Kids & Family Finance Forum

Early Retirement Planning and College

Does anyone have thoughts about your kids' college and retiring early? We were thinking of using our brokerage account to fund the gap between early retirement (like age 51 or so, in 4-6 years) and when we're allowed to take disbursements, but brokerage accounts are heavily looked at on the FAFSA - like it would eat a quarter of our funds and cut us out of the new programs for free state college for low/moderate income earners. We're already maxing out IRAs and 401Ks etc. Maybe it makes the most...

profmom 89 XP

1 month ago 6 Share

Talking actual numbers with kids

My 11 year old asked me yesterday how much money we have and how much I make at my job. I ended up not telling her exact numbers, but assured her we had enough and that we were always planning for the future. I'm now second-guessing whether that was the right move. I want her to be financially literate, but I also don't want her to necessarily share those numbers with her friends without context. How have y'all handled these kinds of conversations at different ages?

Csalzman 162 XP

1 month ago 7 Share

Debit card for Kids

Till Financial has a debit card for kids that is zero cost. We found out about through our kids middle school. Been using it for almost a year now and it has been great. I am able to transfer money into their accounts and see what they have been spending and saving. The kids login allows them manage their own balance, see their spending history, and move money into savings goals and out of their debit "account" so they don't overspend. Allowances can be automated and more.

Bill 92 XP

1 month ago 4 Share

Grandparents want to contribute to an investment account for our baby

Hello everyone! We are expecting a baby in a couple weeks, my parents have inquired about setting up an account where they can make contributions for our child, with the funds not being accessible until they are an adult. First thing that comes to mind is a 529, but I have heard that it should be set-up in the grandparents name, with our child as the beneficiary? Can anyone confirm? I am also wary of the account being too specific, I know you can rollover $35k to a Roth (at least as of now); are...

Anonymous

1 month ago 4 Share

Second generation FI

What are your plans for teaching kids about finances? What has worked well? My daughter is 4 so we are starting to introduce tradeoffs. We have some plans for getting a checking account when she is older and telling her about the UTMA+529 but would love ideas.

sforrest 378 XP

1 month ago 8 Share

My wife's rebuttal to FI? There seems to be no consequences for bad financial behavior!

My wife and I are nearly FI. I've dragged her this far. She doesn't really understand FI. She doesn't understand the methodology, the strategies, etc. I do. And I believe in it wholeheartedly. But my wife has a (good?) rebuttal to FI….***"Why would we save and invest when seemingly society spends like drunken sailors and nobody ever pays any consequences!*** ***So they go into debt! They go bankrupt! What TRULY ever happens to them!"*** So she sees our neighbors with the new cars, the boats, etc...

vagrant1 354 XP

2 months ago 20 Share

Rewards Credit Cards - cashback rather than travel points

My child is off the college. In the past, their mom has paid for our children's tuition using her own travel points cards. I'd like to use the future tuition payments as a teaching opportunity for our child to use their own credit card, and earn cash back instead. Aside from Discover, what cards would you recommend (fee-free, naturally) for a young adult to adopt for paying their bills? Travel rewards are NOT what I'm seeking here. Thanks!

Paul Vail 75 XP

2 months ago 2 Share