OT: 529s

[NebChicago]

This is kind of a companion to the retirement debacle of a thread.

Any advice on 529s. We’re saving for our elementary school age kids.

Not sure if we are over or under funding. If you look at instate tuition and room/board… feel pretty good. If out of state .., not so much

 

[BTF69]

This is kind of a companion to the retirement debacle of a thread.

Any advice on 529s. We’re saving for our elementary school age kids.

Not sure if we are over or under funding. If you look at instate tuition and room/board… feel pretty good. If out of state .., not so much

Not sure about an answer to your question but scholarships are more readily available for students. So that will hopefully take away some of your cost.

 

[cornhustler]

Hoard GOLD! No elections! (Did I do that right?)

In all honesty I think instate should be the goal. Consider your investment time horizon and risk tolerance when choosing how to invest your 529 funds. If you have a long time until your child starts college, you may want to invest more aggressively in stocks or stock funds. If your child is close to college age, use a more conservative approach, like investing in bonds or money market funds. Never gold.

I would be realistic with your kids, tell them this is coming out of their future inheritance. If they want to go out of state, like the beautiful DONU, then they need to really apply themselves scholastically. Best advice about college I've heard: do you want to party for 4 years and pay for it for 40, or bust ass for 4 and party for 40?

Although it seems you can rack up debt and get it forgiven so who knows? : ) Best of luck.

 

[TampaBaySkers]

We’re doing the FL prepaid thing. Not sure if similar to 529, but our kid can go to FL or FL state with zero cost to him

 

[RBigredMax]

We have 529’s through vanguard. We put in a minimum of $100/month per kid and then based on the year we had we will add an additional $3000-$7500. If we fall short I’m planning to work and will hopefully be able to pay cash for the difference at the time. If they get their Masters or Doctorate I would hope they are working at the school to offset costs.

They better appreciate it - though I’m confident they won’t until they have their own kids🤣

 

[v1nufan]

My 2 cents. When your kids are still in elementary school it’s easy to envision that they may not want to leave the state, but if they crush it in H.S.,then honestly those options are greatly expanded. We started early with a max contribution for about 10 straight years and haven’t regretted it. If you don’t have a financial advisor, get one.

 

[NebChicago]

My 2 cents. When your kids are still in elementary school it’s easy to envision that they may not want to leave the state, but if they crush it in H.S.,then honestly those options are greatly expanded. We started early with a max contribution for about 10 straight years and haven’t regretted it. If you don’t have a financial advisor, get one.

Yeah… don’t love the in state options in IL as well

 

[NebChicago]

Yeah… don’t love the in state options in IL as well

A lot of kids here get sweet heart packages from SEC schools to attend so they can change their reputations as dumb “football schools”. Every year tons of kids from our burb go to Bama, Ole Miss … etc

 

[NebChicago]

We’re doing the FL prepaid thing. Not sure if similar to 529, but our kid can go to FL or FL state with zero cost to him

That’s pretty awesome. UF is a great school

 

[HuskerJag]

Start early is great advice - hopefully it’s not too late to do that. We started at birth throwing in a 200 a month and I’ve been happy with the performance. Our oldest is finishing his high school sophomore year and is looking at some good schools where I think the 529 will pay the full cost over 4 years. But he is also looking at some really good school’s where his 529 will cover maybe 2 years.

 

[Cedric]

Yeah… don’t love the in state options in IL as well

If you or your spouse are an NU alum (any campus) and your kids perform well in HS, you can send them to NU for just about the same price as in-state tuition. We lived in Indiana when our kids graduated HS and sent them "home" to Nebraska.
As far as your 529, I would humbly suggest to make max contributions if you can afford it. The education costs will be higher than you anticipate, especially when factoring in all the ancillary stuff (travel, beer, ramen, you know, things like that).

 

[TampaBaySkers]

That’s pretty awesome. UF is a great school

And even if he goes out of state .. they will pay that school what they would have paid UF

 

[itseasyas1-2-3]

Hoard GOLD! No elections! (Did I do that right?)

In all honesty I think instate should be the goal. Consider your investment time horizon and risk tolerance when choosing how to invest your 529 funds. If you have a long time until your child starts college, you may want to invest more aggressively in stocks or stock funds. If your child is close to college age, use a more conservative approach, like investing in bonds or money market funds. Never gold.

I would be realistic with your kids, tell them this is coming out of their future inheritance. If they want to go out of state, like the beautiful DONU, then they need to really apply themselves scholastically. Best advice about college I've heard: do you want to party for 4 years and pay for it for 40, or bust ass for 4 and party for 40?

Although it seems you can rack up debt and get it forgiven so who knows? : ) Best of luck.

