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