Anonymous
09/06/2018 20:31
Subject: Re:what to do with a windfall
Anonymous wrote:Anonymous wrote:Anonymous wrote:The money was an unexpected (and much appreciated) bonus after a particularly well publicized success at work. We spent about $200 of it on a nice dinner to celebrate!
Not sure whether to put it in an account that's restricted to education. We have 3 kids --- 2 in kindergarten, 1 in first grade. We have about $60k in 529s, across the 3 kids. We are planning to pay the equivalent of tuition and room & board at our state school, plus half of the difference between that amount and whatever school they ultimately decide to go to.
Then I would put it into an investment account but label it education in your quicken(or whatever you use). I might put $20k into each child’s 529 first that will go a long way towards your goal.
$20k is not a “long way” towards the goal of a fully funded college education.
OP indicated they already had $60k in 529s. Add in another $60k and that is $120k. That would cover at least one kid today At OP’s stated goal in instate tuition and r&b. They should be able to beat inflation in investments and in today’s dollars double that $120 to $240k in the next 12 years. That would cover two children at instate colleges. I call that a long way.
Anonymous
09/06/2018 19:46
Subject: Re:what to do with a windfall
Anonymous wrote:Anonymous wrote:Anonymous wrote:The money was an unexpected (and much appreciated) bonus after a particularly well publicized success at work. We spent about $200 of it on a nice dinner to celebrate!
Not sure whether to put it in an account that's restricted to education. We have 3 kids --- 2 in kindergarten, 1 in first grade. We have about $60k in 529s, across the 3 kids. We are planning to pay the equivalent of tuition and room & board at our state school, plus half of the difference between that amount and whatever school they ultimately decide to go to.
Then I would put it into an investment account but label it education in your quicken(or whatever you use). I might put $20k into each child’s 529 first that will go a long way towards your goal.
$20k is not a “long way” towards the goal of a fully funded college education.
I agree that it's not going to take care of college - I think it should all go in the 529's. But at the same time, doubling all three accounts when each kid has at least 12 years before college is a smart move.
Anonymous
09/06/2018 18:12
Subject: Re:what to do with a windfall
Anonymous wrote:Anonymous wrote:The money was an unexpected (and much appreciated) bonus after a particularly well publicized success at work. We spent about $200 of it on a nice dinner to celebrate!
Not sure whether to put it in an account that's restricted to education. We have 3 kids --- 2 in kindergarten, 1 in first grade. We have about $60k in 529s, across the 3 kids. We are planning to pay the equivalent of tuition and room & board at our state school, plus half of the difference between that amount and whatever school they ultimately decide to go to.
Then I would put it into an investment account but label it education in your quicken(or whatever you use). I might put $20k into each child’s 529 first that will go a long way towards your goal.
$20k is not a “long way” towards the goal of a fully funded college education.