We’re expecting a kid. How much do you all contribute to a 529 plan? BTW, we are considering not telling our kid about this investment until late in high school, but if they do end up wanting to go out of state, it’d be good to be able to supplement scholarship money.

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We do about 15k/ year for each kid for the 529 & another 20-25k/year invested into the market for each kid. This will continue to increase as we make more money, and they’ll get other investments set up for them as time passes.

They won’t know about any investments that we’ve made for them until they’re close to getting their inheritances later in their lives.

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Thanks for sharing the breakdown! I don’t have kids yet, but I hope to do something like this when I have them

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Awe congratulations to you OP!! That is so exciting. We contribute $100 a month and then depending on year end bonues we always put in a little extra at the end of the year. Not a whole lot but will still be a good chunk of change by the time they turn 18.

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Congratulations OP! And lovely idea. You should research what the 529 annual contribution limits are for your state at saving forcollege.com and try to hit the maximum. There may be some state tax benefits too

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Way to go, OP! Keep it up.👍🏼
Loved that we invested in 529. I too didn’t invest as much as we could have had we made more money, but what we had invested was so very helpful. You can literally use it for ‘anything’ school related. We didn’t even have to submit receipts though we had all of them. Great way to go!
Anything outside of their 529 they pd themselves. 2/3 finished 4 yr university. Our last one did 2 years college and then moved to Cali. Oddly enough, my youngest probably makes more money than the other 2.
1st-Chemical engineer
2nd- IT manager
3rd-Audi sales lol

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If that’s what you believe, do not invest in a 529

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Curious why you are keen not to tell your child until late in high school? While not a regular topic of conversation, we’ve never held back from letting our kids know that we’ve been saving in a 529 since the day they were born with the hope that it enables them to attend any college they want.

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It could work the other way. If they don’t think post k-12 schooling is not an option, they might not try as hard, especially if they struggle with what to major in etc. My kids knew about the 529 but not the amount. My oldest son got a 2 different scholarships despite knowing about the 529.

What is 529 plan?

https://www.fidelity.com/529-plans/what-is-a-529-plan

Not enough 😭 Thanks for posting this… reminds me I need to up the contribution.

Is it to late to start 529? When kid is in middle school?

Never too late

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Never too late

We made one in grandparents’ state so they can get tax benefits since our state doesn’t have income tax.

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