Reply to Paying for and saving for college

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]At your income level you are way behind on college and retirement savings. We are late 40s and make about $170,000 combined. We don't have "college" savings, but have put money into 401Ks and Roths. We are at $1.3 million in retirement savings and have been able to cashflow private school and now UMD college park. Since we are heading into a recession, your 529 accounts aren't going to grow as much. Be in a position to cashflow and borrow once your kids get into college. You are in the donut hole friend. You are not getting financial aid.[/quote]

You sound kind of like a jerk, actually. "Way behind"? How do you know how long that income has been what it is and what other expenses exist?

And: Why did your kids go to private school when you make such a modest salary? [/quote]

actually, YOU sound like a jerk in many of your replies.  you ARE way behind based on your stated income and age of your kids.

people making 320 don't get any need based financial aid...ever!  if we made 320 we would easily be able to pay college costs out of cash flow, no savings needed.

you need to take a serious look at your budget and start putting an appropriate amount into college savings AND retirement.[/quote]

I just don't understand what inspires people to be so pointlessly jerky, unless it's some kind of deep-seated envy or anxiety over their own financial situation. The question was about how to save for college. Nobody asked for a lecture. Telling someone that they're "so behind" is helpful -- how? It's simply not: It's a way to make yourself feel somehow better.

On a broader note: Life is to be lived. You could die tomorrow. You could get cancer or a horrible illness. Many people spend their healthy incomes on things like family trips, experiences, etc. [b]Loans exist for college but not for life.[/b] Not everyone has the same narrow and stringent priorities.

Also, college ROI isn't what it once was overall. You may want to reconsider what you're paying for.[/quote]

Very true but saddling your kids with loans right out of the gate is a huge disadvantage[/quote]

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