Is $1000/mo in a 529 enough?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Seems like she asked a question as a result of the conversation with her friend. My response is that she shouldn't be discussing finances with friends to begin with.

And you need to get out of this mentality which is just as disturbing as a stepford wife group-think. Finances, particularly her finances, are hers to discuss as she wills. Especially with individuals and friends she's trusted for over two decades.

“A woman’s preaching is like a dog’s walking on his hind legs. It is not done well; but you are surprised to find it done at all.” - Samuel Johnson, 1971

That goes beyond religion to politics and to business ventures. Get your head out of your ass and own your portfolio.

Not sure what this has to do with being a woman. My husband also abstains from discussing finances with his friends. We may discuss certain investments or mention rental properties but NEVER mention numbers, which is what OP was doing.

Wow you are so superior because you "NEVER mention numbers." Do you want a cookie?

I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

[Anonymous]

Anonymous wrote:

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?

[Anonymous]

Anonymous wrote:
I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

You never used the word "superior" but you are willing to state, without justification, that a peculiar preference of yours as The One True Way To Live One's Life. I don't follow how your many posts on this topic are different than stating that all good-mannered people drive blue cars.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Really? Of course it's enough.

Hope that your life continues to be predictable and privileged to your family so that money stays put and you are able to give your child such a comfortable start in life.

Yeah, OP, I don't mean this meanly. But you can google any compound interest calculator and figure out how much you'll have in 18 years.

+1

Didn't you use a calculator when you started saving, OP?

Have you done any kind of financial planning - even for yourself?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Seems like she asked a question as a result of the conversation with her friend. My response is that she shouldn't be discussing finances with friends to begin with.

And you need to get out of this mentality which is just as disturbing as a stepford wife group-think. Finances, particularly her finances, are hers to discuss as she wills. Especially with individuals and friends she's trusted for over two decades.

“A woman’s preaching is like a dog’s walking on his hind legs. It is not done well; but you are surprised to find it done at all.” - Samuel Johnson, 1971

That goes beyond religion to politics and to business ventures. Get your head out of your ass and own your portfolio.

Not sure what this has to do with being a woman. My husband also abstains from discussing finances with his friends. We may discuss certain investments or mention rental properties but NEVER mention numbers, which is what OP was doing.

Wow you are so superior because you "NEVER mention numbers." Do you want a cookie?

I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

Aside from perspective and informative information. This is seriously why women are constantly underbid on salaries and prospects. You do what you want PP, but personally - sharing with my friends, seeing what they're doing and even getting recommendations for financial advisors or better homeowner's insurance policies or an easier way to consolidate my financial portfolio has been extremely helpful for me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Seems like she asked a question as a result of the conversation with her friend. My response is that she shouldn't be discussing finances with friends to begin with.

And you need to get out of this mentality which is just as disturbing as a stepford wife group-think. Finances, particularly her finances, are hers to discuss as she wills. Especially with individuals and friends she's trusted for over two decades.

“A woman’s preaching is like a dog’s walking on his hind legs. It is not done well; but you are surprised to find it done at all.” - Samuel Johnson, 1971

That goes beyond religion to politics and to business ventures. Get your head out of your ass and own your portfolio.

Not sure what this has to do with being a woman. My husband also abstains from discussing finances with his friends. We may discuss certain investments or mention rental properties but NEVER mention numbers, which is what OP was doing.

Wow you are so superior because you "NEVER mention numbers." Do you want a cookie?

I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

Aside from perspective and informative information. This is seriously why women are constantly underbid on salaries and prospects. You do what you want PP, but personally - sharing with my friends, seeing what they're doing and even getting recommendations for financial advisors or better homeowner's insurance policies or an easier way to consolidate my financial portfolio has been extremely helpful for me.

This is different than sharing your salary or how much you save in your 529. It has nothing to do with being a woman! My husband also has class and doesn't go around sharing how much we save in our 529 account! It's no one's business.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$1k/mo is likely fine. You will likely end up with between 350-400k in 18 years assuming a reasonable rate of return. I wouldn't personally fund a mid-tier private, but that's just me. GW, American, Georgetown, Catholic, etc. are largely a waste of money, IMHO. Our plan is for DD to go to one of the VA state schools unless she either A) shows exceptional aptitude in something that requires a specific school or B) gets into an ivy. In those cases we'll fund it and make it work, but otherwise for a run of the mill business, engineering or liberal arts pre-law type gig she will do just fine in VA.

Not hard to save $5k a month on that HHI either. 400k HHI, 15 year $450k mortgage with 2 Hondas paid for in cash sitting in the driveway. Easy to save that much or more when you don't overspend on house and cars.

It all comes down to the house, cars and childcare. If you can limit these expenses you'll have plenty of money to save.

