Reply to What to do with $1 million

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Hmm actually I probably would pay the house off in your position. We paid ours off in a similar situation a few years ago (sold some stock and paid off ALL our debt including our mortgage and remaining student loan debt) and the psychological security it gave us is so freeing.

The nice thing was, we had a baby right after so we were able to redirect our old mortgage payment to our kids' college funds. So whereas before we had $4k going to the bank every month, now it's going to our three kids' educations. [b]Our oldest just turned 9 and has $135k in savings.[/b] [/quote]

:shock: Your 9 year old has more in savings than many adults do![/quote]

My 9 year old has a lot, too.  I know it sounds like a lot, and it is, but if a child chooses and out of state school, the amount listed in this post ($135,000) wouldn't be nearly enough.  Look here:

https://www.cappex.com/colleges/University-of-San-Diego/tuition-and-costs  Out of state is estimated at $60,242 x 4 years = $240,968 NOT including things like transportation, insurance, medical expenses, possible car, cell phone, spending money, etc.  The point being that IF you have the money and can easily afford it and IF you are planning on paying for your child's college, you shouldn't necessarily stop contributing just because the balance is high.  Each of my kids has more than $240k in their accounts and we keep going because they could get advanced degrees, in which case we could need much, much more.  On the flip side if they choose in state, then we will simply hope to keep the funds for grandchildren one day.[/quote]

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