Aiming_4_55
Thinks s/he gets paid by the post
There was another thread about ER/College/Financial Aid, so it had me thinking....
I know there could be a large range of what is a fair or good number/budget for a kid's college fund, based on many factors, i.e. parents/kids age, income, Midwest region, in/out of state, public/private, tuition hikes, inflation, etc.
DW and I are on the same page of wanting to fund college education/trade school for our kids within reason. We're thinking 4 years of in-state university tuition, but open to trade school if it fits them better.
General background: DW and I are turning 44 this year and DD will be 7 and DS 6. I plan to semi-retire (landlording only) by 48 - 50 depending on the joys of work. All the basic 401ks and IRAs are max'd out each year. No outstanding mortgages, loans, or credit cards.
Currently in 529 plans, DD has $67k and DS has $28k. I'm thinking of getting both to $75k, DD should reach that this year and DS will take 2 - 3 years. Both are with Vanguard equity and age based investment options with about 10 years before any money is needed for college. Maybe it'll double in 10 years, thus giving each kid $150k to get an education of some sort. (BTW I don't plan to tell them we have this set aside, but pay as you go scenario)
Now that I've typed this, it's a heck of alot more than I thought I would provide to my kids just for college, but it's getting more expensive.
Is $75k with 10 years of sitting in the market a reasonable amount in your mind?
I know there could be a large range of what is a fair or good number/budget for a kid's college fund, based on many factors, i.e. parents/kids age, income, Midwest region, in/out of state, public/private, tuition hikes, inflation, etc.
DW and I are on the same page of wanting to fund college education/trade school for our kids within reason. We're thinking 4 years of in-state university tuition, but open to trade school if it fits them better.
General background: DW and I are turning 44 this year and DD will be 7 and DS 6. I plan to semi-retire (landlording only) by 48 - 50 depending on the joys of work. All the basic 401ks and IRAs are max'd out each year. No outstanding mortgages, loans, or credit cards.
Currently in 529 plans, DD has $67k and DS has $28k. I'm thinking of getting both to $75k, DD should reach that this year and DS will take 2 - 3 years. Both are with Vanguard equity and age based investment options with about 10 years before any money is needed for college. Maybe it'll double in 10 years, thus giving each kid $150k to get an education of some sort. (BTW I don't plan to tell them we have this set aside, but pay as you go scenario)
Now that I've typed this, it's a heck of alot more than I thought I would provide to my kids just for college, but it's getting more expensive.
Is $75k with 10 years of sitting in the market a reasonable amount in your mind?
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