Late 40s. We have about 3.5X our gross HHI saved. Is that ok?

[Anonymous]

That is not enough. Keep saving and/or working harder!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Saving to fund a child's graduate school seems absurd to me either way. What kind of selfish kid would ask their parents to pay for their medical school or law school?

[Anonymous]

Anonymous wrote:That is not enough. Keep saving and/or working harder!

LOL. OOOK. LOL!!!!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Saving to fund a child's graduate school seems absurd to me either way. What kind of selfish kid would ask their parents to pay for their medical school or law school?

Agree. Dumb way to spend your money

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Saving to fund a child's graduate school seems absurd to me either way. What kind of selfish kid would ask their parents to pay for their medical school or law school?

We paid for our kid’s medical school. Kid didn’t ask but we felt it was our responsibility to do so. Everyone makes different decisions based on their circumstances and that’s okay. Don’t be so narrow minded.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Saving to fund a child's graduate school seems absurd to me either way. What kind of selfish kid would ask their parents to pay for their medical school or law school?

We paid for our kid’s medical school. Kid didn’t ask but we felt it was our responsibility to do so. Everyone makes different decisions based on their circumstances and that’s okay. Don’t be so narrow minded.

That's fine. You can offer to pay for anything and that is generous. I'd however refuse if I were your child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Saving to fund a child's graduate school seems absurd to me either way. What kind of selfish kid would ask their parents to pay for their medical school or law school?

We paid for our kid’s medical school. Kid didn’t ask but we felt it was our responsibility to do so. Everyone makes different decisions based on their circumstances and that’s okay. Don’t be so narrow minded.

Meh, my kid finished medical school (UVA in state) and she graduated with around 220K in debt. We paid for her room and board along with licensing fees/boards. She got a residency at Hopkins and housing was cheap and her pay wasn't bad. She has a high demand specialty and when she was offered a job she was given a heafy sign on bonus that retired a huge chunk of her loan, plus she now makes well into the mid 6 figures. It is not a big deal for such a high earning career field with so so many recruitment incentives.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Totally. Its so odd to tie up that much money in a 529. Just bad math. Cool that you have the money and wanr to gift to your child, but dumb to assume it will all be well spent on education.

It seems like you may make poor choices because you have to spend the money. What if your child doesn't want or need graduate school?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

That is insane. Not normal to expect or provide that level of money for a child's education.

Cost of attendance at my alma matter is over $90k per year. DH similar. So for anyone who wants to send their kid to an Ivy or NESCAC, you have to plan for ~ $360k for undergrad.

Yes, we planned (and saved) $400k+ per child. Have 3. All 529s. Fully funded before age 5 with projected savings and they were accurate.....
2 of 3 in college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Totally. Its so odd to tie up that much money in a 529. Just bad math. Cool that you have the money and wanr to gift to your child, but dumb to assume it will all be well spent on education.

It seems like you may make poor choices because you have to spend the money. What if your child doesn't want or need graduate school?

Not really. We saved a lot early (by kids age 5-7) - so all of our kids' 529s were "fully funded" by the time they got to college. We saved it and forgot. It did really well. We knew our kids were going to private expensive schools. Bc they go to private expensive K-12.
And we both went to private Ivy/T10 undergrad and grad. Education at the level was expected....

Our NW is also over $30m so the savings wasn't "tying up that much money in a 529" or bad math.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

That is insane. Not normal to expect or provide that level of money for a child's education.

Cost of attendance at my alma matter is over $90k per year. DH similar. So for anyone who wants to send their kid to an Ivy or NESCAC, you have to plan for ~ $360k for undergrad.

Yes, we planned (and saved) $400k+ per child. Have 3. All 529s. Fully funded before age 5 with projected savings and they were accurate.....
2 of 3 in college.

Ok, congrats on the good guess?

[Anonymous]

we wre not high income, but we have 17 times our HHI saved and it doesn't seem like a ton. we are older than you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Saving to fund a child's graduate school seems absurd to me either way. What kind of selfish kid would ask their parents to pay for their medical school or law school?

