Then make sure he receivers a scholarship.ZWICK 4 PREZ;1501193 wrote:If he recieves a scholarship and doesn't need it, there's no penalty. If you cash it out, you pay an income tax. Or you can change the beneficiary to someone else.
The ability to change to someone else is nice. Also, it's nice that it doesn't need to be applied directly to tuition.ZWICK 4 PREZ;1501193 wrote:If he recieves a scholarship and doesn't need it, there's no penalty. If you cash it out, you pay an income tax. Or you can change the beneficiary to someone else.
Terrible.like_that;1502005 wrote: Also, crazy how 150k might not be enough these days for a college education.
I'm substitue "crazy" with "sad." Sad to think it costs that much, when most degrees are worthless in the grand scheme of things.like_that;1502005 wrote:Then make sure he receivers a scholarship.
Also, crazy how 150k might not be enough these days for a college education.
Meh. Financial planning for most people is relatively simple. Make sure the value-add you're getting outweigh the costs. E.g., for us, we set up a 529 through our financial planner. I eventually got around to looking into the fees, and we were being bilked. Easier/cheaper to do it through the state instead of paying a third-party to do it.SportsAndLady;1502015 wrote:It always baffles me why people don't use a financial advisor/planner.
Go to your bank, ask to speak to their financial advisor, and spark a relationship. If you don't like him/her, go to another one. They will spell all of this out for you and put you in the best position, financially.
Well you have to trust the advisor you pick. There are some horrible ones out there who will make investments based off the fees they receive.fan_from_texas;1502597 wrote:Meh. Financial planning for most people is relatively simple. Make sure the value-add you're getting outweigh the costs. E.g., for us, we set up a 529 through our financial planner. I eventually got around to looking into the fees, and we were being bilked. Easier/cheaper to do it through the state instead of paying a third-party to do it.
If you don't spend this extra money on women(because they won't have sex with you), what do you spend it on? Kitty litter?dlazz;1502614 wrote:I don't have kids because they're annoying, also because no women will have sex with me. These two facts make the 529 College Savings plan irrelevant, and I can use that money and spend it on myself instead.
Hope this helps.
Cocainehasbeen;1502671 wrote:If you don't spend this extra money on women(because they won't have sex with you), what do you spend it on? Kitty litter?
WebFire;1502838 wrote:My oldest is already 10. I feel like it's too late. I know I can still help him out, but 8 years is a short time to save that kind of cash. Hopefully my wife gets the job she applied for at a University...free tuition!
This is the reason why I'll probably take a lower salary, working in higher education is important to me to pay for my kids' degrees in the future. Yes, it will be MANY years down the road, but it's worth it to me. Granted, institutions can drop that perk any time, but some won't. I'll find those to work at.WebFire;1502838 wrote:My oldest is already 10. I feel like it's too late. I know I can still help him out, but 8 years is a short time to save that kind of cash. Hopefully my wife gets the job she applied for at a University...free tuition!