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Posted: 6/1/2023 8:42:44 PM EDT
[#1]
Keep up with inflation
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Posted: 6/1/2023 8:54:19 PM EDT
[#2]
Quote HistoryQuoted: Lots of great advice here. Something to keep in mind is the money market funds have higher expense ratios. You'll save a lot in the long run by going for an index fund like VTSAX or a ETF like VTI. Also life is short. Do something YOU would like for yourself or your family. $1,000/mo in savings is a decent amount of money. That's easily a family vacation or great dinners. Make some memories with your family my friend. You can always save money, making memories is a better investment. VTSAX tracks 3000+ US stocks and VOO tracks the SP500. VTSAX is an index fund which only trades after the day is over and has a minimum investment requirement of I think $3,000. VTI is an ETF with no minimum requirement and you trade it any time during normal trading hours like any other stock. Both are lower expense ratios than money market funds. Quote HistoryQuoted: Lots of great advice here. Something to keep in mind is the money market funds have higher expense ratios. You'll save a lot in the long run by going for an index fund like VTSAX or a ETF like VTI. Also life is short. Do something YOU would like for yourself or your family. $1,000/mo in savings is a decent amount of money. That's easily a family vacation or great dinners. Make some memories with your family my friend. You can always save money, making memories is a better investment. Quoted: What's the difference between voo and vtsax? VTSAX tracks 3000+ US stocks and VOO tracks the SP500. VTSAX is an index fund which only trades after the day is over and has a minimum investment requirement of I think $3,000. VTI is an ETF with no minimum requirement and you trade it any time during normal trading hours like any other stock. Both are lower expense ratios than money market funds. Comparing a MMF to an equity index fund is apples and oranges. There is NOTHING similar about these - and the expense ratio as a reason means you might not fully understand MMF's. The expense ratio on a MMF is largely irrelevant, and you do not compare the expense ratio of a MMF like you would to an equity based mutual fund or ETF. MMF is a fixed income asset, measured in 7 day yield. This is net yield, AFTER expenses. So you only really compare Money Market Funds by their net 7 day yield. It *is* important to compare expense ratios for long term investing of *similar* equity funds and ETF's, just for greater returns over a long term. If your argument is to invest the money in equity assets for the chance of greater returns in the long run - that's fine. But comparing equity funds to MMF based on expense ratio is kind of nonsense. |
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Posted: 6/1/2023 9:13:53 PM EDT
[#3]
Quote HistoryQuoted: Good thinking, but if either OP (or his wife) have a reasonably good job, they will be completely disqualified from all Federal Aid anyway. Just the way it is. The average person, has No Idea. My kids got a State scholarship, which paid about half, but that was purely on their own Merit. Most States don’t even have that. Would the half that was paid have been covered by your Roth contributions? In state tuitions are running around 25k per year. |
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Posted: 6/2/2023 9:25:50 AM EDT
[#4]
Quote HistoryQuoted:  ..Voice of wisdom right here OP. This is what keeps me coming back to the GD. YOLO! Quote HistoryQuoted: Quoted: Side piece ..Voice of wisdom right here OP. This is what keeps me coming back to the GD. YOLO! Yep, these are the outside the box ideas I come here for. Any sucker can say 529 account, but it takes a brave soul to speak the truth about needs, wants, and desires in these uncertain economic times
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Posted: 6/2/2023 9:26:30 AM EDT
[#5]
Quote HistoryQuoted: Pay off all credit cards then half toward mortgage and half in Roth account. Thankfully we don't have any debt beyond the mortgage. |
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Posted: 6/2/2023 9:29:19 AM EDT
[#6]
Quote HistoryQuoted: Have another child... that will fix that extra money problem real well. Hell no. One and done. Steps have been taken... |
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Posted: 6/2/2023 11:03:28 AM EDT
[#7]
