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Post by sd51555 on Feb 28, 2017 18:54:05 GMT -6
My dad's plan for me was "Figure it out. Good luck." I wouldn't hamstring myself financially to pony up all the goodies for my kids if I had any. I'd help, but they've gotta have some skin in the game too. Otherwise you risk ending up with a half finished degree in underwater fire prevention.
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Retirement
Feb 28, 2017 18:54:55 GMT -6
via mobile
Post by Bwoods11 on Feb 28, 2017 18:54:55 GMT -6
You fellers with younger kids must have a heckuva plan for retiring early and paying college tuition(and weddings)... Not really, I for one, wish I had saved more for college tuition. It's a nightmare!!
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ace
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Post by ace on Feb 28, 2017 18:56:25 GMT -6
You fellers with younger kids must have a heckuva plan for retiring early and paying college tuition(and weddings)... I have a 529 for my kids. When my wife's grandmother passed away that's what we did with their inheritance she left them. Weddings....I have 2 boys, told them they can get married at 30. :thumbup:
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Post by smsmith on Feb 28, 2017 18:58:45 GMT -6
My dad's plan for me was "Figure it out. Good luck." I wouldn't hamstring myself financially to pony up all the goodies for my kids if I had any. I'd help, but they've gotta have some skin in the game too. Otherwise you risk ending up with a half finished degree in underwater fire prevention. Nah, not if they were raised correctly and always lived with expectations. I could easily have turned a blind eye to my stepkids' post secondary education. Pretty sure I would have had a hell of a time living with myself though.
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Post by smsmith on Feb 28, 2017 19:00:18 GMT -6
You fellers with younger kids must have a heckuva plan for retiring early and paying college tuition(and weddings)... I have a 529 for my kids. When my wife's grandmother passed away that's what we did with their inheritance she left them. Weddings....I have 2 boys, told them they can get married at 30. :thumbup: Have you seen what an open bar can cost at a nice wedding? Rehearsal dinners can be right up there with a nice vacation too.
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ace
Full Member
Posts: 153
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Post by ace on Feb 28, 2017 19:06:18 GMT -6
I have a 529 for my kids. When my wife's grandmother passed away that's what we did with their inheritance she left them. Weddings....I have 2 boys, told them they can get married at 30. :thumbup: Have you seen what an open bar can cost at a nice wedding? Rehearsal dinners can be right up there with a nice vacation too. Oh yeah I know. My main goals are to retire/relax unlike my mother was able to do. Also to help my kids as much as I can and be able to leave them something, other than debt.
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Post by smsmith on Feb 28, 2017 19:12:53 GMT -6
Have you seen what an open bar can cost at a nice wedding? Rehearsal dinners can be right up there with a nice vacation too. Oh yeah I know. My main goals are to retire/relax unlike my mother was able to do. Also to help my kids as much as I can and be able to leave them something, other than debt. That was my main goal, get the kids off to a start in life with the skills/education necessary to make a living doing something they enjoy and to not have a ridiculous debt load from the get go. From there on, it's up to them. If the market doesn't go to shit, they may end up getting something when we're dead...if the nursing home doesn't get it all first.
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Post by Freeborn on Feb 28, 2017 19:23:31 GMT -6
Oh yeah I know. My main goals are to retire/relax unlike my mother was able to do. Also to help my kids as much as I can and be able to leave them something, other than debt. That was my main goal, get the kids off to a start in life with the skills/education necessary to make a living doing something they enjoy and to not have a ridiculous debt load from the get go. From there on, it's up to them. If the market doesn't go to shit, they may end up getting something when we're dead...if the nursing home doesn't get it all first. Look at setting up an estate. I believe you can setup a legal entity with your children as partners, gift your income into it but setup the earnings paid out of it to you. Ownership of the principal transfers to the legal entity while you keep the earnings. You need an attorney and tax accountants help but I believe this can be done.
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Post by MoBuckChaser on Feb 28, 2017 19:28:45 GMT -6
I have a 529 for my kids. When my wife's grandmother passed away that's what we did with their inheritance she left them. Weddings....I have 2 boys, told them they can get married at 30. :thumbup: Have you seen what an open bar can cost at a nice wedding? Rehearsal dinners can be right up there with a nice vacation too. Ask me about it! I shut my sons open bar off at $6500 at 10:30pm. And then got handed a bill the next day for $12k because the daughter in laws parents had no money to help pay for the wedding. That was one I had to bite the lip hard on!
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Post by westbranch on Feb 28, 2017 19:29:06 GMT -6
For the guys doing a lot of buying and selling individual stocks, what is your annualized portfolio return for the last 5 years? By how much did you beat the 14% return on the Vanguard 500 index fund www.google.com/finance?q=MUTF:VFIAX ?
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Post by westbranch on Feb 28, 2017 19:32:20 GMT -6
That was my main goal, get the kids off to a start in life with the skills/education necessary to make a living doing something they enjoy and to not have a ridiculous debt load from the get go. From there on, it's up to them. If the market doesn't go to shit, they may end up getting something when we're dead...if the nursing home doesn't get it all first. Look at setting up an estate. I believe you can setup a legal entity with your children as partners, gift your income into it but setup the earnings paid out of it to you. Ownership of the principal transfers to the legal entity while you keep the earnings. You need an attorney and tax accountants help but I believe this can be done. Pretty sure you are referring to a family limited partnership. en.wikipedia.org/wiki/Family_Limited_Partnership
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Post by smsmith on Feb 28, 2017 19:33:18 GMT -6
That was my main goal, get the kids off to a start in life with the skills/education necessary to make a living doing something they enjoy and to not have a ridiculous debt load from the get go. From there on, it's up to them. If the market doesn't go to shit, they may end up getting something when we're dead...if the nursing home doesn't get it all first. Look at setting up an estate. I believe you can setup a legal entity with your children as partners, gift your income into it but setup the earnings paid out of it to you. Ownership of the principal transfers to the legal entity while you keep the earnings. You need an attorney and tax accountants help but I believe this can be done. Ya, we looked into setting up an estate plan. Right now, we don't need to as our assets don't exceed the current limit. We did do a few things with an attorney so the kids can avoid probate if we both kick the bucket. Also have TOD's set up on our investments and bank accounts for the same reason.
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Post by packerbacker on Feb 28, 2017 19:35:03 GMT -6
Got four daughters. Plan is to pay for 50% of college and the wedding for each. We aren't telling them about college and expect them to go get loans and scholarships. When they finish, will write a check to their lender for portion of the outstanding debt. Outside of our mortgage and car loans - everything else will be paid off within 7 years. That $2,300 a month can then be set aside for those expenses. If everything works out, will also have some money from the first thinning of the pine plantation about the time 2nd one goes off to college to help.
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Post by smsmith on Feb 28, 2017 19:42:46 GMT -6
I've got friends with 3 daughters, their last is now a sophomore at a private college in the Cities. I have zero idea what they've paid in tuition so far, but I'd guess right around 200K. I tease them that they'll be paying the same amount or more when the weddings are all done
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Post by Freeborn on Feb 28, 2017 19:44:40 GMT -6
For the guys doing a lot of buying and selling individual stocks, what is your annualized portfolio return for the last 5 years? By how much did you beat the 14% return on the Vanguard 500 index fund www.google.com/finance?q=MUTF:VFIAX ? I like Index funds. I do have some individual stocks from companies I worked at or my wife worked at. In the long run its hard to beat the index fund.
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