OT: Saving for children discussion

[Wizard of bulldogery]

If i were giving you advice i would say invest in bitcoin. It is the future**

Personally I would go with a UTMA account. More flexibility. You can invest in Amazon if you want your options aren't limited to high expense funds
http://www.savingforcollege.com/com...igned_to[]=5&hiddenField=vehicles&mode=Submit

 

[garndawg]

This whole thread is making my head hurt...and I'm an engineer, so I'm not bad at math.

My plan has always been to max the 401k/Roth. It's all I can afford.

My demographic is four kids; first will start college when I'm 54, last when I'm 59.

They're smart, like their mother, so hoping for schollys with some help from Mom/Dad.

You can borrow for education, you can't borrow for retirement.

 

[Wizard of bulldogery]

do you have a Financial Advisor or something of the sort? if not you should probably speak with one.

 

[Jeffreauxdawg]

This whole thread is making my head hurt...and I'm an engineer, so I'm not bad at math.

My plan has always been to max the 401k/Roth. It's all I can afford.

My demographic is four kids; first will start college when I'm 54, last when I'm 59.

They're smart, like their mother, so hoping for schollys with some help from Mom/Dad.

You can borrow for education, you can't borrow for retirement.

Who says engineers don't have any common sense.** I like your thinking.

Your retirement account is for the kids too. The best thing you can do for the kids is make sure they don't have pay for your assisted living costs if it heads that route. You need to be prepared for 30 years post retirement.. that's a big number, well into 7 digits. It gets expensive when you get to full time care... $200-300 a day if you need breathing assistance.

My wife was easily able to pay for college (room and board) with scholarships. What got her was the $1000 dollars per month after college to upgrade her mother from a state facility to a little bit nicer place. She swung it alone for years and then after we were married I was able to help.

I am glad to hear so many people are concerned with helping kids with college, but I certainly hope you are maxing out a 401k, have a nice liquid emergency fund, and a taxable account with some future oh **** money before you get too concerned with college savings.

 

[Jeffreauxdawg]

If i were giving you advice i would say invest in bitcoin. It is the future**

Personally I would go with a UTMA account. More flexibility. You can invest in Amazon if you want your options aren't limited to high expense funds
http://www.savingforcollege.com/com...igned_to[]=5&hiddenField=vehicles&mode=Submit

The UTMA is a good tool if you have reasonable kids. I think you have to give them full control at the age of majority. If I had a daughter I might lean this way. Not with an 18 year old boy... I would have spent it all on a personal hovercraft at 18.**