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Discussion in 'The Mainboard' started by Boo MFer!, Apr 9, 2015.
We have 1 for each kid as well. We used our finance guy but they seem pretty cut and dry.
I have to brag a little about my daughter. Earlier this year during the shutdown we were going through a bunch of stuff in her room. She made a comment about how she had a ton of stuff she never plays with. Fast forward 3 months and we had a drive by 7th Birthday party for her for family. Family drove by, grabbed a couple slices of pizza and some cupcakes and dropped off a gift/card. Here is the part that makes me amazed by my daughter. She put a note in her invite asking for money instead of toys because she wanted to donate the money to the University of Iowa Stead Family Children's Hospital and our local food bank. All said and done she will be able to donate 175 bucks to the children's hospital and 175 to the food bank. That 175 for the food bank will make 700 meals as 1 dollar will feed 4 people. This was 100% her idea. Don't know that I've ever been more proud as a parent. The children's hospital thing came from my niece and nephew being born at lik 24 weeks and spending the first 5 months of their life there so the hospital holds a special place in our hearts as well.
PS her actual birthday is in 2 weeks and she is getting something. The only thing she really wanted this year besides donation moneybwasba fish. So we are getting her a small aquarium with a fish.
My eldest daughter doesn’t live with me. This morning she called me because there was a huge spider in her place. She called me to go kill it. I was asleep when she called but I got up got dressed and went over and killed it. When I was leaving she gave me a kiss and said thank you and I love you. I told her I loved her too and that should be obvious by me waking up driving over and killing the spider. She replied “I know daddy that’s why I called you, I knew you’d come”. It melted my heart knowing she knows she can count on me. I am by no ways a new dad but I still find joy in fatherhood. Obvious point will be obvious but you never stop being a dad. They never stop needing you.
I almost want to create a Twitch account for my 5 yr old, because watching and listening to him play video games is hilarious.
1/3 has reached the age where she’s old and smart enough to make some really good burns but not old enough to accept counter fire. I’ve had to swallow a number of comebacks the last few weeks.
I use Vanguard’s and it is based in Arizona or something I believe. I don’t anticipate my kid going to college where we live now so I didn’t look that hard at state specific ones.
Vanguard was fairly straightforward to set up. It required $3000 initial balance which was more than I expected. It also has a shareable link you can send people for one-time or recurring contributions.
I have a 529 for each of my girls. When I started the first almost 3 years ago, my finance guy said Utah was performing best so that's who I went through. Super simple to set up on your own, don't bother paying someone to do it.
Thanks. Ohio's looks pretty easy to setup and the min to start is like $25. I did check and he doesn't have to live in state or go to school in state to have access to it
Only question I couldn't find an answer to. What if he decides to not go to college/trade school or tuition becomes free? I can access the funds and just get taxed on it?
i have 529s set up through fidelity with monthly automatic deposits. not putting near enough in right now but going to increase heavily once the kids are out of daycare. occasionally my parents would deposit money in. But my mom got laid off from Covid and my Dad retired so i'm not expecting many more of those.
Did that with the 2% back credit card. My parents got the cc and deposit their 2% in the accounts, as well. It's not a ton but over an entire childhood it adds up.
I have the CA 529 plan. Low fees and decent flexibility beyond just doing a target date find (which is also offered).
We have zero dollars in a 529. I always planned on paying for college out of the pool of long term investments I’ve had for the last 15 years. Pulling that money out to seed a 529 would be expensive from a tax perspective and limit what we could use the money for.
Am I making a mistake with this strategy?
I believe you’d pay taxes, perhaps a penalty, on gains that are used for non-education expenses. You can certainly do it but you lose the tax advantage of the 529.
You’re gonna have to pay taxes on those investments at some point right? I don’t know how old your kid(s) is but why not just start a 529 now if you think they’ll get a post high school education? Even if you just start contributing now and don’t cash out other funds, at least then you’ll have a tax advantaged account to use first.
We don’t really have the income for an extra expense right now. Maybe when my wife goes back to work in a few years.
I believe it’s a 10% penalty plus taxed as income to the beneficiary.
Also keep in mind that a 529 isn't only for tuition
I imagine that a person could make a laptop or tablet count as equipment.
Also since the 529 is not tied to the student, if you had another kid you could use the money for them.
And NoNatty is right about the fee and tax.
This is why we did the 2% back Fidelity card.
It can also be changed to grandchildren if your kids never go. Lots of flexibility.
Son got in trouble today at kindergarten for not listening. I've always had my thought that maybe he wasn't ready since he has a July birthday. Feel like we may have some more of these days going forward till he gains some traction.
I've mentioned this before I think but I knew a lady that bought a house where her daughter went to college and then had her daughter and her daughter's friends rent it out. She paid her daughter's rent to herself with the 529 money because it can go to room and board, too.
Gonna put that in the back pocket.
Not 1/3 but my cousins kid got her 5-year all clear from childhood leukaemia yesterday, so she's officially cured and just needs an annual checkup from now on!
My 5 year old’s ‘best’ friend is the spoiled kid with all the electronics. They only talk over FaceTime because the other kid’s parents are borderline truthers who eat at restaurants, go to the gym, etc. Yesterday, on the phone, the kid said he got a new iPad. Today, after virtual school, my kid said he’s going to ask Santa for an iPad. I yaofaced and told him Santa won’t be bringing him an iPad for many years. He’s been crying for the last 30 minutes. Mission accomplished.
My daughter has had an iPad since she was 3 (she will be 6 in December)
we have a Kindle that is dead 95% of the time. we bought it for a car trip. 3 year old has no idea he can play games on it but he likes to watch Blaze on long trips.
Does anyone send their kids to a summer camp? My daughter who is 6, turning 7 before next summer really wants to go to an away summer camp for a week or two this summer.
We've looked at a few, but it seems like they all have some religious connection. She goes to a catholic school but we're not religious at all so was hoping to find some that are just fun activities, without god.
there is a whole thread about summer camps that was pretty funny.
does not compute unless the public schools are doodoo
Lot more people go to private school in the south than in the Midwest
South Louisiana - public schools are doodoo.
We are the dumbest of the dumb down here.
Another reason why the Midwest is midbest