Author Topic: 50k for eldest son for college  (Read 2385 times)

soccerluvof4

  • Walrus Stache
  • *******
  • Posts: 7161
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
50k for eldest son for college
« on: September 13, 2015, 09:33:29 AM »
The end of the Month I am getting about 50-60k after I pay taxes on an inurance bond for my business I closed before I fired. My Son is a junior in HS and while he has a shot at getting some funds for athletics I dont want to count on it. My sophomore Daughter just committed to a full ride and will get a 5k a year stipen  so her money in 529 i will roll down into the 2 younger ones. So I have about 30k in My Oldest whom i just said is in the start of his junior year. Since this 50-60k i really wasnt counting on for our retirement I want to just put it somewhere and forget it which would give him roughly 80k towards college and that to me is more than enough from us. ? is what should I do with it for the next 2 years??  I would also rather have him not have control of it till i see his freshman year (which we have covered) he shows commitment to college. Ideas?

wordnerd

  • Handlebar Stache
  • *****
  • Posts: 1156
Re: 50k for eldest son for college
« Reply #1 on: September 13, 2015, 09:58:46 AM »
Do you want to lock that money in a 529 if you aren't sure if your son is "committed" to college? You could transfer any unused money to your younger kids, but it's not clear if they'll need more, given that they're already getting your daughter's unused money.

forummm

  • Walrus Stache
  • *******
  • Posts: 7374
  • Senior Mustachian
Re: 50k for eldest son for college
« Reply #2 on: September 13, 2015, 10:00:21 AM »
Put it in a 2-year CD.

GizmoTX

  • Handlebar Stache
  • *****
  • Posts: 1450
Re: 50k for eldest son for college
« Reply #3 on: September 13, 2015, 10:23:26 AM »
I also recommend putting the money in an online 2 year CD or savings account. You don't want to tie it up in a 529 in case none of your children will need it.

We are contributing $20K for our niece in college, paying $2,500 per semester after grades are posted & if she has at least a 3.0/4.0 GPA as a full time student. We have an online account login at her university & send it directly there for her tuition.