Quote HistoryQuoted: Buy a rental near where she will be going to college so you won't have to pay room and board This actually is a solid plan. My folks did that 30 years ago, built a little 2 bedroom, 1 bathroom, 4 car garage place, paid maybe 100k total between land and place. Sisters both went to college 5 miles away and both lived there saved probbly 40 k in housing costs for them. Parents just sold it for 600k. Rental income paying the rent for 20 of those years, so they made a solid 600k . . |
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Posted: 6/2/2023 11:20:28 AM EDT
[#8]
Quote HistoryQuoted: This actually is a solid plan. My folks did that 30 years ago, built a little 2 bedroom, 1 bathroom, 4 car garage place, paid maybe 100k total between land and place. Sisters both went to college 5 miles away and both lived there saved probbly 40 k in housing costs for them. Parents just sold it for 600k. Rental income paying the rent for 20 of those years, so they made a solid 600k . . Quote HistoryQuoted: Quoted: Buy a rental near where she will be going to college so you won't have to pay room and board This actually is a solid plan. My folks did that 30 years ago, built a little 2 bedroom, 1 bathroom, 4 car garage place, paid maybe 100k total between land and place. Sisters both went to college 5 miles away and both lived there saved probbly 40 k in housing costs for them. Parents just sold it for 600k. Rental income paying the rent for 20 of those years, so they made a solid 600k . . We have no idea if/where she'd go to college or a trade/tech school, and the idea of getting into the rental market right now makes me fear for the little bit of free time I have now. |
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Posted: 6/2/2023 11:28:58 AM EDT
[#9]
Quote HistoryQuoted: Pay extra on your mortgage. Don't do this if your mortgage rate is anywhere near 3%. |
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Posted: 6/2/2023 8:37:45 PM EDT
[#10]
Quote HistoryQuoted: We have no idea if/where she'd go to college or a trade/tech school, and the idea of getting into the rental market right now makes me fear for the little bit of free time I have now. You do if you’re paying for it.  |
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Posted: 6/2/2023 8:39:44 PM EDT
[#11]
So…most likely dance class or gymnastics or volleyball will end up taking that and more but enjoy it while you can. The universe has a way of balancing the budget for you.
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Posted: 6/2/2023 8:47:04 PM EDT
[#12]
Extra cashflow! Great!
Good spot to be in. Grow it. |
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Posted: 6/2/2023 8:48:34 PM EDT
[#13]
Start stacking the 529.
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Posted: 6/3/2023 7:44:00 AM EDT
[#14]
Quote HistoryQuoted: Extra cashflow! Great! Good spot to be in. Grow it. Finalized the plan with the money guy last night. $500/month into a brokerage account with her name tacked on the end and $500/month into one of ours. Can’t give kids everything 
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Posted: 6/3/2023 8:13:53 AM EDT
[#15]
I take it you are sending her to a Private School Kindergarten?
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Posted: 6/3/2023 8:15:08 AM EDT
[#16]
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 they don't give out Full Rides like they did in the 80's and 90's, even 2000's. |
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Posted: 6/3/2023 8:17:53 AM EDT
[#17]
What amount of debt are you carrying, and at what interest rates?
It might be best to go after the debt depending on the answer. |
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Posted: 6/3/2023 8:19:10 AM EDT
[#18]
Use that money to send them to a private school.
Fuck public education. If you're already doing that, max out 401k. If already doing that, max out IRAs. If already doing that, buy bookers and blow and enjoy your success. |
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Posted: 6/3/2023 8:22:59 AM EDT
[#19]
Quote HistoryQuoted: That's a real understatement. Quote HistoryQuoted: Quoted: 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. Yeah, talk to investment guy about this too. |
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Posted: 6/3/2023 8:26:24 AM EDT
[#20]
Since you stated you are currently maxing out your 529, then I would open a Roth and max it out as well. Once you max out the Roth, ask your investment pro for another investment vehicle that has a good return.
