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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]13-year-old: $350k (stopped contributions, moved to conservative allocation)
6-year-old: $164k (100% in a broad index fund)[/quote]

Doesn’t look like you know what you’re doing. $350K is what you should have for a 17-year-old, maximum. You obviously over contributed, which is essentially a gross miscalculation and sunk cost. [/quote]

They have a 6 yo whom they can transfer any "excess".  So as long as they stop contributing to the 6yo account soon, this isn't an issue.

[/quote]

I will not stop contributing to the six-year-old's 529 plan until they have 95% of the cost of attendance at our alma matter. Financial Samurai does a nice job describing why overcontributing to a 529 plan is not a "gross miscalculation and sunk cost": https://www.financialsamurai.com/what-to-do-with-leftover-money-in-a-529-plan/

We value education and started contributing to the gift tax exclusion to each kid's 529 plans at birth, even when it hurt because we also needed a nanny.  Now we're further in our careers, and it doesn't hurt anymore to allocate $18k per year to the six-year-old's 529 account.  We'll most likely be retired before they start college, and we'd prefer to have it fully funded prior to retiring. [/quote]

Financial Samurai is a joke.  Absolutely terrible with money.[/quote]
 
Assuming you are trying to be sarcastic.  He's been retired since his early thirties and is now in his late 40s. On his blog, he describes that on his retirement/blogging income, he lives in a nice home in SF, sends his kids to private school, drives a Range Ranger, is a member of a private tennis club, has a ski condo in Lake Tahoe, vacations in Hawaii, and details his other investments.  If you're a longtime FS reader, I can't interpret that statement as anything other than sarcasm.

If you're not being sarcastic, you do you.  [/quote]

DP. How did he make his money that enabled him to retire in early 30s?

None of the stuff you list is an indication he's great with money. He could be, but it's not a given. I have several friends who became millionaires in their early 30s when SV companies they worked for went public. They would be the first to tell you they got lucky with timing. They've had to become reasonably smart with money quick because of the windfall and they all live lifestyles similar to what you are describing because they didn't make any stupid mistakes with their money. But they also are not the first people I'd go to in order to ask about something like 529 funding because their financial knowledge is specific to a fairly rare situation -- someone who comes into a very large amount of money early in their careers and can functionally retire and just invest in their 30s and 40s. Whereas I never had the windfall but instead have a steady income all those years. My approach to investing, saving for college, preparing for retirement, etc., is always going to be different than my friends because our finances are structured very different.

I would never be like "oh wow this person vacations in Hawaii and has a Range Rover, they must know everything there is to know about money and my specific financial situation."[/quote]

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