Is $1000/mo in a 529 enough?

[Anonymous]

Anonymous wrote:
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.

Friend: "I want to do a Roth IRA, but I'm unsure of the logistics. Have you ever done one?"

Me: "Bugger off, you privacy-invading ghoul! What is wrong with you?!"


Yes, this is how I'll conduct myself from now on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
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.

Friend: "I want to do a Roth IRA, but I'm unsure of the logistics. Have you ever done one?"

Me: "Bugger off, you privacy-invading ghoul! What is wrong with you?!"


Yes, this is how I'll conduct myself from now on.

lol...somehow I doubt this person has many friends

[Anonymous]

Anonymous wrote:

Anonymous wrote:
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.

Friend: "I want to do a Roth IRA, but I'm unsure of the logistics. Have you ever done one?"

Me: "Bugger off, you privacy-invading ghoul! What is wrong with you?!"


Yes, this is how I'll conduct myself from now on.

Op didn't ask the logistics of a 529. She asked if 1k a month is enough. Don't you recognize the difference?!?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
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.

Friend: "I want to do a Roth IRA, but I'm unsure of the logistics. Have you ever done one?"

Me: "Bugger off, you privacy-invading ghoul! What is wrong with you?!"


Yes, this is how I'll conduct myself from now on.

Op didn't ask the logistics of a 529. She asked if 1k a month is enough. Don't you recognize the difference?!?!

And I have to say I think the friend in this example is being RUDE by bringing up her Roth IRA 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 retirement and doesn't want to disclose? What if the friend isn't saving much because she doesn't expect to live into retirement? Seriously - it doesn't benefit anyone to share details about retirement plan contributions and ask for their opinion, which she did, and the friend said she should save more.

[Anonymous]

Seems like a lot of people posting in this thread suffer from Asperger's and think that IT IS RUDE TO EVER DO THAT without taking into consideration the actual dynamics of someone's relationship with a friend.

I'm sure everyone here can manage their friendships just fine, assuming they have friends. No need to flap arms and start screaming BEEP BEEP BEEP and reciting "facts" about how one is expected to conduct oneself around friends.

[Anonymous]

Anonymous wrote:

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 am feeling like this is a bit of a brag post. You are saving a lot of money between your 529s, your index funds and Roth IRA accounts. I'm scratching my head how you could not see that.

+1. I'm of a similar income and save a similar amount and wouldn't post this asking if I'm saving enough.

This. We have a slightly higher income and this isn't even a question. Either ab brag or someone so dumb it's a miracle they even got this far in life.

[Anonymous]

this is a valid question for op to ask given the outrageous inflation in tuition costs, borne out by the fact that several posters think 1k isn't enough and are saving more. this place is full of jealous, bitter trolls.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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 am feeling like this is a bit of a brag post. You are saving a lot of money between your 529s, your index funds and Roth IRA accounts. I'm scratching my head how you could not see that.

+1. I'm of a similar income and save a similar amount and wouldn't post this asking if I'm saving enough.

This. We have a slightly higher income and this isn't even a question. Either ab brag or someone so dumb it's a miracle they even got this far in life.

I noticed with some frequency that people with decent HHI will be criticized for being "dumb" about money, and people will wonder "how you got this far."

At least for me, my parents never discussed finances and they definitely didn't have any money to invest. I worked all my life to get to my profession where I am now, and focused on getting where I am. Only in my early 40's do I feel that I am learning more than the basics. But I am still very accomplished in my field.

Question for OP -- Like you, we have an HHI of $350,000. May I ask your budget? Granted, we have 3 kids and you have 1 kid, but our expenses seem a lot higher and we're not able to save as much as you do. Please share your budget if possible. Thanks!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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 am feeling like this is a bit of a brag post. You are saving a lot of money between your 529s, your index funds and Roth IRA accounts. I'm scratching my head how you could not see that.

+1. I'm of a similar income and save a similar amount and wouldn't post this asking if I'm saving enough.

This. We have a slightly higher income and this isn't even a question. Either ab brag or someone so dumb it's a miracle they even got this far in life.

I noticed with some frequency that people with decent HHI will be criticized for being "dumb" about money, and people will wonder "how you got this far."

At least for me, my parents never discussed finances and they definitely didn't have any money to invest. I worked all my life to get to my profession where I am now, and focused on getting where I am. Only in my early 40's do I feel that I am learning more than the basics. But I am still very accomplished in my field.

Question for OP -- Like you, we have an HHI of $350,000. May I ask your budget? Granted, we have 3 kids and you have 1 kid, but our expenses seem a lot higher and we're not able to save as much as you do. Please share your budget if possible. Thanks!

OP here. $2500 mortgage, $1800 childcare. We budget around $3000 per month for bills and other expenses, such as eating out. Everything else gets saved, though I will say that a few times a year I have to transfer money to pay down credit cards (we use cards for everything for the cash back). We save around $8k per year in cash - I did not count that among our savings because much of it ends up getting spent in the end.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

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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.

Bwahahah. And here it is, ladies and gentlemen. Mrs. "Any Talk of Money--even with close friends-- is so RUDE" doesn't save in a 529 because she's a trust fund baby and doesn't want to disclose. She wants to feel, and suggest to her equally classy friends, that she and her husband did it ALL ON THEIR OWN, which is why it's ok to drop that they sold a rental property but not ok to discuss finances proper.

Thanks, lady, but nobody's buying what you're selling. Move along now. Go ahead, scoot! (I know, so rude!)