Today’s post is a little later than normal for a few reasons, but it is here!I have been going over things in my head, and then over them again, and then one more time. I have been thinking all day about the best way to save money for my child, whether he goes to college or not, I want to be able to do more than support him. I would love to have it all covered. The reality is that it would be tough to do, but anything I can do to help I want to. I don’t want him to end up in the same situation I am, and I don’t want to look back and think I missed an opportunity!
So, that being said I’m still lost haha. Everywhere I turn on the internet I hear about a 529 investment plan, and for the most part that seems like the way to go. But there are down sides to it, as well. I, again, just want to know that I’m making a good decision with whatever I do. For those of you who are unaware of what a 529 investment plan is, I’ll leave you with this little video. It sums it up fairly well.
Seems pretty legit, but It gets a little weird when you think about fees and taxes, if my child chooses to not go to school. Yes you can take your money out but it would be hit with penalties. Along with that I would want to make sure that it wouldn’t effect the amount of Financial Aid my kid would be eligible for, if I wouldn’t be able to cover it all. Ya know? I don’t want a huge sum of money that is saved screw him out of the rest of the money he needs.
For some back story I went to a four year college, got a degree in five years, due to three different majors. I then looked for a career for over a year. Then went to a different school for another two years and got a second degree. This second degree is the only one I am utilizing. Round all of that out and taking out my own loans to make it through, I racked up a very impressive $116,000 in student loan debt through three different companies. Add that shit up with the amount we spent on our house and the small amount of debt my wife is in, and you have just under $250,000 of debt. This is the situation I would not like my child to fall into. That could be freakin cut in half if I didn’t have student loan debt. I’m 28 years old and drowning. I have it under control, so don’t worry too much, but I kick myself in the ass everyday, for not doing something different. Now this isn’t meant to bash my parents in anyway, but neither of them, or myself knew anything about this stuff going in. I was a kid still, I didn’t know anything. My biggest responsibility was to show up for school and football practice! I just want to be able to provide in anyway I can to help later.
I am meeting sometime later today with our HR lady to talk about the options through my work. They do have a college saving thing that I can enroll in. I would actually be the first person in the company to enroll if I did. I am also going to ask my boss, our accounting manager, and some other people around the office how they saved money for their children, and see what I can come up with.
So real talk, what have you done to save for your families future? I would love to hear from anyone who has gone through this stuff or will. Any information would be helpful.
Thanks for reading about my daily freak out! I hope to see you all back again tomorrow! 😀 : D Here we come Friday!