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Posted: 6/1/2023 2:47:46 PM EDT
Our daughter starts kindergarten in a few months, and we'll be spending $600/month on after school care instead of the $1,600/month for daycare we do now.
So, what to do with the extra grand not going out the door every month? Already have NODs and thermal, so I guess investing is the "responsible" thing to do  Spoke with my financial guy and we're thinking about putting $500/month into our post--tax brokerage accounts and opening a brokerage account for her that would receive the other $500 every month. When she gets old enough for a high school job, we would have her start contributing some of her check/tips to get her used to putting away retirement money at an early age like my parents had me do. We already max the pre-tax contributions in a 529 account for her, but I like the idea of having something that isn't tied to education that can also help teach the idea of saving and compound interest that isn't just a checking/savings account with our bank. So, what would you do with an extra grand every month? |
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Posted: 6/1/2023 2:48:07 PM EDT
[#1]
Hookers and blow
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Posted: 6/1/2023 2:49:01 PM EDT
[#2]
Put into a Roth IRA or a 529 Plan
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Posted: 6/1/2023 2:49:20 PM EDT
[#3]
Quote HistoryQuoted: Hookers and blow That's already been budgeted, and I simply don't have the extra time to take advantage of another K worth of either/both, unfortunately. |
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Posted: 6/1/2023 2:51:08 PM EDT
[#4]
if you save it all, you would have enough to send her to a good college so she can be brainwashed
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Posted: 6/1/2023 2:51:32 PM EDT
[#5]
Give it all to the little one so she don't have to compete with senior citizens for jobs that pay low/tips when she grows up.
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Posted: 6/1/2023 2:51:32 PM EDT
[#6]
Pay extra on your mortgage.
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Posted: 6/1/2023 2:51:46 PM EDT
[#7]
Quote HistoryQuoted: Put into a Roth IRA or a 529 Plan We already max the Virginia 529, but I like the idea of not putting it all in one basket and/or having that basket tied to school. Any reason for a Roth IRA over a run of the mill brokerage account? Tax benefits? Only spoke with my guy for a second on the tail end of our quarterly chat, so I'm not sure if a Roth or a brokerage account was what he had in mind. |
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Posted: 6/1/2023 2:52:10 PM EDT
[#8]
Quote HistoryQuoted: That's already been budgeted, and I simply don't have the extra time to take advantage of another K worth of either/both, unfortunately. I know the time being a limiting factor feeling all too well 
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Posted: 6/1/2023 2:53:43 PM EDT
[#9]
Quote HistoryQuoted: if you save it all, you would have enough to send her to a good college so she can be brainwashed Wife and I are already planting the seeds of her becoming a plumber like grandpa  While we can't control what she does after 18, we can control the purse strings on that 529 and those are going to be tied to a sound education/career plan. Indoctrination U is gonna be on her own loans/dime 
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Posted: 6/1/2023 2:54:06 PM EDT
[#10]
Join the "new gun a month" club.
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Posted: 6/1/2023 2:54:15 PM EDT
[#11]
Quote HistoryQuoted: We already max the Virginia 529, but I like the idea of not putting it all in one basket and/or having that basket tied to school. Any reason for a Roth IRA over a run of the mill brokerage account? Tax benefits? Only spoke with my guy for a second on the tail end of our quarterly chat, so I'm not sure if a Roth or a brokerage account was what he had in mind. Roth, tax advantages. Growth is Tax Free for the time being. |
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Posted: 6/1/2023 2:54:52 PM EDT
[#12]
I tell all my kids that if they can’t earn a full scholarship to college then they don’t deserve to go to college.
An extra thousand ? 1,000 rounds .45 ACP 1,500rounds 5.56 zombies ain’t gonna shoot themselves |
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Posted: 6/1/2023 2:55:55 PM EDT
[#13]
Send it to me
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Posted: 6/1/2023 2:56:33 PM EDT
[#14]
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Posted: 6/1/2023 2:57:00 PM EDT
[#15]
Quote HistoryQuoted: Pay extra on your mortgage. We already do a bit of that. Mortgage is $2,400/month and we put an extra $1,600 to the principal. Treating it like a ~15yr loan and hoping to have the note paid off around the time the little one graduates middle school. We know it doesn't make the most fiscal sense, as the loan is only 2.25%, but we like the idea of owning sooner rather than later. |
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Posted: 6/1/2023 2:58:02 PM EDT
[#16]
Humble brag thread? How about this then. I have no kids. What should I do with all my thousands every month?
