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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]

Why does it matter?  They have saved for retirement and found a way to cashflow college for their kids.  Obviously they understand financial management and have made good choices.  If they choose to drive older cars, take only driving vacations, eat out only 1x/month, etc in order to send kids to private K-12, that is their choice---seems like they made sound financial choices.  They aren't complaining they can't afford college and they are on a great path for retirement.

[/quote]

Eating out only once per month would make me deeply sad. What is a driving vacation?

Everyone is different and has their own priorities, but coming onto this board just to tell someone how behind they are speaks to insecurity or meanness.[/quote]

I didn't read it as mean but just as showing what is possible. That poster probably started saving at 22, though. OP might have done grad/medical school.[/quote]

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