College Planning Upper Middle Class

[Anonymous]

Not sure why OP is even posting. Complete humble brag. If Med school comes up, why can’t you pay a chunk every year from your income. Your kid can then cover the rest with loans. Also, your kid is not even in college yet so why are you even worrying about med school? Something doesn’t add up.

[Anonymous]

Anonymous wrote:If you read those sites- you’ll see we are not that unique. I don’t have time to figure out how but figure 2-3 million was 5 years.

Yep. Sure.

And you live off rice and beans and live in a 1-bed condo to make all this work, eh?

[Anonymous]

I know we’ve gotten off topic by discussing OP’s astronomical retirement savings, but another reason it doesn’t make sense is that if the funds are truly in retirement accounts, then you’ve been limited in your contributions. Right now, a dual earning couple can contribute 40-some thousand to 401ks and IRAs. The limits were even lower earlier in OP’s career, so even with compounding, the numbers don’t seem to make sense. Does one of you have very generous employer matching? We are in our early 40s and have been maxing 2 401ks and IRAs for since our mid-20s and we are a bit north of 1.5 million in retirement accounts. For the past five years, one of us has had very generous employer matching.

[Anonymous]

Anonymous wrote:Wondering how much you were planning on contributing towards your children's college education. We make about $275K per year and have $3M in retirement assets so I'm assuming we won't get a dime of aid. We currently have saved $220K which I thought would be enough..but now DD is contemplating medical school. DD is a HS junior and if we want to pay for medical school, we need to start savings NOW. We also have child #2 that's 4 years younger who also has $220K in college fund. Hopefully, he doesn't want to go to grad school :/.

Vote for Warren or Sanders and hope for that candidate to win. Then Public College education will be free. You can use the $220K towards your DD's medical school, assuming she will get into one. If your second kid gets free Public College education and not go to grad school, then you can actually pocket the $220K already saved. You can then splurge on pampered saps on your worldwide vacation!

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're not going to get any financial aid, but with what you have saved and your income you'll have no trouble paying in state tuition. Anything beyond that should be on the kids -- including all of grad school.

This is pretty much our attitude, but similar to OP we saved a bit more. Everything else is on the kids to figure out.

Same here. They each get $1k a month into their 529s. After that, they are in their own.

[Anonymous]

Goodness. I wish I had your “problem!”

[Anonymous]

You are forgetting about catch up contributions and employer matches as well as IRAs... We use them all...


But anyway- looking for someone who can provide advice on additional college savings.

[Anonymous]

Anonymous wrote:You are forgetting about catch up contributions and employer matches as well as IRAs... We use them all...


But anyway- looking for someone who can provide advice on additional college savings.

Both you and your spouse get second jobs. I hear there is lot of demand for house cleaning people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought you guys just bought your way into schools.

My daughter actually joked about that. She said mom 11 days in jail isn't THAT bad so that I could go to the school I wanted.

Funny kid. lololol I like her.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you read those sites- you’ll see we are not that unique. I don’t have time to figure out how but figure 2-3 million was 5 years.

Yep. Sure.

And you live off rice and beans and live in a 1-bed condo to make all this work, eh?

Very possible with the compounding since Trump won the election. Two years since election day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wondering how much you were planning on contributing towards your children's college education. We make about $275K per year and have $3M in retirement assets so I'm assuming we won't get a dime of aid. We currently have saved $220K which I thought would be enough..but now DD is contemplating medical school. DD is a HS junior and if we want to pay for medical school, we need to start savings NOW. We also have child #2 that's 4 years younger who also has $220K in college fund. Hopefully, he doesn't want to go to grad school :/.

Vote for Warren or Sanders and hope for that candidate to win. Then Public College education will be free. You can use the $220K towards your DD's medical school, assuming she will get into one. If your second kid gets free Public College education and not go to grad school, then you can actually pocket the $220K already saved. You can then splurge on pampered saps on your worldwide vacation!

HAHAAHA. Right.

[Anonymous]

OP, I have a high school junior who says she wants to be a doctor.

I'm mentally and verbally staying out of it with her, to see where it unfolds, but I privately think she's probably going to change her mind.

I say this because our dog had a hurt paw and she didn't come running over. I even mentioned there was a spot of blood on the paw, but she didn't move. I've watched her in situations where she could be helpful to the family members when sick or injured...nothing.

Now I could be wrong. People become doctors for lots of different reasons. I suspect she likes the prestige factor. Sounds good, "Dr. Larla, please report to the ER, Dr. Larla..."

Meanwhile, my friend's younger DD has always wanted to become a doctor and I believe it. She's got doctor toys (from when she was little) and watches TV shows, and has a true "helper" personality.

So just want to come in from left field and say, how does your kid act in this regard? I'm curious about this.

[Anonymous]

Anonymous wrote:Wondering how much you were planning on contributing towards your children's college education. We make about $275K per year and have $3M in retirement assets so I'm assuming we won't get a dime of aid. We currently have saved $220K which I thought would be enough..but now DD is contemplating medical school. DD is a HS junior and if we want to pay for medical school, we need to start savings NOW. We also have child #2 that's 4 years younger who also has $220K in college fund. Hopefully, he doesn't want to go to grad school :/.

Similar situation here, only we make ~$300K/year and have $2.5M in retirement assets (small business owners). DH and I, both in our fifties, have raised four children.

We paid for all 4 years of undergrad for all 4 kids, no grad school. We managed this 50% through savings and 50% through out-of-pocket income, plus we were lucky enough to have 10 years between our oldest child and our youngest child. Also, we benefited from substantial merit aid for one academic superstar (which, to be fair, we ended up spending on another child with academic difficulties).

Our oldest is considering grad school, as is our youngest. They’ve been looking at assistance from their employers & also taking out loans. DH and I don’t feel we have any obligation or interest in bankrolling grad school, and FWIW, our kids are appreciative of what we’ve done thus far and aren’t upset about the situation.

[Anonymous]

PP thank you. I can’t imagine though paying for 4 kids for college and grad school. That’s a crazy amount of money.

[Anonymous]

Sounds like you will have enough money to send (2) kids to undergrad at instate (maybe out of state) schools. I would tell Med Student that you will help out with interest on Med Loans and some living expenses.
I have similar retirement/income/saving profile and would not take money out of retirement for Med School Tuition. One truly has to want Medicine as a career/business choice and own the loans!