Saving for college

[DON SVO]

College is a scam. I went to TAMU and graduated with a degree in nuclear engineering. I was promised all along the way about the great job opportunities after graduating from college. There are no nuclear engineering jobs. Only operator jobs at power plants. I'm competing for jobs with kids with an associates. 20+ yrs ago you could get an operator job right out of high school.

A very good friend of mine had the same problem. He went to the NAVY and got a degree in the same field. He parlayed that into a job working with a large electric contracting business as a project consultant/troubleshooter. He made close to 100k last year and plans to crack into the 110-120k range this year. Lemons into lemonade, holmes.

[majorownage]

Going in it was a good idea. 1 and a half years in fukushima happened and federal backed loans dried up. I was advised to stay in the major. I didnt want to switch as that would be more money and time down the drain.

ME is such a boring degree too. lol

It's a conflict of interest for an advisor/professor to advise a student to stay with their major. I didn't realize that as a punk kid at 21. Who wants to do more than 4 years of engineering school? Nobody.

[2011GT]

I put $100 every month into my kids Utah 529 plan. It is in my opinion and many others that it's the best value wise. $100 a month won't pay for all of their school but it'll help.

[slow99]

College is a scam.

Clearly

[ceyko]

I have no intentions of paying for my kid's college and a lot of people strongly disagree with that. However, I do want to have 25-30K set aside for each one - that they don't know about and use that money when they need it. Whatever is left they can have at say 25 y/o.

I've learned that each needs to make their own choice on this and everyone has their reasonings why they make the choices. Personally, I've witnessed too many kids pissing away their parent's money and ultimately not having a work ethic needed to succeed afterwards. Work ethic starts young, but should be supercharged when 18 and on their own and looking after their own ass. Too much help and it seems like a lot of kids get lazy.

Just my opinion and it's not true for all kids - but I want to see mine work hard for what they want and I'll be there to help them when they stumble - but I won't provide it all for them.

[black2002ls]

I haven't posted in this yet, but kudos to you for trying to get something set up. I have a nice fund for my oldest son, and I took the money I had invested for my youngest and bought another house. I consider that his college plan for now and by the time he's in school, I'll have 2 houses completely paid off. Plenty of equity if I need it for him.

That being said, there is plenty of money to be had to help with school. I had a full academic scholarship and left school debt free and even got to study abroad for a semester. I worked my butt off every summer of high school and college, and often worked during the school year always saving money. I officiated every intramural sport in college just trying to pick up extra money when I could, and I always umpired baseball games on the weekends for cash. I remember being in the guidance office 3 times a week in high school asking what new scholarships had come in that I could apply for. I ended up landing one big scholarship and a bunch of small ones. The money is there for those willing to work for it.

I'm hopeful that my boys will find some scholarship money (or tons of it) along the way. The wife and I stress doing well in school, being active in sports and extracurricular activities, and also being active in volunteer ways. At the end of the day, our goal is to give them every bit of support we can to help them have every opportunity to succeed all the while trying to make them well rounded and grounded individuals. Hopefully, we are able to do enough...

This is pretty much how I look at it. My parents didn't go to college for a degree. I am the only one of 3 brothers with a degree. So I didn't have much guidance. I wasn't out spoken and pretty shy, so i didn't speak up for what I wanted. So I ugured it out on my own. I got my first year at a juco paid for, and my grandma had enough set aside to pay for year 2. The rest was on me. 40-60 hrs a week, plus school, and I felt I needed to stay close to home to help my mom.

I digress, Jenn and I fully intend on taising a respectful, self sufficient, contributing member of society. I just want to be adequately prepared if, say, he works his ass off, gets marginal grades, and has trouble finding $$$. It won't be a hand out, he will have to maintain a GPA to keep the money coming. I definitely won't bank roll parties!

Sent from my SAMSUNG-SGH-I337 using Tapatalk

[no4njnk]

Our financial advisor told us he does not like 529s, we will see what he suggest.

My wife's parents paid for her undergrad but not pharmacy school (the original loan was 30 years). I worked during college and came out with $10k worth of loans, would have been less if I was not into cars. Helped having poor parents.

[DamonH]

I don't like the 529 plans either. I will encourage my kids to work/save for college and get scholarships. I bought rental property as a backup plan. If I need cash to fund kids college expenses and don't have it on hand the property will get sold and used for that.

[AnthonyS]

A very good friend of mine had the same problem. He went to the NAVY and got a degree in the same field. He parlayed that into a job working with a large electric contracting business as a project consultant/troubleshooter. He made close to 100k last year and plans to crack into the 110-120k range this year. Lemons into lemonade, holmes.

If you were a NUKE in the Navy, chances are you don't have a degree at all, but you do have skills a lot of employers find quite useful as you have actual powerplant repair and operation experience.

I don't remember how I might know this.... I forgot it all during my exit briefing just like I was told to do.

[AnthonyS]

I have a 16 year old and a 2 year old. For my 16 year old, I can use the money I pay his mom in child support (way too much) and the Hazelwood credits I've earned to cover him.

For my 2 year old. She gets cash from grandparents and great grandparents. So we opened her a savings acct and some CDs. The rates of return compared to increases in college tuition is a complete joke. "Saving" for college in the traditional sense, in the current economy is impossible. Seriously, if you are good at math and look it factually, impossible.

I will be better off teaching my daughter how to master the games of blackjack and poker and taking her to Vegas when she is old enough. There is no way to "save" for college.

You either have the income and investments you have made for retirement that you can use to cover your kids in college, or you can't.

Or your kids join the military and get the GI bill and take classes while in the service (which the gov't will pay for), or you do the doctor/dentist/lawyer to service thing.

Investing for college is an option if you get lucky..... a really good index fund as mentioned may work long term. Finding the next starbucks or amazon and having a good sized chunk of cash upfront will work too.

[Gaber]

Texas tuition promise fund is what I use. Lock in today's college rate.

[Broncojohnny]

Each of mine have a custodial account in their name. My only goal there is to have about 25K that they will each get when they are 21. This is all invested in S&P 500 index funds and various oil equities at the moment.

This account is my "litmus test" money for each of them, I never got anything of the sort handed to me when I was that age. In fact, I didn't really get shit besides a few semesters of tuition paid for (back when it was $800 a semester). If they get the money and go hog wild and blow it on bullshit, like fucking car parts or some other useless shit, then they get to fend for themselves from there on out. If I do my job adequately and they are at least somewhat responsible then I will pay for their school with my real money. I refuse to have lazy ass adults who mooch off of me, that is for sure. They can have all my money once I am dead and not a minute before.

[David]

Each of mine have a custodial account in their name. My only goal there is to have about 25K that they will each get when they are 21. This is all invested in S&P 500 index funds and various oil equities at the moment.

This account is my "litmus test" money for each of them, I never got anything of the sort handed to me when I was that age. In fact, I didn't really get shit besides a few semesters of tuition paid for (back when it was $800 a semester). If they get the money and go hog wild and blow it on bullshit, like fucking car parts or some other useless shit, then they get to fend for themselves from there on out. If I do my job adequately and they are at least somewhat responsible then I will pay for their school with my real money. I refuse to have lazy ass adults who mooch off of me, that is for sure. They can have all my money once I am dead and not a minute before.

That's about what my grandfather did for us. But I took interests in things that didn't need a college education so I bailed on that.

[Roscoe]

With the kiddo on the way this summer, it is time to start thinking about saving for college. I want to make sure that he has a wealth of opportunity ahead of him when the time comes. I don't want him to have to struggle to find a way to pay for it like I did.

With that, what are the best methods for this sort of thing. Is a 529 the best avenue?

WuTang Financial

I have no intentions of paying for my kid's college and a lot of people strongly disagree with that. However, I do want to have 25-30K set aside for each one - that they don't know about and use that money when they need it. Whatever is left they can have at say 25 y/o.

I've learned that each needs to make their own choice on this and everyone has their reasonings why they make the choices. Personally, I've witnessed too many kids pissing away their parent's money and ultimately not having a work ethic needed to succeed afterwards. Work ethic starts young, but should be supercharged when 18 and on their own and looking after their own ass. Too much help and it seems like a lot of kids get lazy.

Just my opinion and it's not true for all kids - but I want to see mine work hard for what they want and I'll be there to help them when they stumble - but I won't provide it all for them.

x2

[ceyko]

If I do my job adequately and they are at least somewhat responsible then I will pay for their school with my real money.

Just remember, even good kids can be idiots for awhile figuring things out for themselves.