Reply to Help me prepare…going from 3 to 4

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[quote=Anonymous][quote=Anonymous]How are you going to pay for college?[/quote]

Not OP but parent of 4 kids here.  It's a mix of things.  First, my father opened 529s for each child and is regularly contributing.  His trust directs his trustee to make sure each account reaches $200K (should he pass away before fully funding each account).  He's also opened an UTMA account for each kid with about $50K.  My FIL opened an UTMA account for each kid with $30K.

I separately opened my own 529s for each kid.  I super funded each one at $75K at birth.  That set us on a good foundation for the first five years.  Then we contribute as needed.  I don't want to overfund, and the beauty of having four kids is that if one gets a scholarship or takes a path other than college, I can just redirect those 529 funds to another sibling.

We have over $1M in equity in our home, so that's a nice back up plan if needed.

We also own a lot of rental properties worth maybe $3 or $4M in real estate value, I could sell one of those if needed - especially if one of my kids goes to grad school and I don't want them to take on debt.[/quote]

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