Anonymous wrote:Had you invested on your own, that $80k would be $200k easily right now plus all the experience of how you got there. You could pass down the investment advice,experience and knowledge to your children and save younger child's money from rules, fees, and slow growth.
Comes out that if I don't use 529, my kid's next semester (4 classes) is paid by their tax refund. 529 is not a magic account. Having it has negatives.
You need to max out your Roth and your children's Roth every year each of you qualifies for it. We don't know the future tax rates or student loan rules. Look at inherited Roth IRA versus inherited or transferred 529. No comparison.
Financial literacy is something you learn. Few lucky ones get it from their parents along with seed money. Be that parent.
My kids don't have to work past age 30, because I put my retirement, their retirement, and investing on our own ahead of college savings.
Older one is about to start community college and already had 30 credits from high school. Fall semester will be paid by tax refund as he is working and filing on his own.
Don’t listen to this person. This is crazy talk.
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