Hey smartass, why don't you just address the post to me? Show me ONE post in 6,145 posts I've had on here where i said to hoard gold? Just one, otherwise, stfu. If you're gonna mischaracterize what I've posted, at least get a clue.

I have a 50-50 chance of being right about no election, till then, direct your bullshit to someone else. There will plenty of time to give me the business if and when an election is held. (Besides, that's what the Ignore Button is for. So, don't plan on having too much fun.)

Additionally, show me ONE post, just ONE, where I ever said gold was an investment. You can't do it, so fcvk you very much.

It's always good to sink all your disposable money into stocks, that way, when they tank 1 or 2 times during the lifetime of the plan, you can start all over again.

There, I responded to your dumbass comments. Did I do that right?

 

[WHCSC]

Make them pay their own way. Trade school is also a good option.

 

[itseasyas1-2-3]

Make them pay their own way. Trade school is also a good option.

From the time my grandsons were freshman in high school, their summers were spent at a local Community College knocking out a lot of electives that they wouldn't have to spend time and money on when they got to college. That decreased the amount of time they had to spend in college although both went as Regent Scholars, as a lot of kids do. Just make sure all the credits they are looking to earn are transferrable, so they don't have to repeat something or pay twice for it.

 

[TampaBaySkers]

From the time my grandsons were freshman in high school, their summers were spent at a local Community College knocking out a lot of electives that they wouldn't have to spend time and pay for when they got to college. That decreased the amount of time they had to spend in college although both went as Regent Scholars, as a lot of kids do. Just make sure all the credits they are looking to earn are transferrable, so they don't have to repeat something or pay twice for it.

Less time in college? What? I was on the Van Wilder plan and i loved it!

 

[itseasyas1-2-3]

Less time in college? What? I was on the Van Wilder plan and i loved it!

Fortunately, that same approach to college worked well for both my daughter and son-in-law, so their boys weren't given much of an option. LOL

 

[Chief Wiggum]

Not 529 related but my advice would be...

1 Concurrent enrollment, maximize it
2 MSEP - get familiar with it

 

[TampaBaySkers]

Not 529 related but my advice would be...

1 Concurrent enrollment, maximize it
2 MSEP - get familiar with it

Ralph ain’t college material bro

 

[itseasyas1-2-3]

Ralph ain’t college material bro

Since some colleges went away from ACT's/SAT's, everybody is college material.

 

[RBigredMax]

Since some colleges went away from ACT's/SAT's, everybody is college material.

I think it was a “Simpsons” reference.

 

[Dean Pope]

Any advice on 529s. We’re saving for our elementary school age kids.

I would go with the NEST 529. Some great low cost options and a modest state tax deduction.

Get the money in early if possible. I believe in an aggressive allocation and steadily adding to the bond % as the years go by. Put in what you can afford. Remember that your retirement investments come first. As far as how much, that is anybody's guess for a variety of factors. Philosophically, I think you try to help them with in-state tuition paid for or close to it. If they want to go out of state or private, they are going to have to pay for their decision. Literally.

A new law was passed that essentially allows young adults to convert up to $35,000 in unused 529 funds into a Roth. So that takes away a bit of that hesitation of potential over funding.

 

[RBigredMax]

I would go with the NEST 529. Some great low cost options and a modest state tax deduction.

Get the money in early if possible. I believe in an aggressive allocation and steadily adding to the bond % as the years go by. Put in what you can afford. Remember that your retirement investments come first. As far as how much, that is anybody's guess for a variety of factors. Philosophically, I think you try to help them with in-state tuition paid for or close to it. If they want to go out of state or private, they are going to have to pay for their decision. Literally.

A new law was passed that essentially allows young adults to convert up to $35,000 in unused 529 funds into a Roth. So that takes away a bit of that hesitation of potential over funding.

Was not aware of the Roth conversion - that is great news! Thank you.

 

[BTF69]

Yeah… don’t love the in state options in IL as well

What? U of Illinois is one of the best schools in the country, why would you not love that option?

SIU: Great party school
NIU: The best of the directionals
EIU: Great for pilots?
WIU: No one know, that school is weird and McComb is a dump

But still, you have U of Illinois!!!

 

[BTF69]

Since some colleges went away from ACT's/SAT's, everybody is college material.

This has actually changed it and made it harder, as I tell my students all the time.

Before you had 3 piles for applicants:


Yes (had the test scores)
No (Did not have the test scores)
Maybe (right at the test scores)

Well, that is gone now for a lot schools. So now everyone is in the "maybe pile" so they have made it more difficult to get in, not less.

 

[itseasyas1-2-3]

This has actually changed it and made it harder, as I tell my students all the time.

Before you had 3 piles for applicants:


Yes (had the test scores)
No (Did not have the test scores)
Maybe (right at the test scores)

Well, that is gone now for a lot schools. So now everyone is in the "maybe pile" so they have made it more difficult to get in, not less.

