Coli Parents: How much are you saving for your child's education?

[Rawtid]

I was crunching some numbers last night and I decided that between an ESA and a 529, that I wanted to save $150,000 for my daughter's college education. Naturally, she may not need that much but what she doesn't use I can always transfer to another relative.

The ESA max contribution is $2000 per year and I plan to save about 10,500 per year through the 529. I won't be able to start saving until she's 6 going on 7 but with no debt both amounts are doable with my current salary.

 

[-G$-]

i started my daughter's 529 plan w an amount that was advised by my FP. according to him i shouldn't need to add much to it for the 18 year timeline from her birth to college time in order to sufficiently cover what he thinks i will need. of course it is a work in progress and i'm constantly asking him, "should i add more?" but it's only been 21 months . he keeps telling me to be more patient but i worry about this shyt all the time.

 

[Super Ramon]

I ain't paying for no college. They better get a scholarship or some grants. fukk I look like paying for school

 

[Rawtid]

I'm staring late which is why I'm being so aggressive. Had I started when she was first born, like I wanted, and like you have, I probably would have been in the same boat as you. My figures don't account any money made in interest either, so I could need a lot less if I don't want to go over that $150k amount. The best part is that the ESA can be used for private school as well and I wanted to put my daughter in a private middle and/or high school. It definitely won't be money wasted.

 

[Sierra Mist]

I ain't paying for no college. They better get a scholarship or some grants. fukk I look like paying for school

Why have children if you won't give them the resources to have a leg up in a world where they have to compete with children who have their education paid for by their parents? If you don't want your children to have a better life than you and if you don't want to sacrifice for your progeny, then you shouldn't even have kids.

 

[Binary]

I'm not a parent yet but I'm proactive. As soon as I finally get my career going, I plan to save 500 a month until I have my kid I'll deposit 1000 a month and move from there.

I refuse to let my child work and go to school, it's exhausting and super stressful. I've been there and it sucks

 

[its_normal]

If I get to a position where I can afford to do it whilst giving my kids the life they need while growing up then yeah I'll start paying but bills, food and clothes gotta come first.

 

[Super Ramon]

Why have children if you won't give them the resources to have a leg up in a world where they have to compete with children who have their education paid for by their parents? If you don't want your children to have a better life than you and if you don't want to sacrifice for your progeny, then you shouldn't even have kids.

fukk outta here u tranny

 

[Rawtid]

If I get to a position where I can afford to do it whilst giving my kids the life they need while growing up then yeah I'll start paying but bills, food and clothes gotta come first.

I don't want you to think that saving for your child's education will take away from being able to care for your family. My plan is over 12 years of saving. If I had started when my child was born, then I would have had 18 years to save. When you factor out how much you want over 18 years, it's really not a lot of money. Now if you wait until your child is in 9th grade...

 

[Chief]

If I get to a position where I can afford to do it whilst giving my kids the life they need while growing up then yeah I'll start paying but bills, food and clothes gotta come first.

I hope that the life that they need growing up is not buying the J's and expensive clothes and you living outside your means with cars and property.

 

[MeachTheMonster]

I got a 529 for both of my kids, they should have at least 75k a piece by the time they need it. But more importantly I'm starting them early in programs/activities that can help them pay for college. My daughter is already in a young scientists program that wil afford her plenty of scholarship opportunies if she stays with it. My son is only 3 so he hasn't decided what he wants to do but as soon as he does, I'll enroll him in it too.

There is plenty of money out there to help pay for college, the trick is starting early and sticking with the plan. The money you save should be the back-up plan

 

[SwagKingKong]

save

over here the education is free

 

[its_normal]

I don't want you to think that saving for your child's education will take away from being able to care for your family. My plan is over 12 years of saving. If I had started when my child was born, then I would have had 18 years to save. When you factor out how much you want over 18 years, it's really not a lot of money. Now if you wait until your child is in 9th grade...

Given my situation it would though, I've had a house repossessed because of my baby mother and had about $20,000 worth of costs in a custody case in my sons first five years of life, I also have another son who lives with his mum, two step kids and am planning to have at least two or three more, I don't see how i can afford to save for all them right now. When I got the money spare though, I'll do what I can.

I hope that the life that they need growing up is not buying the J's and expensive clothes and you living outside your means with cars and property.

I don't have a car and don't have the credit to get another mortgage so not going on property either, life is hard out here that's all.

 

[Sierra Mist]

fukk outta here u tranny

Such an intelligent comeback. Even if I am a tranny what does that have to do with my point? Do what you want though.

 

[Rawtid]

Given my situation it would though, I've had a house repossessed because of my baby mother and had about $20,000 worth of costs in a custody case in my sons first five years of life, I also have another son who lives with his mum, two step kids and am planning to have at least two or three more, I don't see how i can afford to save for all them right now. When I got the money spare though, I'll do what I can.

I don't have a car and don't have the credit to get another mortgage so not going on property either, life is hard out here that's all.

Why would you have more children if you're already struggling financially with the ones you have? Wouldn't it make sense to get on your feet first?