The FIRE movement motivates individuals to retire in their 30s and 40s, prompting discussions about the financial implications of early retirement, especially regarding children's education. In the Chubby FIRE subreddit, parents shared opinions on college expenses, questioning the necessity of significant yearly costs. Suggestions included utilizing a 529 plan at a child's birth to fund college education through investment growth. It was noted that scholarships and state universities could alleviate tuition burdens, with part-time employment for children filling any remaining financial gaps.
One Redditor suggested putting $50,000 into a 529 plan the day your child is born and then forgetting about it. Of course, you have to put the money into a good ETF for the funds to compound, but if you do that, you may have enough money for your child's college education.
Parents in the Chubby FIRE subreddit share strategies for keeping college costs down and maximizing their money, emphasizing the importance of planning early.
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