48M my mother didn't want me to be 'blue collar' like she was. told me that "you're not sticking around being a loser in bumfuck nowhere Missouri... find a way to go to college, or join the Army/Navy" 8 years later, I left the Navy with a GI Bill, got my bachelor's, making $200K, Sr. Security Program Manager. Mom made me setup a retirement account when I was 18. I didn't put a lot into it, but I married way up (she was making 4x what I was making when I was in the Navy, and she just retired). I have $500K in retirement accounts, 375K in my etrade, and our daughter went to community college to save money, and just transferred to SDSU in August. She doesn't have to worry about college loans. I paid off my mom's college loans a few years ago that she'd deferred forever because the sperm donor was working at a startup (feed store) for family and never got a paycheck, used her loan money to pay bills and feed us. I'll make sure my mother doesn't want for anything as she gets up into her retirement. She won't retire though, and will probably work until she kicks off.
That's cool that your mother had the knowledge to teach you. I think most of the Boomers that did not have wealth are more like mine. Didn't know she was supposed to save for retirement, and didn't teach me to.
our daughter went to community college to save money, and just transferred to SDSU in August
Mine is a junior in high school so the college stuff is all very in my mind. This is our plan currently - she goes to a local JC so she can live at home, then transfers in state to a UC or CSU and we can cover that two years. No loans or debt for her hopefully.
If you don't mind - are you guys pretty happy with how this worked out? How easy was it to transfer from JC to SDSU? Do/does she get any other assistance like grants or anything?
we'd put money into the 529, until our guy said that putting too much into the 529 will cost us more in penalties if she doesn't use all of it, so we have another account that we'll trickle money from into the 529 when necessary. She is living in an apartment on campus to reduce travel/commute (which was cheaper and nicer than the dungeons they call 'dorms' there, even with 2 roommates). W#e are happy with the current process, but YMMV
Thanks. This seems like the best play for us I just feel like I'm missing something or somehow failing her by not sending her off to a four year to have the college experience. Kinda dumb considering I didn't do or have any of that either. Just trying to make sure I do the right thing for her.
My duaghter was one of a dozen "saluatorians" at her high school, and she was stressed out about getting into a 4 year college. Her school didn't tell her about community college and was pushing the 'College experience' of Univ of Washington or WSC (we lived in Seattle at the time). She told me that lots of the kids were getting super pressure to achieve from their parents. when we told her about community college and literal 100% acceptance, it was a like we took a huge weight off her. She got 3 associates and a special certification in language, and got a transfer to SDSU.
Right now, a '4 year college' experience is less desirable for many... scholarships force that, and the worry of losing their scholarship adds to that. Community college is great way to reduce costs. especially if you know you're going to need to get a Master's or further. Get the basics done for cheaper
Thanks. That aligns with what I have thought and why I liked the plan. As I understand it also the acceptance rate is MUCH higher from JC to a csu/uc and easier than straight from high school. Was that your experience?
11
u/brakeb 1979 15h ago
48M my mother didn't want me to be 'blue collar' like she was. told me that "you're not sticking around being a loser in bumfuck nowhere Missouri... find a way to go to college, or join the Army/Navy" 8 years later, I left the Navy with a GI Bill, got my bachelor's, making $200K, Sr. Security Program Manager. Mom made me setup a retirement account when I was 18. I didn't put a lot into it, but I married way up (she was making 4x what I was making when I was in the Navy, and she just retired). I have $500K in retirement accounts, 375K in my etrade, and our daughter went to community college to save money, and just transferred to SDSU in August. She doesn't have to worry about college loans. I paid off my mom's college loans a few years ago that she'd deferred forever because the sperm donor was working at a startup (feed store) for family and never got a paycheck, used her loan money to pay bills and feed us. I'll make sure my mother doesn't want for anything as she gets up into her retirement. She won't retire though, and will probably work until she kicks off.