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copteacher
Adjunct
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Joined: 08 Jun 2002
Posts: 20588
Location: Teaching in the Halls of Justice
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 Posted: 11/26/02 - 15:48 Post subject: those with kids...college savings plans?
i have a c.d. that i will be adding too
some savings bonds that have been given to them
(at least these gain some money and not lose)
but most of the money in a 529 account that we make regular contributions too, and plan to increase it soon...
(this is gaining a little bit but not much money right now)
i will be riding out the stock market for a while since i have almost 16 years to go before school
but plan on just regular investing and hopefully can pay for a little bit of school....
you know cannot bank on that athletic scholarship yet 
how about others?
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jrjo
Gone Fishin
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Joined: 15 May 2002
Posts: 16451
Location: Lake Wobegon, MN
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Posted: 11/26/02 - 16:11 Post subject:
Where I work we give out some scholarships (no special treatment for my kids) so I've learned a thing or two about the financial aid process. The whole thing is based on need. If you have money to pay with, you get less 'aid' and end up footing much of the bill yourself. If you have little saved, college aid will cover the deficit. In today's world there's no financial reason for anyone not to go to college, there's literally free money out there..workstudy, grants, scholarships and all of it will come from the college. The key is to get admitted to a half dozen schools and make them "compete" with their aid packages. Hey, college is a business, they have seats to fill and they'll fill 'em often at big discounts.
So what's my plan... nada. The plan is to become a double income family again once the boys get to college age and then help them out with that second income, but in the meantime I don't see the system changing at all, so going into the financial aid office and deal like a used car is my plan.
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purple hayes
Frightened Inmate #2
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Joined: 14 May 2002
Posts: 14462
Location: ON YOUR LEFT!
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Posted: 11/26/02 - 16:18 Post subject:
GA Hope Scholarship! 
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TriBob
Member
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Joined: 29 Aug 2002
Posts: 5771
Location: Lost in Transition
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Posted: 11/26/02 - 16:19 Post subject:
Well since college tuition has been going up twice inflation for the past 15 years. It is supposed to cost me 250k for a my kids degree. They usually get bonds for the b-day and that is all we save so far. It is costing me $4000 per year for grade school, how am I supposed to save for college?
Can you say Navel Academy?
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purple hayes
Frightened Inmate #2
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Joined: 14 May 2002
Posts: 14462
Location: ON YOUR LEFT!
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Posted: 11/26/02 - 16:20 Post subject:
I forgot to mention that my son wants to go directly into the Marines from HS.
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copteacher
Adjunct
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Joined: 08 Jun 2002
Posts: 20588
Location: Teaching in the Halls of Justice
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Posted: 11/26/02 - 16:22 Post subject:
| TriBob wrote: |
Can you say Navel Academy? |
they do piercings there???
you mean Naval right, better get you kissing up to politician on
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TriBob
Member
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Joined: 29 Aug 2002
Posts: 5771
Location: Lost in Transition
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Posted: 11/26/02 - 16:30 Post subject:
 vs. 
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pokychick
Member
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Joined: 02 Oct 2002
Posts: 5640
Location: City of Dis
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Posted: 11/26/02 - 16:52 Post subject:
By gosh I paid for college with no aid whatsoever, I worked
two jobs in the summer and worked full time during the school
year. Kids now a days think they can just sit around and let
their parents pay for everything. Well my child is just going
to have to get out there and work work work! 
Actually fortunately for our children and us the grandparents have set up
college funds.
I actually did pay for my own schooling
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Erstwhile Lurker
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Joined: 14 May 2002
Posts: 4047
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Posted: 11/26/02 - 16:56 Post subject:
I'm going to sell my house, live in a cardboard appliance box and get my minimalist on.
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akern
Member
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Joined: 31 May 2002
Posts: 17149
Location: CTU
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Posted: 11/26/02 - 17:07 Post subject:
| pokychick wrote: | By gosh I paid for college with no aid whatsoever, I worked
two jobs in the summer and worked full time during the school
year. Kids now a days think they can just sit around and let
their parents pay for everything. Well my child is just going
to have to get out there and work work work!
Actually fortunately for our children and us the grandparents have set up
college funds.
I actually did pay for my own schooling |
1
If they have to help pay for it, they might appreciate it more.
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Earlyrunnr
Member
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Joined: 15 Nov 2002
Posts: 337
Location: Green Bay
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Posted: 11/26/02 - 17:14 Post subject:
Each kid has(we have 3):
529
Mutual Fund
No bonds...we always cash them in and put them in their mutual funds
Their own savings account.....every $100 gets rolled into a cd. Only my 2 girls have savings accounts to put their babysitting money into. Man oh man, are they paying babysitters good these days. not the 50 cents an hour I got.... $5 an hour at the least!
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purple hayes
Frightened Inmate #2
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Joined: 14 May 2002
Posts: 14462
Location: ON YOUR LEFT!
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Posted: 11/26/02 - 17:19 Post subject:
| Earlyrunnr wrote: | | not the 50 cents an hour I got.... $5 an hour at the least! |
How old are your kids? My daughter only gets in the $3/hr. range.
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Earlyrunnr
Member
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Joined: 15 Nov 2002
Posts: 337
Location: Green Bay
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Posted: 11/26/02 - 17:24 Post subject:
| purple hayes wrote: | | Earlyrunnr wrote: | | not the 50 cents an hour I got.... $5 an hour at the least! |
How old are your kids? My daughter only gets in the $3/hr. range. |
My two girls are 14 and 13. They sit for people with 2 or 3 kids...yesturday my daughter just sat for 45 minutes, and got $5. They also sit for a green bay packer, and he pays $50 dollars a game to sit his 2 kids....my kids are booked every home game! so, to get back to savings, they put an awful lot of that in their savings account, much to their dismay.
But yea, $5 an hour is pretty average them.
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Laurie Ellen
Queenie
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Joined: 14 May 2002
Posts: 11286
Location: The Dark Side of the Moon
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Posted: 11/26/02 - 17:51 Post subject:
| akern wrote: | | If they have to help pay for it, they might appreciate it more. |
I can't believe you actually said that. I looked for the winky smilie, but it wasn't there. ????
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akern
Member
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Joined: 31 May 2002
Posts: 17149
Location: CTU
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Posted: 11/26/02 - 17:54 Post subject:
| Laurie Ellen wrote: | | akern wrote: | | If they have to help pay for it, they might appreciate it more. |
I can't believe you actually said that. I looked for the winky smilie, but it wasn't there. ???? |
I'm not joking. What little college I've had I paid every cent for. I made damn sure I got an A to get my money's worth. Had my parents paid for college they probably would have wasted their money.
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