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I see parents requiring their own parents (the grandparents) to babysit full time and do things like, paying for the grandchild's college. That was not as common in my generation.
Yes, the concept of Grandparent Enslavement for free child care is very common. We have been told to contribute to our Grandson's 529 Plan. Our Financial Planner says it is a bad idea as too many 529 Plans produce poor results and we could provide far more financial help by keeping the funds in our own portfolio until the time the funds are actually needed. We will probably be deceased by then anyway.
A moot point in reality as our Son and DIL only wring their hands regarding any College Savings Plan and have not yet started a 529 for their son. To me this is a No-Brainer. He was born in 2000, will likely be starting college in 2018, establish a 529 with the sole investment being a 2015 Target Date Growth Fund from whichever Investment House they prefer. Done!
BTW - DIL works for an Investment Bank, has multiple SEC Licenses, and has not presented any solutions. OK, I can understand the need to avoid conflict of interest scenarios, that is why a target date fund offered and managed by a national firm would be ideal for them.
Yes, the concept of Grandparent Enslavement for free child care is very common. We have been told to contribute to our Grandson's 529 Plan. Our Financial Planner says it is a bad idea as too many 529 Plans produce poor results and we could provide far more financial help by keeping the funds in our own portfolio until the time the funds are actually needed. We will probably be deceased by then anyway.
A moot point in reality as our Son and DIL only wring their hands regarding any College Savings Plan and have not yet started a 529 for their son. To me this is a No-Brainer. He was born in 2000, will likely be starting college in 2018, establish a 529 with the sole investment being a 2015 Target Date Growth Fund from whichever Investment House they prefer. Done!
BTW - DIL works for an Investment Bank, has multiple SEC Licenses, and has not presented any solutions. OK, I can understand the need to avoid conflict of interest scenarios, that is why a target date fund offered and managed by a national firm would be ideal for them.
Sorry, I am just in a crappy mood this morning.
What do you mean? This is 2021. If they haven't started a 529 for a 21-year-old, it's too late now.
I am a Boomer raised - as most Boomers were, I think -- by parents born or raised during the Great Depression. My parents (working class) made it clear from the start that once we left their home, we were on our own and that no long-term childcare help or financial assistance from them would be forthcoming except for true emergencies and then with clearly defined time and financial limits. We raised our kids the same way, and as a result, our daughter (our son died) knows that she IS on her own. I truly think that this is the way to raise kids -- to make them independent and for them to take pride in that independence.
I do think it is a shame how many people today would consider that attitude to be a very harsh one.
Last edited by katharsis; 03-12-2021 at 09:20 AM..
Yes, the concept of Grandparent Enslavement for free child care is very common. We have been told to contribute to our Grandson's 529 Plan. Our Financial Planner says it is a bad idea as too many 529 Plans produce poor results and we could provide far more financial help by keeping the funds in our own portfolio until the time the funds are actually needed. We will probably be deceased by then anyway.
A moot point in reality as our Son and DIL only wring their hands regarding any College Savings Plan and have not yet started a 529 for their son. To me this is a No-Brainer. He was born in 2000, will likely be starting college in 2018, establish a 529 with the sole investment being a 2015 Target Date Growth Fund from whichever Investment House they prefer. Done!
BTW - DIL works for an Investment Bank, has multiple SEC Licenses, and has not presented any solutions. OK, I can understand the need to avoid conflict of interest scenarios, that is why a target date fund offered and managed by a national firm would be ideal for them.
Sorry, I am just in a crappy mood this morning.
I'd be in a crappy mood all the time if these expectations were foisted upon me.
It's YOUR money. You're now retired, and yes, living on a fixed income. Contributing to a 529 is not your responsibility. That should have been done by the parents years ago. The ship has sailed.
Put on your own oxygen mask before assisting others. You are responsible for yourself first.
My husbands father was born in 1956, my parents were born in ‘60-‘61 . All of them are detached from reality and the struggles younger people (even my generation born in the early 80’s have faced) . My husbands father (‘56) rose to be VP of a bank on an English degree and owned a house on cape cod. My husband has a MA in Finance and business analytics and was making $40k cause that was his HIGHEST offer we found. He has already been in the work force for 20 years at that point and we were making $100,000 in another field. It was killing him though. His finance company requires you to have a BA minimum just to be the secretary. Not joking. Everyone MUST have a BA to work there.
The boomer parents still think we can find a house for $125,000 and just throw some paint up and live in it for the next 10 years. I’m sick and tired of hearing how my parents paid $750 a month mortgage for their NEW BUILD 4 bedroom 3000 sqft home built in the 90’s. Can’t understand why we currently can’t get a home with my husband making $85k a year... they can’t figure out the math and don’t get why we can’t just up and move.. boomers are hands down probably some of the worst I come across and deal with.
What do you mean? This is 2021. If they haven't started a 529 for a 21-year-old, it's too late now.
Oops!!
Born in 2020
Start college in 2038
Target Date Fund of 2035 maturity
Sorry, it was a bad evening and morning.
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