Last month I finally opened up a 529 college savings account for Andrew and Emma. For those of you not familiar with a 529 account, it is basically a state-sponsored tax-free savings account to be used for educational purposes. It is also a monthly reminder of how little money you will eventually be able to save for your child's education.
I took the monetary gifts the kids received from the past months, and it totaled to around $3000. I really wanted to buy the Macbook Air which costs around $2000, but would it be responsible of me to spend my children's money? That's an easy answer.
So with the remaining money, I deposited $500 into each of their accounts. I also set up a monthly direct deposit so I won't have to physically part with our hard earned cash. Assuming the kids will go to college, we have a good seventeen years to build up their fund. And if one of our kids ends up being a little Gumpish, all the better.
One financial website has a calculator to estimate how much it will cost to put your child through college in 2024. For instance, the current one year cost to put a child through UCLA is around $11500. In the year 2024, it estimates that to put your child through 4-years of college at UCLA it will cost a total of $115000. Do you know how many $10 lap dances I can get for $115000? At least 2300 dances (I tip really well).
Who knows where Lisa and I will be financially in seventeen years, but right now we're not too sure how to save over $200,000 to put our kids through college. With the 529 savings calculator, it looks like we should be able to get to 75% of the estimated goal. So with the 25% difference, all I have is three words for Andrew and Emma: whore, whore, whore.
Speaking of college, my friend, Brian, has a web-based comedy series called "Dorm Life." He and his friends made it last year and it finally debuted this past Monday. Check it out!
Here's a link to their press release: PRESS RELEASE.
And here's a link to their web site: DORM LIFE.
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