Anyone NOT have a 529 or other formal college savings account?

[Anonymous]

We don’t. Our net worth puts us in the ultra high net worth but more so our cash flow is so insanely high it is an insignificant expense for us (we could pay for all 3 kids simultaneously-the entire year- out of 1 month’s cash flow no matter where they go). I considered a 529 for tax benefits., but the restriction in investment options isn’t worth the tax benefits to us.

[Anonymous]

I have a rental property that will be paid off by the time DC is ready for college and I will use that money. I have a small 529 more for the tax benefits and will likely use that money this fall if schools are not fully back in session.

[Anonymous]

Anonymous wrote:I don't. I'm poor.

Same. I have a 15 yr old and I might be able to save $10k-$15k over the next few years but that's it.

[Anonymous]

What state are you in op? MD has a plan where if you can get some free $ if you are within certain income limits:

https://maryland529.com/college-savings-plans-of-maryland/maryland-college-investment-plan

Other than because we qualify for that, we put enough in to get the tax benefit in the state.

[Anonymous]

Anonymous wrote:No, we do not. Not sure if we will even be footing the bill for our kids. They can live at home and do the commuter thing or join the military.

Is it money or selfish? My MIL could not pay. My husband did the military. It is very hard being enlisted and getting a degree. You sound selfish. If its a money issue, help them get financial aid.

[Anonymous]

We do have 529s but they're not fully funded. I like having an account to remind me we need to be saving for college. Were were only saving $100 per child after buying a house and being house poor for a while, but I just told my spouse we needed to go up to $300 per kid per month. I asked for the account numbers and made the change myself. I aim to get up to $500/month eventually and maybe more later.

I want the money in my kids' names.

[Anonymous]

No. We pay an astronomical amount for private school. It won't be any different.

[Anonymous]

Anonymous wrote:We do have 529s but they're not fully funded. I like having an account to remind me we need to be saving for college. Were were only saving $100 per child after buying a house and being house poor for a while, but I just told my spouse we needed to go up to $300 per kid per month. I asked for the account numbers and made the change myself. I aim to get up to $500/month eventually and maybe more later.

I want the money in my kids' names.

With a 529, the money is in your name with the kids as beneficiaries.