New Milestone! Yay

[mrinvest]

Well, I sat down and figured our nw last night and came in at just over 200k with ira's, stocks, savings, and the equity in the house. And most important ... out of CC debt! This has been a great year for my wife and I. I'm 28 and shes 29 so I think we're heading in the right track.

We just had our first baby this year and the cost of daycare in 2008 will have me cutting back a bit on the mutual fund investing. But it has been a wonderful 2007 and I hope to see more of the same in 2008. I also purchased "The Millionaire Next Door" and I'm awaiting its arrival from amazon.

I lurk these boards a lot but just wanted to wish everyone a prosperous 2008!

 

[Sandy]

Congratulations. No CC debt to start the year is a great step, and having such a high nw so young definately puts you on the right track. Enjoy the baby (even the daycare costs), since this time goes fast.

 

[tightasadrum]

mrinvest, sounds like your on the right track. New kid? Get that 529 plan started, fast. College will be here before you know it.

 

[mrinvest]

New kid? Get that 529 plan started, fast. College will be here before you know it.

That's on the list of things to do next month. I'm still not sure to go with my state sponsored plan or with a separate mutual fund for her. From what I have read the 529 can hinder her chance of getting financial aid in the future and with the cost of college going up and up I'm not sure I can foot that bill.

 

[template]

Well, I sat down and figured our nw last night and ...
.... I also purchased "The Millionaire Next Door" and I'm awaiting its arrival from amazon.

Congratulations. You're on the right track.

I really enjoyed the book, but I didn't buy it -- read it while loafing in a book store.

 

[bssc]

Congratulations. You will find that the milestones have a way of pleasantly sneaking up on you.

 

[FinanceDude]

That's on the list of things to do next month. I'm still not sure to go with my state sponsored plan or with a separate mutual fund for her. From what I have read the 529 can hinder her chance of getting financial aid in the future and with the cost of college going up and up I'm not sure I can foot that bill.

Actually, 529 plans don't count as much into the financial aid equation as custodial accounts or your assets.........

 

[Fireup2020]

Congrats & welcome to the board!

 

[wvsrockwell]

Congrats on your milestone! I am also 28 years old.

 

[Niko]

Congrats. I'll be happy if I'm in that same position at 28. I'm 26 now.

 

[tzukulika]

Congrats. BTW, the scrounge LBYM mentality is to RENT books from public libraries. Less carbon foot print that way too ...
PS. Just kidding ! Have a blast. I can summarize The Millionaire as in :
LBYM ! I just gave away the book ending ...

 

[Salaryman]

That's on the list of things to do next month. I'm still not sure to go with my state sponsored plan or with a separate mutual fund for her. From what I have read the 529 can hinder her chance of getting financial aid in the future and with the cost of college going up and up I'm not sure I can foot that bill.

Open the 529 account for the benefit of yourself and your wife fbo herself.
Bene changes within family are allowed.
Max out your 401k and other retirement plans, FAS doesn't count them in it's calculation.
Have more kids, if they're going to college at the same time then the school will take pity on you and give you more aid.

I have three of my own & my plan is to send them to the same expensive school and then to get a job there as a janitor. I understand the employees of the school can send their kids at no charge.

 

[megacorp-firee]

Congrats ... you are well on your way ... and at this early age, you will be with us in no time. At your age, I wasn't anywhere near where you are.
Keep on truck'n

 

[boilerman]

I also purchased "The Millionaire Next Door" and I'm awaiting its arrival from amazon.

Sell it on Ebay when you're done!

 

[BigBob]

I'm still not sure to go with my state sponsored plan or with a separate mutual fund for her. From what I have read the 529 can hinder her chance of getting financial aid in the future and with the cost of college going up and up I'm not sure I can foot that bill.

Check out Savingforcollege.com - The internet guide to funding college and Section 529 college savings plans. - lots of resources there. I have 2 in college now and "expected" more support from the colleges and universities, as my salary is not that high. Unfortunately, the Expected Family Contribution was ridiculously high, even with 2 in college. Much of the financial aid I expected to be grants or scholarships actually would have been loans anyhow. I saved in 529s and Coverdells and do not think that it hurt them in the financial aid dept.
The way I look at it, every little bit I can help them out with getting started on their own is a blessing.

 

[mrinvest]

I went ahead and started the 529. When I look at the calculators for the cost of college at her target year (2026) I feel like passing out.

I have three of my own & my plan is to send them to the same expensive school and then to get a job there as a janitor. I understand the employees of the school can send their kids at no charge.

Maybe by the time mine is ready for college you'll be in a management position and can hire me!

 

[Coach]

mrinvest, congratuations to both of you! You're in a great financial position for your age. It sounds like your little one will have terrific financial models as she grows up.

Coach