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-   -   Who is putting $$$ in a College Fund? (https://gfy.com/showthread.php?t=1074502)

tammix 07-13-2012 11:39 AM
Who is putting $$$ in a College Fund?
 
I was told this was an american custom for many years, but with these changing times isnt a long term bet now? (not mentioning the raising tuiton fees including "public" universities). Just wonder whats going now mainstream regarding this topic,whats your experience if any

Kenny B! 07-13-2012 01:02 PM
In canada we have something called Registered Education Savings Plan (RESP) where the government matches the parents deposits into the fund up to a certain % depending on household income. So it pays to put $$$ away for your kids post secondary education.

The best part is the kid just needs to enroll in college/university/trade school and they get a check, it may be split into 2 payments I don't recall the exact details. The kid can spend it however they like, which can go either way when an 18 year old get's their hands on $$$... but that's up to the parents to deal with.

I max ours out, hopefully my kids will stay in school longer than I did!

ottopottomouse 07-13-2012 01:54 PM
Quote:
Originally Posted by JohnnyClips (Post 19057750)
Dumbest two things you can do:

1) Save cash
2) Go to college
Yeah. Bunch of fucking morons. A YouTube education is free :thumbsup

bigluv 07-13-2012 02:28 PM
Quote:
Originally Posted by JohnnyClips (Post 19057750)
Dumbest two things you can do:

1) Save cash
2) Go to college

That money will be used against you when it comes to filling out the FAFSA and the cost of colleges will soon be $100,000/yr...time to dump that shit
God you're fucking too stupid to live.
How do you even operate your computer?

You should start a business with MrMaxwell.

tammix 07-13-2012 03:08 PM
yeah i understand its a saving process that in other time could have made sense, nowadays who knows what tech brings us in the next years and if its better to invest that money somewhere else

BradBreakfast 07-13-2012 03:19 PM
Haha. I intend to be in this industry the rest of my life and die young.

HushMoney 07-13-2012 03:49 PM
Why would I do that? I already went to college.......

brentbacardi 07-13-2012 04:17 PM
I just scrapped my IRA account, it has been losing money since Day 1.

I will pay for my kids community college and some extra curricular things (ie one on one instruction from someone in the field they want to go in, learning a specific skill and getting certified... etc).

I wish my parents just bought me some books on internet marketing and business and maybe spent some money on flying me to conventions or something and maybe gave me a few k to pay for a server and some traffic or something. Instead they payed for the first 2 years of my college at a private school (out of 7 years lol but i transferred to a state school after ha).

tammix 07-13-2012 06:14 PM
Quote:
Originally Posted by brentbacardi (Post 19058023)
I just scrapped my IRA account, it has been losing money since Day 1.

I will pay for my kids community college and some extra curricular things (ie one on one instruction from someone in the field they want to go in, learning a specific skill and getting certified... etc).

I wish my parents just bought me some books on internet marketing and business and maybe spent some money on flying me to conventions or something and maybe gave me a few k to pay for a server and some traffic or something. Instead they payed for the first 2 years of my college at a private school (out of 7 years lol but i transferred to a state school after ha).
interesting view, it goes with the enterpreneur trend we see these days, I think college degrees where a must to advance in your career in the last century, now give your kid quick alternatives to learn and grow as enterpreneur and he might thank you for that

Redrob 07-13-2012 06:58 PM
Learn a useful skill like brewing beer or distilling your own liquor. Taboo, yes; but, not illegal.

HandballJim 07-13-2012 07:23 PM
I need to start since I have a 6 month old...:2 cents:

marlboroack 07-13-2012 10:32 PM
I loan :pimp

Barry-xlovecam 07-14-2012 06:05 AM


IRS (USA) The earnings from a 529 are not taxable but the money invested is in after tax funds. There may be some state plans available to you or other tax angles where you live.

I think two year college funding in technical, vocational or applied sciences should be taxpayer supported or subsidised. The better educated a workforce is the more competitive it will be in high value production.

Quote:
Why use a 529 plan? There are advantages of 529 plans and one may be suitable for your family’s needs. Earnings are not subject to federal tax when used for eligible college expenses. Earnings are often not subject to state tax. States may offer other incentives to in-state participants. There are no income restrictions on individual contributors. Contributions are only limited by the qualified education expenses of the beneficiary. You can change the beneficiary of a plan if the new beneficiary is in the same family. You can open a plan benefiting anyone: a relative, a friend or even yourself. The plan owner or custodian controls the funds until withdrawal, not the beneficiary.

beerptrol 07-14-2012 07:24 AM
I like to think that everytime I pay for a lapdance, that I am putting money in her college fund

Brad Mitchell 07-14-2012 07:42 AM
I set up Virginia College Savings Plans for all three kids. After tax dollars go in now and money will come out on the back end for all school related expenses without taxes on the gains. While I don't expect to be relying on this, it is still a precautionary measure to protect some specific dollars for their benefit and with ten more years of primary education left the funds are doing quite well even in consideration of the anticipated future cost. The goal is to guide the kids into making fulfilling life and career choices, life is anything but being all about the money.

Cheers

Brad

tammix 07-14-2012 11:02 AM
Quote:
Originally Posted by Brad Mitchell (Post 19058896)
I set up Virginia College Savings Plans for all three kids. After tax dollars go in now and money will come out on the back end for all school related expenses without taxes on the gains. While I don't expect to be relying on this, it is still a precautionary measure to protect some specific dollars for their benefit and with ten more years of primary education left the funds are doing quite well even in consideration of the anticipated future cost. The goal is to guide the kids into making fulfilling life and career choices, life is anything but being all about the money.

Cheers

Brad
good thinking brad

newB 07-14-2012 04:11 PM
ROTH IRA - It's a retirement account for you, where the contributions are taxed but the gains are not. However, unlike traditional IRA's you can pull the money out early without penalty for your or eligible family members higher education expenses, first time home purchase costs, as well as other non-penalized withdrawals such as for disability or medical expenses, payment of insurance premiums if you are unemployed for over a year, and in some cases payment of back taxes.

GAMEFINEST 07-14-2012 05:11 PM
most of my money is in the roth IRA

Kenny B! 07-14-2012 06:02 PM
Quote:
Originally Posted by JohnnyClips (Post 19059550)
Why would you SAVE cash?!?!?!
So you can have your money working for you rather than you working for it.

Brad Mitchell 07-14-2012 06:05 PM
Quote:
Originally Posted by newB (Post 19059472)
ROTH IRA - It's a retirement account for you, where the contributions are taxed but the gains are not. However, unlike traditional IRA's you can pull the money out early without penalty for your or eligible family members higher education expenses, first time home purchase costs, as well as other non-penalized withdrawals such as for disability or medical expenses, payment of insurance premiums if you are unemployed for over a year, and in some cases payment of back taxes.
I already max out contributions to my 401k from MojoHost which has a full match from the company for all employees.

Brad

ahoy 07-14-2012 08:21 PM
Quote:
Originally Posted by JohnnyClips (Post 19059600)
Yea but saving cash or putting it into some stupid fund or IRA or bank doesn't give you jack shit...I'd rather invest it in my business and get a 100% return in a month or two....vs 4% over a year lol :1orglaugh
Spoken like someone who's "business" is still just part time. I was there as well. You do grow up eventually thankfully :)


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