Rich people - how much in 529?

[Anonymous]

Similar situation. In our case, grandparents maxed out to 529 when each child was born. Daughter left for college two years ago with about $375 in her account. My freshman son has over $400k in his. We've never made a contribution to either plan, figuring it's more than enough. And yes, I know we are incredibly fortunate, and also grateful for their support.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have $650k for two kids, one elementary and other middle school. Not adding anything more

I have to assume this is a troll. If you are rich enough to have $650k to stuff into a 529, why in the world would you actually do so. The tax advantages are not that amazing.

You know it doesn't all go in at once right? It builds slowly over time, usually starting when you aren't so rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have $650k for two kids, one elementary and other middle school. Not adding anything more

I have to assume this is a troll. If you are rich enough to have $650k to stuff into a 529, why in the world would you actually do so. The tax advantages are not that amazing.

You know it doesn't all go in at once right? It builds slowly over time, usually starting when you aren't so rich.

Not PP, but I agree that it is financially non-sensical to put this much in a 529.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have $650k for two kids, one elementary and other middle school. Not adding anything more

I have to assume this is a troll. If you are rich enough to have $650k to stuff into a 529, why in the world would you actually do so. The tax advantages are not that amazing.

You know it doesn't all go in at once right? It builds slowly over time, usually starting when you aren't so rich.

Not PP, but I agree that it is financially non-sensical to put this much in a 529.

If you're full pay, you can expect to pay $500K for 4 years of undergrad for a kid in 3rd grade today.

If law school or medical school are on the horizon...

[Anonymous]

We haven’t really prioritized it. I think we have around $200k. Will be able to cash flow it if we need to.

[Anonymous]

Anonymous wrote:TAX THE RICH

Newsflash the rich always pay the vast majority of taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have $650k for two kids, one elementary and other middle school. Not adding anything more

I have to assume this is a troll. If you are rich enough to have $650k to stuff into a 529, why in the world would you actually do so. The tax advantages are not that amazing.

You know it doesn't all go in at once right? It builds slowly over time, usually starting when you aren't so rich.

Not PP, but I agree that it is financially non-sensical to put this much in a 529.

If you're full pay, you can expect to pay $500K for 4 years of undergrad for a kid in 3rd grade today.

If law school or medical school are on the horizon...

How can you be certain at age 10 if med school is on the horizon? And even if it was, there are other ways to fund it then loading up on one type of investment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have $650k for two kids, one elementary and other middle school. Not adding anything more

I have to assume this is a troll. If you are rich enough to have $650k to stuff into a 529, why in the world would you actually do so. The tax advantages are not that amazing.

You know it doesn't all go in at once right? It builds slowly over time, usually starting when you aren't so rich.

Not PP, but I agree that it is financially non-sensical to put this much in a 529.

If you're full pay, you can expect to pay $500K for 4 years of undergrad for a kid in 3rd grade today.

If law school or medical school are on the horizon...

How can you be certain at age 10 if med school is on the horizon? And even if it was, there are other ways to fund it then loading up on one type of investment.

I don’t think you understand how 529s work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have $650k for two kids, one elementary and other middle school. Not adding anything more

I have to assume this is a troll. If you are rich enough to have $650k to stuff into a 529, why in the world would you actually do so. The tax advantages are not that amazing.

I’m not sure what your definition of amazing is. Tax free growth and tax free withdrawals with the ability to convert to a Roth IRA or pass down to future descendants for their educational needs is effing amazing.

This, I agree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:TAX THE RICH

Newsflash the rich always pay the vast majority of taxes.

m

Newsflash: the rich have the excess money required to pay the taxes.
Signed,
Someone Who Earns More Than They Need (but keeps getting tax breaks as the federal debt balloons)

[Anonymous]

Anonymous wrote:Posting here bc y’all are loaded. How much are you putting in your private school kids’ 529? What’s the goal?

None of your business. Focus on your own.

[Anonymous]

Invest in whatever you normally invest in. Just prior to when tuition is due, sell what you need, put in 529. Then pull from 529 for school tuition. You’ll get a state tax break by doing it this way while maximizing growth.
Or just use the 529 total stock market index fund. You don’t get to pick the individual stocks, but it has pretty good returns.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
We are not DCUM rich but we are normal people rich (HHI $350 and I stay home).

Nothing normal about that. Not begrudging you for having that much saved for kids that young either. But that is not close to 'normal'.

I’m the PP. Yes, I agree. I meant that we are considered rich to normal people but on DCUM we are “poor.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:Enough to pay for both kids to get PhDs if they want to.

PhDs are funded

+1 both DH and I have PhDs, and we had them fully funded, along with our peers.

[Anonymous]

Rich people don't use 529's dumb ass, they just write a check for tuition