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Discussion Starter #1
My FFEF at nearly 50% complete!!!

In a week I have a good lump to put it that will bring us well over the 50% mark. I am SO excited.

I thought saving for the FFEF would be hard. That I would be extremely tempted to spend it. But I am scrounging for ways to build it..lol. :loser: I find building the FFEF WAY more exciting than it was paying off debt.

That should be complete early in the new year then it's getting the kids college funds going. DS goes in just 3 years, but if we are this focussed with THAT, then we'll have no problem.

What's after that? Retirement or mortgage?
 

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retirement should come before school

your child can work if you have no retirement you will be living with that child.

now if you are saying MORE retirement and you already have a good start then that is different. In that case I would say both. If you can enter into retirement with the house paid for then you need less money each month to live on.
 

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retirement should come before school

your child can work if you have no retirement you will be living with that child.

now if you are saying MORE retirement and you already have a good start then that is different. In that case I would say both. If you can enter into retirement with the house paid for then you need less money each month to live on.
Agree 100%.

Your child has to grow up and become self reliant. If that means they work to pay for school instead of mommy and daddy paying for it, so mommy and daddy don't have to live with junior/missie and eat alpo in their golden years, so be it.

Retirement >
Education for kiddos >
Mortgage

Mortgage is last because left at minimums it will get paid off anyway, and assuming you don't refi it every few years, it'll be paid off before you retire, making retirement all the easier.
 
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Discussion Starter #4
I was looking at numbers, and I think that college fund will come first for a few months, to get it started, then a set amount will be deposited. THEN retirement and mortgage will be worked on. We will be maxing out what we can pay on mortgage(Canada different rules apply here), it the mortgage close to paid off in 5 or 6 years.

This is all very exciting to see the positive in this! We are in a way better position than our parents were at our age. In fact we'll be nearly 30 years younger and mortgage free. Things are going good, we are truly blessed!
 
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When I say college funds, I don't plan on paying the whole shot, we always said we'd provide a place to live rent free and maybe a little something. So if I have a college fund of 20K to be shared between 4 kids. Not a full ride, but something to help them make ends meet if they are short. We have always said we'll have something for the kids but not a free ride. And then again maybe not. Maybe THAT savings will be for us in the end. But I don't want to see the kids drop out because they were short $600 for books, or tuition for a semester. I want to help, but not a free ride, as that ends up wasted.
 

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Congratulations, what a mile stone!
 

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When I say college funds, I don't plan on paying the whole shot, we always said we'd provide a place to live rent free and maybe a little something. So if I have a college fund of 20K to be shared between 4 kids. Not a full ride, but something to help them make ends meet if they are short. We have always said we'll have something for the kids but not a free ride. And then again maybe not. Maybe THAT savings will be for us in the end. But I don't want to see the kids drop out because they were short $600 for books, or tuition for a semester. I want to help, but not a free ride, as that ends up wasted.
Saving for Wesley's college (soon to be Maggie's as well) isn't something we are willing to stop doing either. We have no plans of paying all of it for him, but we regularly set x amount of dollars aside from every paycheck for him.

With all that being said, we have also always set money aside for our retirement as well. Finding a way to balance your priorities is essential.
 

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Way to go! Good job! :thumb:
 

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Mommy4ever - Love your enthusiasm and your plan to make it all work.

about the college funds - how much do you think college is going to cost when your children are ready to go? We were shocked 4 years ago when DD's cost over $50,000 a year. Now she's in grad school (another 4 years) and it's at least that. She's taking charge pretty much and is talking with the Air Force about a scholarship that will pay for her grad school. It would be a great opportunity for her to work in her field in the Air Force after she graduates.

Have your children look around for opportunities to help themselves.

Keep posting your successes - it's contagious!!
 

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My parents did not pay for my college. I can't remember them paying for a book or pencil (ok, I probably took some pens from my father's desk.)
I worked 3rd shift full time, slept an hour or two, went to school full time, studied/slept/studied. Was I burned out after four years? You bet! Am I thankful now? More than you can imagine. I have an enormous appreciation for hard work, I have horror stories, and through it I learned the value of a dollar that I made. I took out some loans, some grants, some scholarships, but all in all... if they had paid, I would not be the person I am today. They did not make enough to really contribute, divorcing halfway through my college would have made it even more difficult, and what my father did save he ended up needing for cancer treatment/funeral.
That's just my experience. I am sure those who have college paid for or at least helped with have advantages as well... but without a harsh regimen of work and school, I think some of the molding process is lost. Just my opinion.
 

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Woo hoo! Congratulations! :fdance:
 
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