Comments on: Make Your Kid A Millionaire: Prebirth Through 6 Years http://www.thesimpledollar.com/2006/11/28/make-your-kid-a-millionaire-prebirth-through-6-years/ Simple, applicable personal finance advice for the modern world Fri, 19 Mar 2010 11:22:05 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: David http://www.thesimpledollar.com/2006/11/28/make-your-kid-a-millionaire-prebirth-through-6-years/comment-page-1/#comment-4824 David Fri, 02 Feb 2007 06:50:10 +0000 http://www.thesimpledollar.com/2006/11/28/make-your-kid-a-millionaire-prebirth-through-6-years/#comment-4824 Well there is one way that you can go wrong with a 529. When our first child was born, we had a hard time grappling with the financial realities of being a family rather than a married couple. Our expenses (childcare, diapers, etc) were now $700+ a month higher, but our thinking did not change. We also were like 529, great, here's $175 per month. The end result is a net worth statement that makes no sense at all -- we have credit card debts of $24K, and a 529 plan balance of $9K. Talk about a duh moment. Yeah, we're not going to do that any more :-) Well there is one way that you can go wrong with a 529.

When our first child was born, we had a hard time grappling with the financial realities of being a family rather than a married couple. Our expenses (childcare, diapers, etc) were now $700+ a month higher, but our thinking did not change.

We also were like 529, great, here’s $175 per month.

The end result is a net worth statement that makes no sense at all — we have credit card debts of $24K, and a 529 plan balance of $9K.

Talk about a duh moment. Yeah, we’re not going to do that any more :-)

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