Are you sending your child to a private school or a government school? I cannot stress strongly enough that if you can afford to send your child to a private school you should very seriously consider it. I don't care how good the government schools are in your area they will still have lower standards of education than a well run private school. Not to mention the quality of the students is more desirable at private schools. Or, pay off your house and/or cars (if you carry automotive debt) early and then save even more money per month. |
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Posted: 6/3/2023 8:34:25 AM EDT
[#21]
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Posted: 6/3/2023 1:12:58 PM EDT
[#22]
Quote HistoryQuoted: What amount of debt are you carrying, and at what interest rates? It might be best to go after the debt depending on the answer. Mortgage at 2.25 is our only debt, thankfully. |
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Posted: 6/3/2023 1:15:10 PM EDT
[#23]
Quote HistoryQuoted: Since you stated you are currently maxing out your 529, then I would open a Roth and max it out as well. Once you max out the Roth, ask your investment pro for another investment vehicle that has a good return. Are you sending your child to a private school or a government school? I cannot stress strongly enough that if you can afford to send your child to a private school you should very seriously consider it. I don't care how good the government schools are in your area they will still have lower standards of education than a well run private school. Not to mention the quality of the students is more desirable at private schools. Or, pay off your house and/or cars (if you carry automotive debt) early and then save even more money per month. We’re going to see how kindergarten goes and go from there. We’ve spoken with parents in the area who have similar values and political stances and while there are certainly failure cases, parent involvement seems to be the major factor in who does well in the elementary and middle school she’d be going to. Shit parents make shit kids. Who knew… |
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Posted: 6/3/2023 1:15:50 PM EDT
[#24]
Guns, lots of guns.
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Posted: 6/3/2023 1:16:52 PM EDT
[#25]
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 Unfortunately their race plays a significant factor is just how smart they have to be to get a full ride. If they're not white or Asian perhaps that reasonable but if they are not being that smart doesn't mean college should be out of reach. Imo. |
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Posted: 6/3/2023 1:17:38 PM EDT
[#26]
PSA daily deals
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Posted: 6/3/2023 1:17:43 PM EDT
[#27]
Quote HistoryQuoted: Would the half that was paid have been covered by your Roth contributions? In state tuitions are running around 25k per year. Quote HistoryQuoted: Quoted: Good thinking, but if either OP (or his wife) have a reasonably good job, they will be completely disqualified from all Federal Aid anyway. Just the way it is. The average person, has No Idea. My kids got a State scholarship, which paid about half, but that was purely on their own Merit. Most States don’t even have that. Would the half that was paid have been covered by your Roth contributions? In state tuitions are running around 25k per year. I’m not sure. When I said I paid Half, I meant room and board and food plan. |
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Posted: 6/3/2023 1:26:37 PM EDT
[#28]
Quote HistoryQuoted: Humble brag thread? How about this then. I have no kids. What should I do with all my thousands every month? https://www.ar15.com/media/mediaFiles/525471/nokids_jpg-2836735.JPG It doesn't matter because you have no kids. |
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Posted: 6/3/2023 1:39:38 PM EDT
[#29]
Honestly whatever you decide just have a plan and make sure tge 1000 goes towards it(obviously unless you have an emergency).
I'd start a savings account for 1 year just to get 12k expendable cash to sit on and then put it towards whatever you decide. Debt free including mortgage sounds nice or buy a cheap property to rent out (more work). Don't let that thousand become part of your daily expenses over time. It's really easy to get used to extra cash and become used to it. It only takes 6 months for a raise to basically have you back to where you were before By squandering it in daily life spending. |
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Posted: 6/3/2023 1:49:53 PM EDT
[#30]
Quote HistoryQuoted: Honestly whatever you decide just have a plan and make sure tge 1000 goes towards it(obviously unless you have an emergency). I'd start a savings account for 1 year just to get 12k expendable cash to sit on and then put it towards whatever you decide. Debt free including mortgage sounds nice or buy a cheap property to rent out (more work). Don't let that thousand become part of your daily expenses over time. It's really easy to get used to extra cash and become used to it. It only takes 6 months for a raise to basically have you back to where you were before By squandering it in daily life spending. Yeah, that last part is why I want to get it moving towards something that’ll grow as soon as school starts and daycare payments stop. Similar to the 401k contribution, if you never see it in your checking account you never miss it. |
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Posted: 6/3/2023 2:10:48 PM EDT
[#31]
Homeschool your child. Raise them yourself instead of paying strangers to do it.
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Posted: 6/3/2023 2:19:49 PM EDT
[#32]
Quote HistoryQuoted: Mortgage at 2.25 is our only debt, thankfully. Quote HistoryQuoted: Quoted: What amount of debt are you carrying, and at what interest rates? It might be best to go after the debt depending on the answer. Mortgage at 2.25 is our only debt, thankfully. Then I would say either Roth IRA or a brokerage account where you just buy index funds with it and leave it alone long term. |
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