travel together from NYC for a week off at the end of August?

like

Mother has a decent nest egg ($3M) and lives in an extremely LCOL area. Currently manages money through RBC, however the fees are a gross operating expense of 0.36%. What do you all recommend? I’m not savvy enough to manage it myself however I know that fees can stack up and kill returns. Would appreciate any insight/advice/snark.

like

It’s the end of the year and now parents want to be involved?!?!

funnylikesmarthelpful

I loathe my mother in law

likefunny

How do you dodge office baby showers or people pestering you to contribute to a baby shower gift?

No, I will not pay money you to breed. I already pay enough in taxes.

likefunnysmart

Last night BF and I went out to dinner since neither of us wanted to cook. We were having an enjoyable evening and ran into a former co-worker and her husband who I have not seen since before COVID. Ex co-worker made this odd scene about my "glow up" and even posted to social media a picture she insisted both couples take.
Anyone else ever find themselves in a similar situation?

like

Anyone here either go to a top public school or send their kid(s) to one? I’d love to ask some questions for a project I’m working on.

like

Like the new Denny work from Droga. The insight of the grandad who can't quite find his role in the new family dynamic is lovely. But the grand dad/grandad line at the end, you just couldn't help yourself could you?

I’m quitting two weeks before my coworkers maternity leave starts. They told me I’d have to cover her work and there’s no way that’s gonna happen. Also I just got into grad school.

likefunny

More Posts

What typically motivates people to leave consulting? Is it primarily the personal sacrifices or are the opportunities ahead more fulfilling / lucrative

like

Senior Media Buyer in Toronto needed. TV and Radio experience. If anyone has any recommendations please send them my way

Has anyone encountered this error before? We can’t access a workpaper with 70% of the work done 😩😩

Post Photo
like

I’m starting from scratch in an elementary art room obviously on a tight budget with the school system. What are your go to “must have” supplies and where do you like to order from? I have Blick’s site.

like

Hi. After an H1B petition is withdrawn, who receives the notice of revocation? Beneficiary or petitioner? And if the beneficiary has another approved I-797 and the notice of revocation is not received by them, does that cause issues at the border at the time of re-entry?

like

Can anyone recommend a career coach?

like

Hi! I’m a junior associate at a big law firm in NYC, and I’m considering a move to Dallas. I’m 28 and single, originally from Texas but have lived in the northeast/midwest since graduating from high school. Has anyone else made a similar move to the south? Thoughts on living in the Uptown area?

like

It's been a month n half since I got the offer and my joining is in mid of October. I dnt know why HRs of GDS are so inefficient, they dnt call/reply to your mails incase you have any queries...Seriously I have never seen such an unprofessional HR team..
I asked for Location change a month ago, and yesterday got to know that the HR who was handling my case left the org, now they will reconsider my request post my multple mails n calls...
1 more thing when will I get onboarding details..

like

Has anyone broke up with your girlfriend because of work?

like

Anyone working at USAA as a data analyst? I have an interview coming up and I was curious what you felt was the key to getting the offer USAA

like

Any thoughts on in-house media at TMobile?

Moms, it’s my kids first Christmas/holidays at the daycare (she is almost 2). What’s the norm around gift giving to teachers? We don’t celebrate Christmas or Hanukkah but I’m trying to understand if it’s nice to give a gift to her teachers and if yes, what kind of gifts are given? Thank you!

like

Hi! I currently hold and experience of 7 years in the field of Marketing. I’m planning to upskill myself by doing (postgraduate) MSc in International Marketing from the UK. Will graduating from UK make an impact on my pay in India? Also, can anyone help me understand the job market in the UK with respect to my field (Marketing)?

like

Never tell your wife to calm down. That won’t go well for you.

Instead, turn it into a question like “does someone need a time out?” Much less confrontational that way.

likefunny

Profile review
Undergrad: top 20, 3.45 gpa, math major
3 YOE at big 4 as a data and analytics consultant
2 YOE at amazon as a bie and data scientist
ORM

Haven’t taken GMAT officially yet but am getting my 720 on first practice test

Looking into tuck, Kellogg, Yale SOM, and stern

I’m looking for photography course suggestions—

I took photography in high school and a beginners course in college but thats all. As an art director some of my favorite work revolves around video and photography, so I’m looking to understand more—technically and creatively. Who has good suggestions of courses or programs, online or in person (anywhere) that can help me expand my knowledge?