Some school will take their money.

 

[BTF69]

Some school will take their money.

Colleges are like girls...

 

[regoratsginrom]

Just take out a student loan. You won’t have to pay it back.

 

[RBigredMax]

NIU: The best of the directionals
EIU: Great for pilots?
WIU: No one know, that school is weird and McComb is a dump

But still, you have U of Illinois!!!

 

[BTF69]

Years ago WIU wanted me to walk-on to play FB...I told them that I hardly played on my HS team but they did not care. ha

 

[huskerfan1414]

Hey smartass, why don't you just address the post to me? Show me ONE post in 6,145 posts I've had on here where i said to hoard gold? Just one, otherwise, stfu. If you're gonna mischaracterize what I've posted, at least get a clue.

I have a 50-50 chance of being right about no election, till then, direct your bullshit to someone else. There will plenty of time to give me the business if and when an election is held. (Besides, that's what the Ignore Button is for. So, don't plan on having too much fun.)

Additionally, show me ONE post, just ONE, where I ever said gold was an investment. You can't do it, so fcvk you very much.

It's always good to sink all your disposable money into stocks, that way, when they tank 1 or 2 times during the lifetime of the plan, you can start all over again.

There, I responded to your dumbass comments. Did I do that right?

Are you saying dont invest in the stock market? Honest question.

Second, I thought you did support buying gold. Maybe you just mean dont buy gold exclusively?

I was going to ask you where and how specifically to buy physical gold and in what size, etc.

 

[RBigredMax]

Are you saying dont invest in the stock market? Honest question.

Second, I thought you did support buying gold. Maybe you just mean dont buy gold exclusively?

I was going to ask you where and how specifically to buy physical gold and in what size, etc.

I read in the WSJ that Costco was actually selling small bars of it. Some stores had them in stock, but others had to ship to you.

 

[cruelhalo]

And even if he goes out of state .. they will pay that school what they would have paid UF

My brother did that with his kids. One went to FSU, one went to Duke and the youngest went to Emory. I can attest to your comment - that is exactly what happened.

 

[Huskers123456]

Hey smartass, why don't you just address the post to me? Show me ONE post in 6,145 posts I've had on here where i said to hoard gold? Just one, otherwise, stfu. If you're gonna mischaracterize what I've posted, at least get a clue.

I have a 50-50 chance of being right about no election, till then, direct your bullshit to someone else. There will plenty of time to give me the business if and when an election is held. (Besides, that's what the Ignore Button is for. So, don't plan on having too much fun.)

Additionally, show me ONE post, just ONE, where I ever said gold was an investment. You can't do it, so fcvk you very much.

It's always good to sink all your disposable money into stocks, that way, when they tank 1 or 2 times during the lifetime of the plan, you can start all over again.

There, I responded to your dumbass comments. Did I do that right?

Is no one else going to call out this 50/50 comment? Never been a problem holding elections for 225+ years but now it's 50/50? Pyscho.

 

[Huskers123456]

We’re doing the FL prepaid thing. Not sure if similar to 529, but our kid can go to FL or FL state with zero cost to him

Care to explain this Florida prepaid? Seems interesting.

 

[BTF69]

Is no one else going to call out this 50/50 comment? Never been a problem holding elections for 225+ years but now it's 50/50? Pyscho.

Literally the most successful and also the most downtrodden family ever.

 

[RBigredMax]

Is no one else going to call out this 50/50 comment? Never been a problem holding elections for 225+ years but now it's 50/50? Pyscho.

It’s true there is a 50/50 that it could or couldn’t happen. 2 options, 1 will happen.

In reality the odds would be bonkers that we would have elections. But if Easy wants to wager even money, I’ll take it all day!!!

 

[Huskers123456]

It’s true there is a 50/50 that it could or couldn’t happen. 2 options, 1 will happen.

In reality the odds would be bonkers that we would have elections. But if Easy wants to wager even money, I’ll take it all day!!!

Well I guess by that logic it's 50/50 for me banging Kate Upton tonight.

 

[BTF69]

Well I guess by that logic it's 50/50 for me banging Kate Upton tonight.

I don't know who that is...but 50/50 is not bad!!! hahah

And...I hope you bang her!

 

[RedBaloneyPony]

If you or your spouse are an NU alum (any campus) and your kids perform well in HS, you can send them to NU for just about the same price as in-state tuition. We lived in Indiana when our kids graduated HS and sent them "home" to Nebraska.
As far as your 529, I would humbly suggest to make max contributions if you can afford it. The education costs will be higher than you anticipate, especially when factoring in all the ancillary stuff (travel, beer, ramen, you know, things like that).

Don’t forget about rubbers and plan B, in case of a raw dog splurge.