No dog in this fight, but GW, American and Catholic WISH they were in the same league with Georgetown. Lol--You made their day!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Seems like she asked a question as a result of the conversation with her friend. My response is that she shouldn't be discussing finances with friends to begin with.

And you need to get out of this mentality which is just as disturbing as a stepford wife group-think. Finances, particularly her finances, are hers to discuss as she wills. Especially with individuals and friends she's trusted for over two decades.

“A woman’s preaching is like a dog’s walking on his hind legs. It is not done well; but you are surprised to find it done at all.” - Samuel Johnson, 1971

That goes beyond religion to politics and to business ventures. Get your head out of your ass and own your portfolio.

Not sure what this has to do with being a woman. My husband also abstains from discussing finances with his friends. We may discuss certain investments or mention rental properties but NEVER mention numbers, which is what OP was doing.

Wow you are so superior because you "NEVER mention numbers." Do you want a cookie?

I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

Aside from perspective and informative information. This is seriously why women are constantly underbid on salaries and prospects. You do what you want PP, but personally - sharing with my friends, seeing what they're doing and even getting recommendations for financial advisors or better homeowner's insurance policies or an easier way to consolidate my financial portfolio has been extremely helpful for me.

This is different than sharing your salary or how much you save in your 529. It has nothing to do with being a woman! My husband also has class and doesn't go around sharing how much we save in our 529 account! It's no one's business.

If you think that it's no one's business, that's your opinion. It is entirely classless for you to judge others and insinuate that others "have no class" because they discuss numbers. I can't believe some people are so pathetically judgmental and don't even realize it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Seems like she asked a question as a result of the conversation with her friend. My response is that she shouldn't be discussing finances with friends to begin with.

And you need to get out of this mentality which is just as disturbing as a stepford wife group-think. Finances, particularly her finances, are hers to discuss as she wills. Especially with individuals and friends she's trusted for over two decades.

“A woman’s preaching is like a dog’s walking on his hind legs. It is not done well; but you are surprised to find it done at all.” - Samuel Johnson, 1971

That goes beyond religion to politics and to business ventures. Get your head out of your ass and own your portfolio.

Not sure what this has to do with being a woman. My husband also abstains from discussing finances with his friends. We may discuss certain investments or mention rental properties but NEVER mention numbers, which is what OP was doing.

Wow you are so superior because you "NEVER mention numbers." Do you want a cookie?

I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

Aside from perspective and informative information. This is seriously why women are constantly underbid on salaries and prospects. You do what you want PP, but personally - sharing with my friends, seeing what they're doing and even getting recommendations for financial advisors or better homeowner's insurance policies or an easier way to consolidate my financial portfolio has been extremely helpful for me.

This is different than sharing your salary or how much you save in your 529. It has nothing to do with being a woman! My husband also has class and doesn't go around sharing how much we save in our 529 account! It's no one's business.

If you think that it's no one's business, that's your opinion. It is entirely classless for you to judge others and insinuate that others "have no class" because they discuss numbers. I can't believe some people are so pathetically judgmental and don't even realize it.

And I have to say I think OP is being RUDE by bringing up her 529 plan with friends. What if her friend is having a hard time financially and can't contribute and it makes her feel bad? What if her friend has wealthy parents paying for college and doesn't want to disclose? What if the friend isn't saving much because she doesn't think her child is smart enough to get admitted to a good school? Seriously - it doesn't benefit anyone to share details about 529 plan contributions and ask for their opinion, which she did, and the friend said she should save more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Seems like she asked a question as a result of the conversation with her friend. My response is that she shouldn't be discussing finances with friends to begin with.

And you need to get out of this mentality which is just as disturbing as a stepford wife group-think. Finances, particularly her finances, are hers to discuss as she wills. Especially with individuals and friends she's trusted for over two decades.

“A woman’s preaching is like a dog’s walking on his hind legs. It is not done well; but you are surprised to find it done at all.” - Samuel Johnson, 1971

That goes beyond religion to politics and to business ventures. Get your head out of your ass and own your portfolio.

Not sure what this has to do with being a woman. My husband also abstains from discussing finances with his friends. We may discuss certain investments or mention rental properties but NEVER mention numbers, which is what OP was doing.

Wow you are so superior because you "NEVER mention numbers." Do you want a cookie?

I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

Aside from perspective and informative information. This is seriously why women are constantly underbid on salaries and prospects. You do what you want PP, but personally - sharing with my friends, seeing what they're doing and even getting recommendations for financial advisors or better homeowner's insurance policies or an easier way to consolidate my financial portfolio has been extremely helpful for me.

This is different than sharing your salary or how much you save in your 529. It has nothing to do with being a woman! My husband also has class and doesn't go around sharing how much we save in our 529 account! It's no one's business.

If you think that it's no one's business, that's your opinion. It is entirely classless for you to judge others and insinuate that others "have no class" because they discuss numbers. I can't believe some people are so pathetically judgmental and don't even realize it.

