If your HHI is between 200-300k, how much will you have saved for college

[Anonymous]

Anonymous wrote:tbh about 50-75 for each kid. 2 years community college while living at home first is the plan. We’re very open with our kids about that.

I didn’t complete my degree and make 230k at 30 years old, my husband did and he makes 55k at 32.

College isn’t all it’s cracked up to be IMO.

I was very skeptical about the Nova to better college route but have been surprised how it has worked out for some of the kids in my kid's graduating class.

[Anonymous]

Anonymous wrote:It's not your responsibility to pay for college, OP. Adults are responsible for themselves. If you are 18, you are an adult. I raised independent adults who pay their own way for everything. If you want to go to college, you'll figure it out. If you do not want to go, you'll also figure that out.

I think that’s a dated attitude based on what college used to cost. I’m 52 yrs old and went to a state school where my $6k scholarship covered my tuition that was $1200/yr. I worked in a factory the summer after freshman year and paid my living expenses for the next year out of my savings. I’ve worked since I was 12 and from age 16 have bought my own clothes and from 18 only got a minimal stipend from my parents. But there’s NO WAY my kids could keep up with college costs today and do what I did. We have a lot saved for school (roughly $100k per kid) and expect we will pay for undergrad at least. I do want them to work and cover a good amount of living expenses. But I’m not going to set them up to fail.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My wife and I both went to private colleges (mine paid for by my parents, hers mostly with loans and grants); I don't see why we shouldn't give our kids at least the option to do the same if they can get in. Our retirement is well on track, so the only thing we're "sacrificing" by putting money into 529s is some additional discretionary spending. Big deal.

We've got about $300k saved now for a 10 year old and a 7 year old combined and are still putting at least $15k a year into 529s. (We put some money in from an inheritance a while ago to jump-start it.)

Must be nice. Some of us didn’t have as pampered of an upbringing and don’t think we need to stress ourselves out to send our kids to some private college that isn’t even worth the extra money. The people I know who make real money have high level security clearances due to military service anyway. The private school kids I know are slackers by comparison.

You don't know what you are talking about. High level security clearances help you get a job and more salary in that industry but in no way are defense contractors and people who work for those agencies paid more than a lot of non defense related jobs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's not your responsibility to pay for college, OP. Adults are responsible for themselves. If you are 18, you are an adult. I raised independent adults who pay their own way for everything. If you want to go to college, you'll figure it out. If you do not want to go, you'll also figure that out.

I think that’s a dated attitude based on what college used to cost. I’m 52 yrs old and went to a state school where my $6k scholarship covered my tuition that was $1200/yr. I worked in a factory the summer after freshman year and paid my living expenses for the next year out of my savings. I’ve worked since I was 12 and from age 16 have bought my own clothes and from 18 only got a minimal stipend from my parents. But there’s NO WAY my kids could keep up with college costs today and do what I did. We have a lot saved for school (roughly $100k per kid) and expect we will pay for undergrad at least. I do want them to work and cover a good amount of living expenses. But I’m not going to set them up to fail.

+1. Totally agree with this. We are a bit behind in our saving but only recently crossed the $200k HHI mark and childcare costs are just starting to go down as our oldest stared kindergarten this year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're closer to $350K income but have saved $165K for our three kids, all under 10. I expect we'll have closer to $250K per kid by the time the first enters and we'll pay the rest out of pocket. We will likely inherit several million from each side of the family too, which would go towards their education.

Are you this insufferable in real life?

Why is the pp insufferable? It was a statement of facts. Your jealousy is off the charts.

I am not the one who called PP insufferable. I think maybe clueless is a better word. The thread is talking about parents in the college tuition donut hole....not enough for aid, not always enough to save half a mil for college. And the poster comes in says well this is what we are doing and btw, we are inheriting millions. Clearly the thread doesn't not apply to her. But she had to put that out there anyway. Calling out someone's lack of self awareness does not equal jealousy. But calling someone jealous seems to be the to-go come back whenever someone calls the obliviousness of the well off out on this forum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In all seriousness, Are you guys in a regular 529. Mine accrues very little interest; it’s laughable how little really. What am I doing wrong?

You shouldn't be aiming for interest you should be aiming for investment gains. My kid's 529 is up about 20% over the last 3 years and it's just in a target date fund.

What’s the difference between the two?