Hi all - I have 4 nephews, ages ~4 - 12. Unfortunately, their parents are nearly poor and struggle just to get by much less save for education. In contrast, my wife and I are DINK and doing fairly well (maxed 401k, Roth IRA, HSA, plus saving on top of that).
I was looking into 529 plans, and liked Vanguard's NV-based one. However, min buy-in is $3k, or $12k for all of them.
Where I am struggling to make a decision is on if I allocate $12k for this. It would be a great thing to do for the kids, and I'd feel good about giving them a potential leg up in life when they've not had much of that so far. However, we are by no means in the clear financially with about $100k debt between mortgage and one car. I feel somewhat selfish, but $12k could also do us a lot of good financially (probably would dump into brokerage and left to grow for now). For the sake of argument, I have this cash in hand and can go either way.
Although any comments on the specifics of 529 plans are also welcome, I'm curious if anyone else here was in a similar situation and decided one way or another. If so, which way did you go and how do you feel now? Did you wish you chose differently when you had the chance? Thanks for reading.
Submitted October 22, 2020 at 07:16PM by ke151 https://ift.tt/34mwg8R