 Attached File |
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Posted: 6/1/2023 2:58:58 PM EDT
[#17]
Buy gold and silver.
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Posted: 6/1/2023 3:00:01 PM EDT
[#18]
Buy a rental near where she will be going to college so you won't have to pay room and board
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Posted: 6/1/2023 3:00:48 PM EDT
[#19]
Not in a savings or education fund type account. You lose purchasing power b/c of brrrrrrr!
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Posted: 6/1/2023 3:01:44 PM EDT
[#20]
Quote HistoryQuoted: Any reason for a Roth IRA over a run of the mill brokerage account? Tax benefits? Only spoke with my guy for a second on the tail end of our quarterly chat, so I'm not sure if a Roth or a brokerage account was what he had in mind. Check with your financial and tax guys. It may be a very good retirement option for you. If you're thinking you might need the money sooner, then a brokerage account may be mo' batter. |
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Posted: 6/1/2023 3:02:07 PM EDT
[#21]
Quote HistoryQuoted: Give it all to the little one so she don't have to compete with senior citizens for jobs that pay low/tips when she grows up. Wife and I both worked in HS and I like the idea of her working a menial job in her teens so she 1. Realizes menial work sucks and doing better is a good idea, and 2. Hopefully understands that if tough times hit her at any point in her life, she's not above washing dishes or doing a job "beneath her" to take care of herself and her family. This also gets into the idea of understanding taxes and the government that takes them suck and that pre-tax retirement vehicles, and the funds that grow them, are just part of the paycheck cycle. Can't miss that money every two weeks if you budget it never being in your checking account. I'm grateful my Drill sergeant put the fear of God into me when the TSP became a thing and ensured I contributed the maximum of 7% at that time and that my parents made me open a brokerage account with what I made from my first deployment before I left for my second. |
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Posted: 6/1/2023 3:06:38 PM EDT
[#22]
Quote HistoryQuoted: We already do a bit of that. Mortgage is $2,400/month and we put an extra $1,600 to the principal. Treating it like a ~15yr loan and hoping to have the note paid off around the time the little one graduates middle school. We know it doesn't make the most fiscal sense, as the loan is only 2.25%, but we like the idea of owning sooner rather than later. That's a real understatement. |
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Posted: 6/1/2023 3:09:39 PM EDT
[#23]
Send it to me
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Posted: 6/1/2023 3:11:31 PM EDT
[#24]
Exactly what OP would be doing.
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Posted: 6/1/2023 3:11:46 PM EDT
[#25]
Quote HistoryQuoted: Pay extra on your mortgage. terrible advice as there are fucking savings accounts paying a higher percentage than the interest on most people's mortgages (assuming they refi'ed when rates were crazy low, which most non-retarded people did). edit: 1 year and shorter duration treasury bonds are over 5% right now. Invest that instead of paying down low interest debt, even the most cautious and safe investments are returning a much higher rate than you're paying in interest. There are better rates than that to be found if you are willing to accept even low levels of risk. |
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Posted: 6/1/2023 3:11:54 PM EDT
[#26]
Work less and spend that time with your daughter. That's $1600 a month less you have to earn.
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Posted: 6/1/2023 3:11:55 PM EDT
[#27]
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Posted: 6/1/2023 3:12:32 PM EDT
[#28]
Have another kid, why spend $1600 a month when you can spend $3040 a month, that is what we will be paying soon
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Posted: 6/1/2023 3:13:04 PM EDT
[#29]
Money market fund currently making 5.5%.
