RetireJapan

TokyoBoglehead wrote: ↑Wed Nov 16, 2022 10:02 am Longer term
10 million for kid 1 college
10 million for kid 2 college (not born yet)

Basically, we will have no money to invest when the two kids are a bit older, (outside of the mandatory ideco/nisa), so we are scrambling now.

¥10,000,000 for 1 kid in Japan is a good target.
If North American, ¥50,000,000 might be what you need in 18 years.

Tuition at a private US uni is 10x Japan: ¥7,000,000. Add in ¥3,000,000 for living expenses and bingo, ¥10,000,000.

For our two at uni, I think close to ¥30M total (more for one, less for the other). Both did it as a five year plan--one studied for a year at a live-in juku and then matriculated; the other did a year abroad, and since those credits weren't right (not the specifically required science courses) it meant an extra year when back. One was in osaka, the other tokyo, which was either more expensive than living locally, or very much more expensive.

TJKansai wrote: ