Ohio Chatter DEV

like_that

ZWICK 4 PREZ;1501193 wrote:If he recieves a scholarship and doesn't need it, there's no penalty. If you cash it out, you pay an income tax. Or you can change the beneficiary to someone else.

Then make sure he receivers a scholarship.

Also, crazy how 150k might not be enough these days for a college education.

SportsAndLady

It always baffles me why people don't use a financial advisor/planner.

Go to your bank, ask to speak to their financial advisor, and spark a relationship. If you don't like him/her, go to another one. They will spell all of this out for you and put you in the best position, financially.

hasbeen

ZWICK 4 PREZ;1501193 wrote:If he recieves a scholarship and doesn't need it, there's no penalty. If you cash it out, you pay an income tax. Or you can change the beneficiary to someone else.

The ability to change to someone else is nice. Also, it's nice that it doesn't need to be applied directly to tuition.

like_that;1502005 wrote: Also, crazy how 150k might not be enough these days for a college education.

Terrible.

ernest_t_bass

like_that;1502005 wrote:Then make sure he receivers a scholarship.

Also, crazy how 150k might not be enough these days for a college education.

I'm substitue "crazy" with "sad." Sad to think it costs that much, when most degrees are worthless in the grand scheme of things.

fan_from_texas

SportsAndLady;1502015 wrote:It always baffles me why people don't use a financial advisor/planner.

Go to your bank, ask to speak to their financial advisor, and spark a relationship. If you don't like him/her, go to another one. They will spell all of this out for you and put you in the best position, financially.

Meh. Financial planning for most people is relatively simple. Make sure the value-add you're getting outweigh the costs. E.g., for us, we set up a 529 through our financial planner. I eventually got around to looking into the fees, and we were being bilked. Easier/cheaper to do it through the state instead of paying a third-party to do it.

SportsAndLady

fan_from_texas;1502597 wrote:Meh. Financial planning for most people is relatively simple. Make sure the value-add you're getting outweigh the costs. E.g., for us, we set up a 529 through our financial planner. I eventually got around to looking into the fees, and we were being bilked. Easier/cheaper to do it through the state instead of paying a third-party to do it.

Well you have to trust the advisor you pick. There are some horrible ones out there who will make investments based off the fees they receive.

Find a good advisor you can trust and don't worry about anything financially.

dlazz

I don't have kids because they're annoying, also because no women will have sex with me. These two facts make the 529 College Savings plan irrelevant, and I can use that money and spend it on myself instead.

Hope this helps.

hasbeen

dlazz;1502614 wrote:I don't have kids because they're annoying, also because no women will have sex with me. These two facts make the 529 College Savings plan irrelevant, and I can use that money and spend it on myself instead.

Hope this helps.

If you don't spend this extra money on women(because they won't have sex with you), what do you spend it on? Kitty litter?

dlazz

hasbeen;1502671 wrote:If you don't spend this extra money on women(because they won't have sex with you), what do you spend it on? Kitty litter?

Cocaine

Classyposter58

As a college student do this for your kids lol. It isn't fun having a payment plan just so my debt is lowered to $20k which will be pretty marginal after college

WebFire

My oldest is already 10. I feel like it's too late. I know I can still help him out, but 8 years is a short time to save that kind of cash. Hopefully my wife gets the job she applied for at a University...free tuition!

rip34

I use the state funded 529 plan for my 10 and 8 year olds with vanguard funds. Started the fund when they were a couple months old. Generally funded 50-100 a month in each and have seen decent returns. Reduction on state taxes helps. Unfortunately by the time the get to college it will be enough to pay for probably a year or two. Easy to set up eft on the college advantage website.

McFly1955

WebFire;1502838 wrote:My oldest is already 10. I feel like it's too late. I know I can still help him out, but 8 years is a short time to save that kind of cash. Hopefully my wife gets the job she applied for at a University...free tuition!

Better late than never, and something is better than nothing.

I graduated from college about 5 years ago (wife, too), and we both had about $40,000 in student loans between us...We both worked through school and paid what we could, but each ended up with about $20,000 in loans. We have just $5,000 left that we will pay off after I get a year end bonus at work, we aggressively paid it down over the past 2-3 years mostly.

Money for books only, or $5,000-$10,000 would have been greatly appreciated, but was not expected.

I don't plan to pay for 100% of my kids education and I don't want them to expect it, but I'd to give them a decent chunk of change when the time comes. Plus, if they work hard and get scholarships and get a full ride, I'd would then just give them the cash, win-win...

OSH

WebFire;1502838 wrote:My oldest is already 10. I feel like it's too late. I know I can still help him out, but 8 years is a short time to save that kind of cash. Hopefully my wife gets the job she applied for at a University...free tuition!

This is the reason why I'll probably take a lower salary, working in higher education is important to me to pay for my kids' degrees in the future. Yes, it will be MANY years down the road, but it's worth it to me. Granted, institutions can drop that perk any time, but some won't. I'll find those to work at.

Heck, a friend of mine works at a private school in Ohio and his kids could go to any school in the state of Ohio for free. Nice perk there.

Archive

Do any of you use a 529 college savings plan?