Saving money for kids college
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Bodofish
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Re: Saving money for kids college
It's been almost 10 years since my last one finished, so I'm sure concessions have been made along the way. They're still a killer deal, buy them now so you get the deal at hand. It's a really good way to do it. Especially if the kid(s) are very young. As they get older the everything they do gets more expensive, wants and needs.
Build a man a fire and he's warm for the night. Light a man on fire and he's warm the rest of his life!
Re: Saving money for kids college
aint that the truth.
well it will be nice to have some of this squared away, even if I dont have 100% of it by the time he's there. I know future me will thank past me for the effort regardless, lol.
well it will be nice to have some of this squared away, even if I dont have 100% of it by the time he's there. I know future me will thank past me for the effort regardless, lol.
Re: Saving money for kids college
Point of Clarification:
The mutual funds that I've used to fund my kids' education are NOT in their name. For the reasons stated above, that could be disastrous. They each do have a small mutual funds though, in UGMAs (Uniform Gifts to Minors Act accounts), which is where some of their birthday money went as they were growing up. True if your kid is on drugs or has some other irresponsible spending habits, at 18 when they have full access to it, this could be a problem. We risked it in favor of letting them watch it grow, for 'doing nothing', so they'll have an appreciation of how investing works. After all, someone's got to fund their retirements, and that ain't gonna be me!
For the record, my 23 year old and my 20 year old have elected for leave those accounts in our care and neither has touched a cent in them.
The mutual funds that I've used to fund my kids' education are NOT in their name. For the reasons stated above, that could be disastrous. They each do have a small mutual funds though, in UGMAs (Uniform Gifts to Minors Act accounts), which is where some of their birthday money went as they were growing up. True if your kid is on drugs or has some other irresponsible spending habits, at 18 when they have full access to it, this could be a problem. We risked it in favor of letting them watch it grow, for 'doing nothing', so they'll have an appreciation of how investing works. After all, someone's got to fund their retirements, and that ain't gonna be me!
For the record, my 23 year old and my 20 year old have elected for leave those accounts in our care and neither has touched a cent in them.
Re: Saving money for kids college
nice job David. i'm both excited and terrified to see what the future holds, lol.
Re: Saving money for kids college
Dustin: Thanks!
"Excited and terrified" - either one alone isn't good, but if you have both, to me that means you probably understand the situation pretty well. Good luck - to us all!
"Excited and terrified" - either one alone isn't good, but if you have both, to me that means you probably understand the situation pretty well. Good luck - to us all!
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Mordalphus
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Re: Saving money for kids college
Yes, tuition is not expected to stop rising. It's about demand, and EVERYONE would like their kids to go to college even if it means going into deep debt. This didn't used to be the case.
There will come a time when going to college is for the elite only once more, and then you will be glad you prepaid tuition.
Don't forget, it's not good at any school in washington, it's any accredited school worldwide.
There will come a time when going to college is for the elite only once more, and then you will be glad you prepaid tuition.
Don't forget, it's not good at any school in washington, it's any accredited school worldwide.