We paid for our kid’s medical school. Kid didn’t ask but we felt it was our responsibility to do so. Everyone makes different decisions based on their circumstances and that’s okay. Don’t be so narrow minded.

That's fine. You can offer to pay for anything and that is generous. I'd however refuse if I were your child.

Pretty sure my parents paid for one sibling’s master’s degree and covered lots of expenses while the other sibling was in doctoral program. I didn’t go to grad school so they didn’t have anything to offer to pay for for me. But they did cover all my college costs, so I’ve got no complaints.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well DH and I save and invest separately - spender (him) and saver (me).

Early 40s - I have 15x my income saved and invested (excluding significant home equity and $600k in 529 plans). About 50% of that is separate property (pre-marriage investments that I kept separate) and the other 50% of technically marital property, but that's only relevant if we get a divorce - I control it as long as we are married, and it's part of my estate.

DH is older and only has 3x saved.

Story of a spender versus a saver.

Whoa, 600k in 529s? I'm assuming you have 3 kids? I am also a saver but that's a very high number especially with your savings rate and investment property, you have many means of funding college for your kids.

It is weird to me how antagonistic you are towards your husband and the degree to which you keep your finances separate. My DH and I also have different financial personalities -- I'm more conservative and a saver, he's more risk taking and a spender. But we combine everything and I actually like how our tendencies balance each other out. We have way more total money saved/invested because of my influence -- I insist on high percentages of automatic savings and investing out of our income, and I don't allow lifestyle creep when we get raises, so the money builds up fast. But my husband's greater capacity for risk is why it's grown at a higher rate. I would have much more of our money in ordinary savings were it not for his influence, and we would have missed out on massive gains in recent years. Also he makes sure we actually enjoy life, take real vacations, and reminds me that there's no prize for living like a pauper. We balance each other out and both come out ahead.

600K in a 529 and you expect 3+ kids? Why? Currently you can expect to spend $40-50K per year for a moderate school, so $200K minimum per kid. But if they want to attend others, there are tons that cost much more. So why wouldn't you save for it? Also, what if your kid wants grad school/proofessional school? Those can cost $200-300K+. We just spent $370K+ for 4 years, and are looking at another $200K for just one kid. Good thing it's in the 529. The other kid was $160K total for 4 years but that was 6-8 years ago.

PP here. I just don't view 529s as the sole savings mechanism for education, specifically because you can't know how much your kid will need. We would never put more than 250k in a 529 (per kid). The doesn't mean we won't spend more than that on education, but we might not spend much more than that, so I don't want to lock up money I'm an account that is as inflexible as a 529.

So yes, 600k is nuts to me if it's for 1-2 kids. Especially for someone who could likely easily cash flow 30-40k per year, and owns multiple investment properties. What happens if your kid decides to go to a 50k/yr school and doesn't want grad school? We have money in other accounts that is flexibly earmarked. The money is for education if we need it, but could also be used for down payment assistance or other things.

I'm not funding a 529 as though my kid is going to be a doctor when there's also a chance she could be a school teacher (which would mean a cheaper education but might result in us wanting to help more financially when she gets married or has a kid).

Saving to fund a child's graduate school seems absurd to me either way. What kind of selfish kid would ask their parents to pay for their medical school or law school?

We paid for our kid’s medical school. Kid didn’t ask but we felt it was our responsibility to do so. Everyone makes different decisions based on their circumstances and that’s okay. Don’t be so narrow minded.

My parents paid for law school. I was able to buy my first home 2 years out of law school on a big law salary with no debt. Seven figure net worth before I was thirty. Paying it forward to my kids.

[Anonymous]

That's fine. You can offer to pay for anything and that is generous. I'd however refuse if I were your child.

Sure. You would go $400k into debt instead of taking money offered by your parents. Would you also refuse any inheritance?

We paid for private college for all kids and med school for one kid. We have a 529 to pay for law school for another kid when the time comes. Our HHI is very high, we prioritize education and saved to cover it, our kids would not be eligible for aid so yes, we think it’s our responsibility to do what we can.