Saving for your kids’ college?
Written by jlz on December 26, 2005 – 6:21 pm -A recent email I sent to a bunch of my parent friends.
Hey all…
you guys seem to be responsible parents 
so I figure I ask a silly question.
as you know, we will have anZel sometime in Apr, and we would like to start thinking bout the college saving for him. I know I know…it’s 18 years away and I fully expect anZel to get full scholarship from Harvard so that we don’t have to pay a penny. however, just in case my plan to train him to be a genius fails, I like to have a plan C. (Plan B is for anZel to work and save his own college fund, but just in case that fails too)
I checked out the obvious choices like educational IRA and 529, etc. It appears no matter how I calculate it, to get a kid to a U like UC Berkeley, it will cost $215,000 ($25,000/year today with 6% increase year-over-year, 18 years from now).
(kewl ajax calculator: http://sfc.529calculators.com/sfc/csc.htm)
To save enough, with a 6% return on investment, we would have to save ~$500/month!!!
Is that for real!?!?
What do you think? What are you doing? any tips you can share?
Posted in Education, anZel |
