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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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I 'donated' to my own kid's college fund by matching their wages $/$ into their self-directed ROTHs (which they started at age 12). VERY nice for them to have NO AVAILABLE contributions on Fafsa application, yet have bundles of accessible funds in IRA's. (Which they never touched, since student loans are SO CHEAP for students and interest is deferred while in school.) They invested equivalent $$ to their student loans, and did quite well (and consolidated the loans for 2.7% for 20 yrs).
Lost Opportunity costs (and Fafsa) will take a very big bite out of any Student Savings. Invest it somewhere else, then pay off their interest AFTER they complete school, or create a family foundation that will perpetually gift. Or Gift directly to college in their benefit... FTBO
Too late .... although we really aren't making all that much. I'm simply trying to figure out how to give LESS of it to the government - who will waste it anyway.
Idea!
Give some charity $10,000 and you can save $1500 on your federal taxes!
As others are using so can you.
The Retirement Savings Time Bomb by Rd Slott.
I understand your situation
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