[quote]I agree that a 529 is - for the most part - a safe investment, and probably the best thing to stash the money into. However, isn't CS supposed to cover the basic necessities of the children? Are the basic necessities being covered? Or, as is often times the case, is the CS something ordered, but not necessarily "needed"?[QUOTE]
Yes, the basic neccessities are being covered and more. That is why I worded it "some of the CS". I cant invest all of it as I need it to help provide for the kids. Extra things like "treats" or "just because" comes out of my income. What I decided to put into 529 is being matched from my income. Right now it is $100.00/month from both incomes which Im sure soon I will be able to increase both ways. We were never able to really get that started because honestly his money was always gone for some reason, so my income was the only input and we did not have the extra funding to start this sooner. I also have a savings account that some of the money is going into to help with their highschool years as they are close together in age. Its very expensive for all the extra activities, a vehicle, and their senior year will be costly especially with them graduating not too far from each other. Their names are on the account and the second name is trusted family members which happens to be the paternal grandfather or my sister to ensure if anything happens to me, it will be dispersed as needed and rightfully. With the above, current needed provisions, and the savings account, I am try really hard to make it 50/50 from the CS and my income so I can spread both incomes in different areas in the kids' best interest.
So, in general, one may think that that "too much" is ordered and I know that is the case in some situations. It is not so for mine. A couple who is grounded and sound in trying to plan the financial means to support the kids in their future plans and needs, would not only be providing for current needs but also for the future. I dont see why it should be different because his money has CS on the check. The ex has nothing in the works like financial support for them for futre things, and I dont feel he should because of the CS amount. That is what is for. If he chooses to do extra, that is of his own choice, but my focus is to use the money as wisely as I possibly can to make sure they are set as they should be for obvious reasons. Secondly, you never know what tomorrow may bring and either one of us may not be around to provide long term. I am taking advantage of the means at this point to make the most of it. There is no difference if I am doing all this be it with CS or as a couple.
I want to comment one more time on the ....[QUOTE]"Or, as is often times the case, is the CS something ordered, but not necessarily "needed"? " [QUOTE]
Yes, his CS amount was ordered per state standard amount. Along with that, he has standard visitation, which is btw what HE wanted, no more. His schedule allows him to have most of these times and he knows he is more than welcome to get them at any time for any length of period if his schedule does not allow him to go by the orders, yet he has yet to take advantage of ANY of those times. He has had them a few times because I had no one to watch them while I worked and I caught him to ask while around his family which is the only time he will not turn down some time with them. Of those five times, I have had to give him money to buy food for them, gas for his pickup, and dip so he can have the patience to have them those short periods. I do so, not for him, but for the kids. All but one time though, he did not use it for food for them as he said he needed it for. He has taken them to family residences to be fed. No, the CS payments are not what is "breaking" him. After the CS and medical, he takes home $3000.00/month and also has a second job that he started after the divorce and orders and which I am leaving alone. So, to look at this as a business as many do, I have them on his time. More "expenses" not to mention my sanity sometimes. My youngest has expensive medicines that he needs continuously and is in the clinic often during certain months...of which he has not paid half for. I dont confront the issue as they have good insurance through him. I left his retirement alone, along with his three vehicles, his several specialty guns, other valuable personal property, land, and there was no daycare order added. All, by my choice. I have a career that does not pay great, but it pays. Yes, I earned my degree while married. It was paid by PELL and low income programs for the books, daycare, and gas. I also worked during this period and my income was the main income during this time also. The plan was to get mine then to put him through school. His choice as he wanted me to be able to help him with the "learning" aspect. He chose not to even go though even with all my encouragement.
In other words, the CS is needed, is a reasonable amount, deserved, and is thoughtfully trying to be used as wisely as possible while keeping in mind of any future sudden changes.
[QUOTE] BTW, if you want to REALLY see the monthly investments explode, consider investing in alternative markets like real estate and options trading. Those are areas that many people feel are ultra-risky, but the risk is proportional to the knowledge one has in the industry.[QUOTE]
I agree that these are smart areas to look into and I have retirement set up where some of it is invested in these areas.... taken out of my check. I will look into the real estate also for myself. I have done a little bit of research on it lately. I think its a good choice sometime down the road.
The problem for me personally though with investing the CS in high-risk options like the above is this: it is simply not my money to play with. If the children want to look into these areas when they are older, I will educate and support them to do so. It's their choice. Other than that, yes, those are great areas to look into for explosive quick returns.
Thanks for the advice Stolz.
--------------------
"...And what a beautiful mess this is
It's like picking up trash in dresses..."
|
Previous
Index
Next
Flat
Re: Investing CS
Edit
Reply
Quote