And I have to say I think OP is being RUDE by bringing up her 529 plan with friends. What if her friend is having a hard time financially and can't contribute and it makes her feel bad? What if her friend has wealthy parents paying for college and doesn't want to disclose? What if the friend isn't saving much because she doesn't think her child is smart enough to get admitted to a good school? Seriously - it doesn't benefit anyone to share details about 529 plan contributions and ask for their opinion, which she did, and the friend said she should save more.

OP here. Again, I have known this person for over 20 years. We are very close. In your hypothetical, perhaps it is inappropriate for me to tell someone who is having a hard time financially and/or has a kid "not smart enough" to get into a good college (note, I have a 2 year old and you can reasonably infer that my friend is my age and also has young kids, too young to reach such conclusions) about our 529 savings. However, this is an actual conversation I had with a person who is my friend. Not an issue. Not what the thread is about.

Although I do appreciate the poster above who thinks it is gauche to "talk about numbers" with people but thinks it's fine to discuss her "rental properties."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Seems like she asked a question as a result of the conversation with her friend. My response is that she shouldn't be discussing finances with friends to begin with.

And you need to get out of this mentality which is just as disturbing as a stepford wife group-think. Finances, particularly her finances, are hers to discuss as she wills. Especially with individuals and friends she's trusted for over two decades.

“A woman’s preaching is like a dog’s walking on his hind legs. It is not done well; but you are surprised to find it done at all.” - Samuel Johnson, 1971

That goes beyond religion to politics and to business ventures. Get your head out of your ass and own your portfolio.

Not sure what this has to do with being a woman. My husband also abstains from discussing finances with his friends. We may discuss certain investments or mention rental properties but NEVER mention numbers, which is what OP was doing.

Wow you are so superior because you "NEVER mention numbers." Do you want a cookie?

I never said anything about being superior. I do firmly believe it's in your best interest to not talk numbers with friends. Don't share your salary, 529 contributions, 401k contributions, broker account balance, car payment amount etc. it's seriously no one's business and you have nothing to gain by sharing it.

Aside from perspective and informative information. This is seriously why women are constantly underbid on salaries and prospects. You do what you want PP, but personally - sharing with my friends, seeing what they're doing and even getting recommendations for financial advisors or better homeowner's insurance policies or an easier way to consolidate my financial portfolio has been extremely helpful for me.

This is different than sharing your salary or how much you save in your 529. It has nothing to do with being a woman! My husband also has class and doesn't go around sharing how much we save in our 529 account! It's no one's business.

If you think that it's no one's business, that's your opinion. It is entirely classless for you to judge others and insinuate that others "have no class" because they discuss numbers. I can't believe some people are so pathetically judgmental and don't even realize it.

And I have to say I think OP is being RUDE by bringing up her 529 plan with friends. What if her friend is having a hard time financially and can't contribute and it makes her feel bad? What if her friend has wealthy parents paying for college and doesn't want to disclose? What if the friend isn't saving much because she doesn't think her child is smart enough to get admitted to a good school? Seriously - it doesn't benefit anyone to share details about 529 plan contributions and ask for their opinion, which she did, and the friend said she should save more.

OP here. Again, I have known this person for over 20 years. We are very close. In your hypothetical, perhaps it is inappropriate for me to tell someone who is having a hard time financially and/or has a kid "not smart enough" to get into a good college (note, I have a 2 year old and you can reasonably infer that my friend is my age and also has young kids, too young to reach such conclusions) about our 529 savings. However, this is an actual conversation I had with a person who is my friend. Not an issue. Not what the thread is about.

Although I do appreciate the poster above who thinks it is gauche to "talk about numbers" with people but thinks it's fine to discuss her "rental properties."

You don't see the difference? You can tell a friend you sold a rental property or you have a new tenant to meet with. This is different than talking about how much the property is worth or how much you're making on it. Just like its one thing to mention you're saving for college vs commenting on HOW much you're saving for college.

[Anonymous]

Good point, because a rental property might only be worth a couple thousand dollars

[Anonymous]

I actually had a similar conversation with a friend of 20 years. We have kids of similar ages (2 and 4) and she asked how much we save per month in our 529. It was an innocent question and we don't really talk finances but she wanted to know if she was in the right range.

I said $250/month and she was about twice that. However we started off with about $75k in each account after we sold our condo and went into a rental for a few years. I didn't get into specifics but that would be an important difference in the conversation.

[Anonymous]

In most asian cultures its no big deal and rich ppl talk openly all the time. Why does everyone pretend everyone is american old $$$.

That is a decent savings but just 1 kid. Seems had older too

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.

[Anonymous]

This post is intetesting but more so to see how scared ppl are to talk @ money. Its not a big deal. Ppl think its a big deal bc they equate $$ with worth of person. Which is not same