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Discussion in 'Economics & Finance' started by DoglegArms, Jul 15, 2018.
Anyone use a 529 for college savings? Is this the best route?
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I not saying this to be a smart ass, but I'd strongly encourage your kids to join the Army and get a huge signing bonus and $40,000.00 for college, maybe even more. I'm looking at going back for a masters in history, and I can't believe how stupid expensive it is now.
I have one for each boy - fraternal twins. I have the things set up so they suck money out of my checking account every month. It's also set up so it's less aggressive/risky in investing the closer the boys get to entering college.
And I'm going to piggy-back what @EugenFJR said - school is stupid expensive right now. I was really hoping to get them through without a boat load of debt but maybe half a boat load at this point.
Will definitely consider the Army for son #2 who wants to be an anesthesiologist. I can't even imagine how much an education like that would cost. Son #1 wants to be a mechanical engineer so at least I think once they graduate they will be employable.
Is the 529 the best route? I dunno, I'm not a money guy so it fits the bill for us because it's automatic and the gains are protected against tax.
It's not for everyone, and I sure wouldn't want that to be my only plan.
There's also the Air Force, Navy and Marines... A few years in service gives you huge advantages, not just money for college, but VA loans, etc. are just a few of the advantages of serving in the armed forces. It's a lot better than graduating from college, with the crushing weight of debt from loans.
Yeah, but again, that path isn't for everyone. I do agree with taking a break between HS and college. The German system of military service for two years, or an apprenticeship/volunteer work makes a lot of sense.
For instance, military service is not at all what I needed or wanted upon graduating. I had enough authoritarianism at home while growing up, if anything I needed less structure and a chance to figure out what I actually wanted for my life, not just continue the slave/servant relationship that I had while growing up on the farm.
You forgot the puddle pirates........they're nothing like the military, but you still get all the benefits. Seriously, the few I know all agree, CG is just a job that happens to have a uniform for the majority of them
I will say it.
Screw college and get to work.
That's what I did and turned out decent.
But I do have a fund for the kids set up. Honestly have no idea exactly what it is though.