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Reply to "Paying for and saving for college - how do UMC people do it?"
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[quote=Anonymous]We put 10K into a 529 when DD was born almost 17 years ago. I think we made about $150K back then. The following year we started adding $500/month and kept that up until a couple of years ago (except during times when one of us were laid off - the longest that ever happened was for six months). We also set our credit card rewards program to contribute to the 529 account. We stopped contributing once there was enough in the account to fully fund four years of tuition, room and board, and fees at our flagship state school (we built annual 8% price inflation into the model). We benefitted from a strong stock market since DD was born, and half of the account's balance is due to market gains. We now make about $300K and we continue to save aggressively outside retirement, but not specifically for college. If DD gets into a private school and it seems like the right path, we'll do our best to help out more.[/quote]
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