Reply to Beoming a SAHM

Forum Index » Money and Finances

Reply to "Beoming a SAHM"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]You can do it but I will say that you haven't funded college enough given that your HHI before takes is 640k.  With that much coming in, college funds should be big.  50k per kid is a great start but not flush.  So, either work and really make it worth it and fully fund college, pay down house fast and have no debt(not even cars), or take the pay cut and enjoy time with your kids.  I am a sahm and love almost every bit of it.  When I stopped working, I made more than you and have struggled a bit with being a financial dependent for the first time since college.  But it is worth and when I feel ready, I will start working again.  Being a sahm is actually hard work and fitting in work right now would force me to take time away from my kids. That is exactly why I stopped working and gave up a great career. So for me, working again will happen but not until it works with being a full time mom.[/quote]

Tell me what "fully fund college" means?  I'm banking on the power of compounding to grow the college funds.  My kids have 12 and 15 years before they need the money.  I am up for paying for 4 years of college, but not grad school.  I'd like there to be enough to support out of state tuition since I live in MD.  [/quote]

College cost have risen faster than investments in recent years ( of course you can pick and choose dates to prove me wrong- but over the long haul over the past 5+ years...).  I would say the minimum to fully fund a flagship out of state college would be $100k for tuition and fees and $50k-$60k for room and board.  No matter what age.  That is what it costs today and you may have to add to that if the college costs contune to exceed investments.  Add another $100k per child in other investments not limited to education if you think your children may attend private schools without any scholarships.  Many private schools will give funding so that the cost is equal to the out of state tuition cost- some even match in state tuition costs.  Room and board costs are relatively the same across the board- some more and some less of course- but with less variation.  If you are willing to pay full freight, it may allow your child to enter a school that might have been a stretch otherwise.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics