Million Dollar Day: July 5th, 2029
Betty’s main concerns, in her own words:
I’m wondering how badly I’m screwing up my chances of getting financial aid for my 14 year old daughter. I got a very late start to saving for college for her and have only about $3k in a 529. I have $200K in my 401k and $23k in a Roth. I have about $65k in an investment fund which I was able to save years and years ago. Will having that non-retirement investment fund hurt my daughter’s chances of getting financial aid? I make about $90k a year. This sounds like a lot but I am saddled with an overpriced house I can’t sell and get almost no financial support from my ex as he is unemployed. I’m not sure if I should transfer $5k per year into the Roth and transfer money into the 529 to reduce the investment fund since I intend for some of that money to be used to help her with college or should I just leave it? I have about $20k in checking and savings but am reluctant to tie that money up bc the house has some problems I’ll have to deal with soon whether I want to or not.
What we cover in this episode:
- Divorced mom trying to save for college for her kid
- Preparing for her own retirement, despite other priorities
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