Reply to Help me prepare…going from 3 to 4

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[quote=Anonymous][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]

Now this is a plan. Any variation of something like this is winning and shows a ton of love and thoughtfulness for your children and future generations.

I think the poster(s) who is criticizing OP are just sharing data on the downs of large families. You should receive it objectively and put steps in place to prevent or reduce the real impacts that are likely. Good luck to you and yours, OP.[/quote]

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