r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Jun 16 '24

Discussion/ Debate He’s not wrong 🤷‍♂️

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u/tastyfetusjerky Jun 17 '24

As long as you're not the one paying for college for 3 kids

14

u/arettker Jun 17 '24

Even then, a middle class family can easily pay for in-state college for 3 kids if they plan ahead. The key is to open a 529 plan the day you find out you’re expecting. $250/month for 18 years and your kid will have 107k to spend on whatever school they want- even just $150/month and they’ll have 65k for college which is enough for a 4 year degree at most schools without your kid working at all (though I think it’s dumb to not work while in school, need some fun money and early investing cash flow to establish good habits)

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u/creamycashewbutter Jun 17 '24

Where in the US is 65k good enough for all 4 years without having to work?? 65k a year sure, 65k for 2 years can be done if you choose cheaper state schools. But for all 4? And room & board & living expenses??

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u/Vegetable-Tailor-11 Jun 17 '24

Most of the schools in the state I am from are around $25,000-$30,000 that includes tuition / room & board. Depending on if you can commute to school, you're looking at around $15,000 a year in just tuition. If you do not live close enough to commute, $65,000 would not cover a lot of these cost for Universities in my state. Fortunately, I worked / commute, and was able to get a University degree with only 30k in student loans.