I didn't realize until I went through the archives, but last year, within a couple of days even, I did this exact same thing. Whoa, weird.
Last year, I bulked up the 529 to 1K. This year, I topped it off to 2K, which only took $650, thanks to the stock market.
Last year, I wrote that I keep the 529 as a concrete show of my plan to adopt someday. I guess Christmas makes me think even more about that adoption. This year, it was more emotional than last year for me. I guess I feel like adoption is more real now. So, now the 529 is at 2K.
Sunday, December 27, 2009
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6 comments:
His income is not certain - IT IS NOT CERTAIN!
Without my job with the non-profit we wouldn't have health insurance.
I think I want to be a consultant today.
Oh, and while we're at it - let's throw an adoption in. We have so much money we can afford the cost of it. Oh - who's going to take care of it? Well, ummm, hadn't really considered that. Our jobs are so flexible that it won't be any problem - I'm funding a 529 just for it.
http://www1.voanews.com/english/news/a-13-2009-08-05-voa3-68705267.html
Oh crap - you mean it will cost almost $300k to raise a child to age 18? And that's just for those poor slouch middle-income folks - for me and Senor that means it will be even higher! So much for that $500k house I had my eye on.
Too funny.
Anon above - what is wrong with having goals?
Dog, I really like your blog and I hope all the trolls don't get you down.
Way to plan for your kid's future. That first troll is just jealous.
I think it's great you're planning for the future like that. Invest now and take advantage of the miracle of compound interest.
Cat - it's too bad that when your money is invested in the market, as nearly all 529s are, there is no "take advantage of the miracle of compound interest". You may turn around one day (due to the nature of the 529 limiting the number of times a year you can move your investments around) and find yourself down 25% - as many already have.
My wife and I just adopted a little girl - after 3 failed adoption attempts. Or, rather I should say adoption rip-offs/scams.
They don't tell you about the birth mothers that are just out there to get the $$$ from you with no intention of going through with the adoption.
And there's not a damn thing you can do about it! Can't sue, can't hold them to an agreement, and law enforcement won't go after them for larceny (tried that).
I agree it's good to be considering the vast expense of raising a child these days, including education. But you're going to need that money long before the kid's college. Locking it up in a 529 may not be the best move now. Just having the money is good enough. 529 or not won't impress agencies, the courts or birth mothers.
ps- FYI: The adoption tax credit is now about $12,000. It will drop to about $5,000 at the end of 2010 when Obama allows the Bush tax cuts to expire!
pps- I (and my wife) would be glad to discuss the "real deal" issues we faced trying to adopt. Send me an email if you wish.
Good luck! :-)
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