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Posted: 6/1/2023 3:14:21 PM EDT
[#30]
Quote HistoryQuoted: Have another kid, why spend $1600 a month when you can spend $3040 a month, that is what we will be paying soon  |
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Posted: 6/1/2023 3:16:31 PM EDT
[#31]
Daytona 392
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Posted: 6/1/2023 3:17:10 PM EDT
[#32]
Quoted: Our daughter starts kindergarten in a few months, and we'll be spending $600/month on after school care instead of the $1,600/month for daycare we do now. So, what to do with the extra grand not going out the door every month? Already have NODs and thermal, so I guess investing is the "responsible" thing to do Spoke with my financial guy and we're thinking about putting $500/month into our post--tax brokerage accounts and opening a brokerage account for her that would receive the other $500 every month. When she gets old enough for a high school job, we would have her start contributing some of her check/tips to get her used to putting away retirement money at an early age like my parents had me do. We already max the pre-tax contributions in a 529 account for her, but I like the idea of having something that isn't tied to education that can also help teach the idea of saving and compound interest that isn't just a checking/savings account with our bank. So, what would you do with an extra grand every month? Let me give you an honest answer: There is no “Extra $1000”. That’s “poor people think”, and you need to retrain your mind. It doesn’t matter if you have a monthly excess of $1000 or $10,000 or $30,000 Don’t think about it. Buy what you need, and put the rest to work for you. Max out your tax advantaged accounts, including Roths. Then, invest in other ways, and become debt free. There is no “extra” until after your funeral expenses are all paid. |
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Posted: 6/1/2023 3:17:52 PM EDT
[#33]
Quote HistoryQuoted: Put into a Roth IRA or a 529 Plan 529 plan for sure. |
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Posted: 6/1/2023 3:18:36 PM EDT
[#34]
Vanguard Money Market currently at 5% - low risk
Growth Mutual Fund, Fidelity or Vanguard, Individual or Roth IRA - medium risk Individual stocks - highest risk |
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Posted: 6/1/2023 3:22:54 PM EDT
[#35]
Take your daughter and 4 of her closest friends to the mall every month and give each of them $200 to spend.
She will quickly become the most popular kid in her class! |
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Posted: 6/1/2023 3:24:30 PM EDT
[#36]
Land.
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Posted: 6/1/2023 3:24:35 PM EDT
[#37]
Quote HistoryQuoted: Take your daughter and 4 of her closest friends to the mall every month and give each of them $200 to spend. She will quickly become the most popular kid in her class!  Attached File |
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Posted: 6/1/2023 3:31:51 PM EDT
[#38]
Send it my way plz
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Posted: 6/1/2023 3:56:46 PM EDT
[#39]
Quote HistoryQuoted: Buy a rental near where she will be going to college so you won't have to pay room and board This is what I was going to say. It's a shit time to buy, but this is the route I would likely pursue. |
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Posted: 6/1/2023 3:59:56 PM EDT
[#40]
Quote HistoryQuoted: Take your daughter and 4 of her closest friends to the mall every month and give each of them $200 to spend. She will quickly become the most popular kid in her class! Whatever happened with that? |
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Posted: 6/1/2023 4:25:01 PM EDT
[#41]
VOO
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Posted: 6/1/2023 4:25:44 PM EDT
[#42]
Is your house paid off? If not I’d throw down on that.
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Posted: 6/1/2023 4:27:41 PM EDT
[#43]
Quote HistoryQuoted: Hookers and blow Fpni |
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Posted: 6/1/2023 4:27:57 PM EDT
[#44]
Bitcoin
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Posted: 6/1/2023 4:29:11 PM EDT
[#45]
You're sending your kid to public school and worried about college indoctrination? LOFL
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Posted: 6/1/2023 4:31:38 PM EDT
[#46]
Quote HistoryQuoted: I tell all my kids that if they can’t earn a full scholarship to college then they don’t deserve to go to college. An extra thousand ? 1,000 rounds .45 ACP 1,500rounds 5.56 zombies ain’t gonna shoot themselves You'd rather hoard ammo for a "zombie" fantasy than help with your kids education? JFC |
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Posted: 6/1/2023 4:33:09 PM EDT
[#47]
You’re on track OP.
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Posted: 6/1/2023 4:35:11 PM EDT
[#48]
Ford f250 tremor
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Posted: 6/1/2023 4:35:51 PM EDT
[#49]
Buy some ATVs
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Posted: 6/1/2023 4:37:37 PM EDT
[#50]
Quoted: Our daughter starts kindergarten in a few months, and we'll be spending $600/month on after school care instead of the $1,600/month for daycare we do now. So, what to do with the extra grand not going out the door every month? Already have NODs and thermal, so I guess investing is the "responsible" thing to do Spoke with my financial guy and we're thinking about putting $500/month into our post--tax brokerage accounts and opening a brokerage account for her that would receive the other $500 every month. When she gets old enough for a high school job, we would have her start contributing some of her check/tips to get her used to putting away retirement money at an early age like my parents had me do. We already max the pre-tax contributions in a 529 account for her, but I like the idea of having something that isn't tied to education that can also help teach the idea of saving and compound interest that isn't just a checking/savings account with our bank. So, what would you do with an extra grand every month? |
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