S/o saving for college
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Anonymous
| We are doing 1k/per month per child. Think that is sufficient or would you do more? My 5 yo has around ~75k. |
Anonymous
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Anonymous
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First you need 6 to 8 months of savings in an emergency fund. Then You need to max out your retirement.
After that, put half in savings and the rest towards kid's college. By the time your kid is old enough, college will be priced for the wealthy and super smart. All the local community and state colleges will be gone. |
Anonymous
Our kid is 4 this summer. At the end of the year we will have $125K +/- in and then we are done. I would not keep putting 1K a month in forever. Our kid's target date is 2030 or so, at which point assuming +/- 6% return, he should end up around $400K or so. That should get it done. |
Anonymous
| We probably have put too much into a 529 ( used an inheritance when he was young). He has turned out to have some LDs - not quite sure what he'll do for college. We can get the money out if it is not used for college, but will have to pay a penalty. |
Anonymous
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We stopped contributing to our 6 yr old's 529 when it was valued ~130K a few months ago.
We are planning on private college and grad schools and can cover any shortfalls so we stopped. |
Anonymous
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You are doing great at $1,000 per month.
I am putting away $500 or so per month and feel pretty good about that. You are putting away more than 99.99% of American parents. |