Is $1000/mo in a 529 enough?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

And herein lies a big difference. If you were raised in old money, you don't discuss finances. People who weren't raised with money but have a decent income now tend to be more open with it.

This is true.

The other reason not to talk about finances is that it's BORING! I mean do you want to hear what others are saving? It's about as interesting as hearing someone report their calorie count for the day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What an obnoxious post.

I hope college ends up being free for everyone, hopefully by taxing really high earners like OP.

+1

OP is probably paying 10x more tax than you. Maybe you are not carrying your own weight.

[Anonymous]

Anonymous wrote:$12,000 a year for 16 years is enough for one four-year private college degree at an elite university with no debt and assuming no financial aid. Congrats - you just signed up for the most expensive down payment plan ever!

Waste of money. Enjoy funding my kids' scholarships.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

[Anonymous]

Anonymous wrote:We didn't think so. Our FA advised us to bump it up to 1250 per kid (x3). I'd rather over save than under because they can use any extra money for grad school.

We do $1750/month/kid. We could get by with less if we were OK with a public school, but I figure you only have one set of kids so why not invest in them?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

Nobody cares what you do

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

Nobody cares what you do

Well OP clearly cares what others do because she's asking about it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

And herein lies a big difference. If you were raised in old money, you don't discuss finances. People who weren't raised with money but have a decent income now tend to be more open with it.

This is true.

The other reason not to talk about finances is that it's BORING! I mean do you want to hear what others are saving? It's about as interesting as hearing someone report their calorie count for the day.

And what talking about little Jimmy's soccer practice is riveting? Please. I love keeping up with the stock market, my portfolio and real estate investments. I also want to check in with my girlfriends who are doing the same thing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

Nobody cares what you do

Well OP clearly cares what others do because she's asking about it.

I don't recall OP asking whether anyone else talks to friends about finances. Of what value would that information be to her?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

Nobody cares what you do

Well OP clearly cares what others do because she's asking about it.

I don't recall OP asking whether anyone else talks to friends about finances. Of what value would that information be to her?

Well later she admitted she mentioned the 529 savings to a friend who mentioned she could be putting away more than what she is. It's likely this conversation prompted her to post on here asking if the 1k a month is enough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

Nobody cares what you do

Well OP clearly cares what others do because she's asking about it.

I don't recall OP asking whether anyone else talks to friends about finances. Of what value would that information be to her?

Well later she admitted she mentioned the 529 savings to a friend who mentioned she could be putting away more than what she is. It's likely this conversation prompted her to post on here asking if the 1k a month is enough.

In no way was op asking whether it's a good idea to discuss finances with friends. If op had mentioned that the conversation took place in a car would you have concluded that she was seeking advice about what kind of car to drive?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

Nobody cares what you do

Well OP clearly cares what others do because she's asking about it.

I don't recall OP asking whether anyone else talks to friends about finances. Of what value would that information be to her?

Well later she admitted she mentioned the 529 savings to a friend who mentioned she could be putting away more than what she is. It's likely this conversation prompted her to post on here asking if the 1k a month is enough.

In no way was op asking whether it's a good idea to discuss finances with friends. If op had mentioned that the conversation took place in a car would you have concluded that she was seeking advice about what kind of car to drive?

You don't get it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I discuss finance issues with close friends. I don't get what's strange about that.

Oh my god were you people raised in barns? Not ok!

We make the same amount as OP and it would never in a million years occur to me to seek finance advice on this site. You really lack critical thinking skills, in addition to manners, OP.

So weird. It's a anon board and why wouldn't I discuss finances with my very close friends? They're my friends after all.

It's bad manners and it puts people in an awkward position. Some people may not be saving for college because they spend too much money...others may be relying on family money and may not need to save in 529 plans. It's kind of a no win situation discussing this with friends. What's to gain? Are you going to seriously start saving more or less because of what a friend saves or doesn't save? Do you also compare mortgage payments and brokerage accounts? You're really clueless if you think you should be sharing what you're contributing to a 529 plan. It's fine to complain about college costs or something very general, but not talk numbers. I'd maybe reconsider your approach of discussing with friends and even think back to these conversations and see if you can pick up on the awkwardness now that you've been called out on it. There's a good chance your friend was criticizing you for not saving enough only because you were dumb enough to bring it up to begin with!

Uh, if this happens then that person is not my friend. I think that's your problem. I don't consider casual associates friends. If you are my friend we can discuss anything. But maybe that's why I only have two.

Nope that's not it. I don't discuss family finances with anyone except my immediate family. How we pay for our home, vacations and expenses are simply NO one's business and I have nothing to gain by sharing this information.

No one cares what you do or think. OP asked a simple question and she probably got enough information to make a decision from the reasonable posters. No one expects any information of value from the obnoxious and frothing at the mouth posters, like yourself, because you are either a 16 yr old troll or a bitter old person waiting to jump on somebody.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's your HHI?

You're missing out on tax benefits putting that much in a 529.

At the very least, put it in two 529s (one in your name, one in your DH's). If you are eligible for a Roth, I would split the thousand as $330 in your 529, $330 in your husband's, and the balance split between two Roth IRAs. You can use Roth money to pay for college, and in the event your child doesn't end up needing it, you still have it for your retirement.

HHI is ~350k. we both max out 401(k) (spouse has a 9% match; I have none because I work in biglaw). In addition, we put away about $4000 in index funds. We also each backdoor the maximum into Roth IRA accounts.

We each put the minimum into the state-sponsored 529 for the write-off. The remainder goes into a 529 with Vanguard (fees are lower). What would be better for us to do?

I'm amazed that you are able to save $5K a month (and then some) on $350K. How do you manage that? Any tips?