Originally posted by: Zombie
MGIB ??? No thanks.
Originally posted by: Wapp
Originally posted by: Zombie
MGIB ??? No thanks.
Don't be such a fickle pickle.
Originally posted by: slag
Im not. I paid my way through school and so will my kids. If they really want to further their education, they will do well enough in high school to get grants and low interest loans.
I'll help out with their books and car insurance but i'm not planning on paying their way through school. Once they are 18, they are on their own.
Originally posted by: amjohns5
My dad has 13 different properties he bought for my college. He crunched numbers, and apparently, that's how I'm getting into college.
Originally posted by: Drekce
Remember the advice about focusing more on retirement savings than college. Kids can get loans, grants, scholarships, etc.; but none of those options are available to cover your retirement.
That being said...I am currently paying on the Florida Prepaid College Plan for 4 years of state school.
Originally posted by: Zombie
Both of our 401k's are fully funded plus company match. We are also saving enough for a rainy day but concern is saving for college and take some tax deductions as well.
Originally posted by: vi_edit
Originally posted by: Zombie
Both of our 401k's are fully funded plus company match. We are also saving enough for a rainy day but concern is saving for college and take some tax deductions as well.
Most options aren't going to be current tax savings, but deferred ones. You save on the growth/income not on the initial investment.
Originally posted by: Zombie
Both of our 401k's are fully funded plus company match. We are also saving enough for a rainy day but concern is saving for college and take some tax deductions as well.
What do you guys think of UGMA/UTMA ?? I don't like the idea of basically handing over a lot of money to an 18yr old to pretty much do anything he/she wants.
Originally posted by: vi_edit
Originally posted by: Zombie
Both of our 401k's are fully funded plus company match. We are also saving enough for a rainy day but concern is saving for college and take some tax deductions as well.
What do you guys think of UGMA/UTMA ?? I don't like the idea of basically handing over a lot of money to an 18yr old to pretty much do anything he/she wants.
Careful on those. I've always been told that for college savings, it's best to keep the money in your own name. Any money entrusted in the child's name really gets hammered when it comes time for FASFA filing. The parents catch more of a break than the kids do.
Originally posted by: Zombie
Originally posted by: vi_edit
Originally posted by: Zombie
Both of our 401k's are fully funded plus company match. We are also saving enough for a rainy day but concern is saving for college and take some tax deductions as well.
What do you guys think of UGMA/UTMA ?? I don't like the idea of basically handing over a lot of money to an 18yr old to pretty much do anything he/she wants.
Careful on those. I've always been told that for college savings, it's best to keep the money in your own name. Any money entrusted in the child's name really gets hammered when it comes time for FASFA filing. The parents catch more of a break than the kids do.
True but 529 plans just don't have good returns. I don't like fees and minimal control over investments in 529.