Reply to I’m really surprised how many people don’t save for college

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Ok, so I guess I’m ‘one of those people’. I’m a single parent that’s made 200+ since my kids were born. I save $1,500 per child per month and - guess what - that’s still not enough.

Why? Why, you ask? Why am I not saving more? Because I want to retire at 62. I want to live in a modest house and travel internationally. I want to support my kids in their (expensive) activities. I want them to live independently at an amazing camp in Maine 4 weeks every summer so they can meet people outside our suburban town. I want to enjoy dinners out with them, and theatre, and fun days at the spa.

So yes, op. My measly $1,500 will not be sufficient and we will not qualify for financial aid. But you know what? I was raised with a work ethic that allowed me to pay off 6 figure debt. This is not what I want my kids to face, but if they do, I’d like to think they have the work ethic and possibly my support to pay it off. [/quote]

Ummm...so I don't think the OP is talking about someone saving $18K per year per kid.  [/quote]

+1 you should have a minimum of 400 K if this money is in an interest-bearing account[/quote]

That is correct and that won’t be enough when my kids go to college in 10 years. That’s $100k per year. Private colleges are currently $85k. So I’m exactly who op is talking about. Someone who will not qualify for aid and not be able to fully fund their UNDERGRADUATE education. [/quote]

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