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Reply to "Paying for and saving for college - how do UMC people do it?"

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[quote=Anonymous]Hi, OP. I am no financial expert, but it seems to me that you are doing pretty well. We have a similar income of around $300,000 and started making this amount within the last couple of years. We have three children - ages 6, 11 and 13 - and right now have a combined total of $320k in 529s for them. We have been saving between $500 and $1,200 per child/per month since they were born (steadilty increasing the amounts over the years). Our 401k and brokerage accounts combined are around $1.1 million and we have about $250k equity in our home with a reasonable mortgage at 2.7%. We are the types who will drive drive cars for 12+ years and are probably due for not one, but two cars within the next couple of years.  I think that our bent for savings stems from the fact that we both grew up in working class families who could not contribute much towards college and our goal has always been to save enough for in-state public.  One of our jobs is pretty stressful and I always have been of the mindset that I need to save as much of my income as I can before I burn out and just quit. Whether it has served me well in other aspects of my life is debatable, but it has helped on the financial front now that we can see the growth in our accounts.[/quote]

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