Reply to If you have an HHI under 200k and no family money, where do you go for financial advice

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Reply to "If you have an HHI under 200k and no family money, where do you go for financial advice"

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[quote=Anonymous]Me. I give myself the advice. We invested decades ago in high tech stocks, and despite being lower income with no family money, now have a significant stock market portfolio. There's not much to do - we're buy-and-hold people. We saw that our brokerage account was doing so much better than our kids' 529s (in which you cannot handpick stocks, which explains the difference in outcome), and stopped contributing to the 529s. We sell stocks to pay for college and try to live within our incomes for daily life.

If your funds are more limited, you need to do your own research and be very thoughtful about your kids' college strategy. Kids in MD and VA need >4.5 weighted GPAs, advanced courses like APs and IBs, high test scores, to get into UMD or UVA, UVA being more selective than UMD at this time.  They cost 30-40K a year, total cost of attendance, for state residents. Other state colleges can be cheaper and may be  less selective. If your child has the necessary academic background, some out-of-state colleges may give merit aid that reduces their costs to in-state levels.

Or you can do what many families do, which is start at community college for 2 years, get good grades, and transfer to the state flagship for the last 2 years. This is the least expensive option for average-to-good students, and you still get the state university's diploma in the end. Financially it's the best deal.

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