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Reply to "Extra $1000 per month - what to do?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Another option would be to increase your mortgage payment each month.[/quote] Good point-- what is the mortgage rate and could you get it paid off by college? In addition to brokerage I'd probably consider putting a chunk (maybe half?) in ibonds.[/quote] This is terrible advice. Either have a straightforward conversation with grandparents about funding for college or start dumping the $1k into a 529 for the next 5 years. Grandparents can be completely clueless about college costs and I’ve heard too many stories about grandparents only helping with a small amount of tuition when the time comes. Also, for 45, you are way behind for assets at that HHI. Maybe slowdown on the travel and save another $1k per month to brokerage. I’m the same age, similar income and have three kids, and 5x more assets than you do (without family help). [/quote]
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