Wealthy parents - any advice in how to cover $70,000 college costs?

Instead of paying all that money to line the ivy endowments pockets, and your child's ego, teach your child the value of money and how they can put it to work for them.

Buy 3 fully managed 8-10 unit properties in the Midwest or the southeast for 300k each with 100k down. Escrow plus property management will put you at 6k a month max expenses with 12k of nearly tax free income after landlord deductions.

Teach them to save, rinse, repeat.

ya..... wrote:

Instead of paying all that money to line the ivy endowments pockets, and your child's ego, teach your child the value of money and how they can put it to work for them.

Buy 3 fully managed 8-10 unit properties in the Midwest or the southeast for 300k each with 100k down. Escrow plus property management will put you at 6k a month max expenses with 12k of nearly tax free income after landlord deductions.

Teach them to save, rinse, repeat.

I am curious if you even read the original poster's question or if you are just that bad at reading comprehension. (Hint: he/she was asking how to lower the cost of the elite school education, not whether or not there were better alternatives).

But hey, maybe that's what you get when you sell your potential for a cheap piece of real estate.

Why not simply liquidate one of the family seafaring yachts?

Or sell one of the Renoirs, which are out of style now anyway.

Or sell some of your acreage in Sonoma. Climate change is going to male it hard to grow grapes there anyway.

Problem solved.

You're welcome.

If someone asks you how to get to the top of your building, do you just tell them where the staircase is or do you try to give them better advice?

Perhaps you and the real estate mogul missed the OP's earlier post:

OP again... wrote:

This thread has gone off the rails a bit. I just asked if there are any options other than our of picket which are worthwhile? I have enough. It’s all saved and ready. Kid can go where they want. It won’t affect my lifestyle or retirement or theirs in the future. But, if I can get a deal I’ll take it. This board has a lot of wealthy individuals who may have made a deal with colleges or found other rebates, coupons, tax breaks, etc.

Perhaos you did n ot understand my post. Of course throwing $300k away impacts your retirement. You coukd give the $300k to charity or you cou k d buy your kid a new house with it. That iis a better use for it.

If an idiot us walking down t h e middle if the road adking for directions, my first advice would be to get out of the road to save their life.

reading is fundamental wrote:

Perhaps you and the real estate mogul missed the OP's earlier post:

OP again... wrote:

This thread has gone off the rails a bit. I just asked if there are any options other than our of picket which are worthwhile? I have enough. It’s all saved and ready. Kid can go where they want. It won’t affect my lifestyle or retirement or theirs in the future. But, if I can get a deal I’ll take it. This board has a lot of wealthy individuals who may have made a deal with colleges or found other rebates, coupons, tax breaks, etc.

Right, they can go anywhere they want, which means going to state school and saving the 300k for something else.

If $300k does not have any impact, why waste even 5 minutes asking questions on Letsrun? It woukd be lije me asking how I can possibly get a pack of gum for $1 instead of $1.05. The OP is the only person on this site who can drop $300k and not have any impact. Is he Buffet or Gates or Bezos? Having a kid go to college for free and giving them the $300k may be the better option.

The main generator of wealth has been hard work for a long time and limiting spending and luxuries. Nothing was given to me. All that work has paid off in the end and I have no problem paying for education and experiences.

Another thing done by people who become wealthy is looking for deals when possible.

Why the hate? Everyone on here who is mad that someone with money is trying to save money will have a hard time building wealth. And despite the animosity, of course you would like to have money too. So here’s what you do: work...a lot. Don’t buy crap and do live modestly. Save a lot and continuously for many years. Find deals wherever you can get them. Even Bezos is looking for cheaper headquarters and tax breaks. Don’t be silly. Join us. You’d love it. And believe it or not, unless you stop cranking about “the rich”, you can do it too. It’s not complicated. Just takes stamina, but still easier than a good 10k.

Funny, that's what your wife says. But I kid, I kid!

Op again............ wrote:

It’s not complicated. Just takes stamina....

Op back wrote:

... Can the tuition of a student who is able pay full price at high level universities be decreased in any significant way? If so, by what mechanism? The question is not how can I save to pay full price the question is how can I get the price brought down like those who receive financial assistance. ....

Although, this won't work for private elite schools, you can either:

(1) bring the cost down on a public school that is part of WUE regardless of your income,

(There is a similar program for the midwest)

(2) your kid could get residency at a school in Utah after a year, such as U of Utah and then pay the $9k/yr resident tuition, or

(3) you can have your kid go to a good but cheap private school like BYU, which is about $11k/yr or $6k if you're LDS

(4) get a job at USC and your kid gets free tuition

https://employees.usc.edu/tuition-assistance-family/

The hate is directed at your comment that $300k has no impact on you or your kid. You lose credibility by making a comment like that. That is illogical unless you are a billionaire. If you truely are interested in saving money, you would send your kid to reasonably priced school and buy him a new house for graduation.

If you are wealthy you don't need to go back to school. Invest your money some place else.

It’s not illogical if the impact on retirement is quantitative but not qualitative. If he has 10 mil instead of 12 mil then OP will have no impact on his retirement qualitatively.

This kid went to Stanford, no prob on college costs -

http://www.marketvisual.com/Search/Results?searchString=Chelsea+clinton

Wisconsin has the most fortune 500 CEOs of any college. Sounds like that college is the best buy.

Apparently, transferring guardianship of a child before they turn 18 makes them eligible for financial aid regardless of the parents' income.

https://www.wsj.com/articles/college-financial-aid-loophole-wealthy-parents-transfer-guardianship-of-their-teens-to-get-aid-11564450828

You could always do this:

https://www.propublica.org/article/university-of-illinois-financial-aid-fafsa-parents-guardianship-children-students