For those who have international travel planned (USA to India), how are we supposed to get a PCR test result in 72 hours? Labs are overwhelmed. Flight is not until end of Jan but I’m concerned!

like

1 BD/1BA in Old Irving Park coming available on November 1st. Rent : ~1700

Newly renovated, in-unit washer and dryer, covered garage spot could also be available.

If your interested or know someone who would be, DM for details!

I've started waking up for a sunrise walk everyday, then working for two hours before my kids get up. Always hard not to hit snooze, but so glad once I do it

like

Additional Posts in Over 40 in Consulting

Over 40 men: do you text frequently or no? Had a great date and the guy texted once after to say he had great time. He knows I am on vacation til Fri. He texted to say had a good time and (cont’d)

Worried about my thinning hair, does anyone have experience of Haarklinnikken’s treatments?

like

Considering a move from Delivery side of consulting to the Sales side (i.e. selling work, RFPs, opportunity/deal conversion). Been in delivery for over 20 years and feel I need a change. I get to "test drive" the role and do it for a year. Any one been on the Sales side and Delivery side for a time and have an opinion and why they like one over the other? Thanks!

like

Amazing there’s over 20k people in this bowl. Collective wisdom must be astounding. What’s your best bit of advice for an early 40’s, single woman feeling like her career is reaching a plateau?

likehelpful

Who here doesn’t work on the weekends but feels guilty and constantly thinks about work that they could be doing?

I should be in a better mental mindset at this point (almost 45). No interest in becoming a partner or CEO. TC is over $250k…

like

How do you keep yourself fit after 40? What really worked for you all

like

Anyone else here who drastic career changed?Tired of being told what to do by teammates, subcontractors 15 years younger, when we have the same titles and I’ve been on the project longer. How to deal?

like

After a year of waiting and caregiving while managing multiple projects, we finally got the call that they found a new liver for my wife.

We're getting out of the crucible as diamonds and not ash. Figured I'd share good news rather than the usual vitriolic rants. 😂

likeuplifting

Dealing with aging parents. What was the moment you and your siblings decided to step in and take control? What would you have done differently? More in next post.

like

Thank goodness there were no phone cameras or social media when we were young and stupid

Post Photo
likefunny

Anyone else having WFH fatigue? I had been traveling weekly for business the last 20+ years, but the last 3 months at home has been personally challenging. I love my wife and 3 boys — but I need some “alone time” which I used to have when traveling. Sometimes I get in my car and go for a drive but it’s not enough. Seems like this WFH is the new working model for the future. Anyone else feel this way?

likehelpfulsmart

If you can go back in time to your first 3 years as an consultant, what would you do differently?

like

Question from a way over 40, got into consulting late, and only a few years from social security person. How do you stay motivated enemy you will age out before next promotion?

helpful

Favorite vintage TV show? I’ll go first - I liked watching Dick Van Dyke show growing up. The commercials were fun then, when Dick would pull out a Kent cigarette and make a sales pitch. The show was great with Mary Tyler Moore.

like

Any male fish tried hormone replacement therapy? I have a Dr friend who suggested I supplement w/ testosterone. Burns fat, increases metabolism, decreases stress and anxiety, etc. sounds enticing..

This may be an odd question, but what word do others use to introduce their long term cohabiting partner? Feels weird to say girlfriend/boyfriend when we’re both over 45

Anyone self manages their assets and uses a fee only financial planner? How much do they charge and is it based on % of assets or fixed fee or hourly, etc.

like

My SO and I have been together for 2 years. Plan to propose next year. However, I’ve been struggling with this and need advice. My SO works for an NGO that does great work, but gets paid ~60k. Contd.

Anyone keep cash on hand at home - and if so how much? I just closed some accounts to consolidate and want to keep cash for emergencies

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal