Tuesday, April 20, 2010
Financial Fun: Any questions? Comments?
Next Tuesday we will talk about eating healthily on a budget, but today I am recovering from a weekend trip and I need to take a little break! Please take today as your day to question and comment on anything financial, and we can all join in the conversation. Thanks for your understanding!
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5 comments:
Well, I have a question--are any of you saving for your kids' college yet? If so, what's your strategy?
What the??? Who the heck is that?
We have 529 plans for each of our children. We put a big lump sum in them to start off and haven't put anything else in since. We probably won't, either, because we have about 14 years before they'll be used and they should make enough in that time. Also, we don't want too much in there in case they get scholarships, etc., because there's a big penalty if you withdraw the money for something other than education. We researched other plans and decided this one was the best for us. And we didn't go with a Florida plan, either. Utah was the best for us at the time we set them up. You can buy them from any state and use them at any school. Well, this kind you can. We didn't want our kids to have to go to a certain school or even stay in a certain state.
We don't currently have one, we are waiting until we get to that point in the Dave Ramsey steps.
I went to college deft free (scholarships, my parents and working)...although I didn't finish. And my Dh had a full ride scholarship (and them some...) so he didn't have a loan either. It was really nice to start out marriage with no debt.
We went with the Florida Prepaid College Plan. Both Mark and I stuggled through college financially and our kids will have plenty of expenses to pay for other than tuition.
We also like Dave Ramsey's financial advice, but are going off of it with the prepaid plan. Hopefully, it'll be OK in the end.
Worst case scenario, we just get all the money back in the end (without interest).
We're in the same boat, Liz--we aren't able to say whether or not our little guy will want to go to school here or elsewhere, so we'd rather not do FL prepaid. I was thinking it would take monthly commitments until he gets to school, but if we could just invest a lump sum now and forget about it, that would be nice. I'll have to look into it a bit more. Thanks for the input, everyone!
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