Reply to Did you folks not do ANY saving?

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Reply to "Did you folks not do ANY saving?"

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[quote=Anonymous][quote=Anonymous]I think there are two things going on here and both can be true:

1. The cost of college has far outpaced inflation and wages. This makes it extremely difficult for most people to afford to send their kids to college and pay for it 100%

2. In this area, there are many people making strong UMC incomes who are terrible with money and don't save as much as they can/should for college. Instead they try to keep up with the Joneses and go on tons of vacations, update their homes and kitchens every few years, etc etc. [b]They may get financial aid that they truly don't deserve because they have been completely irresponsible about saving. But, life's not fair and some people game the system. [/b]Just be happy that you don't have to live that life. Money is just a tool and watching many friends live this way I've realized just how stressful it is. It's better just to do your own best and focus on what you can control: Saving enough for your own kid and living within your means. [/quote]

Not too likely if they are high HHI, parental assets in retirement accounts are not counted at all, and 529s and taxable accounts are counted at a 5.64% rate so savings don't make a huge difference.  HHI at the time of completing FAFSA/CSS profile matters most.  [/quote]

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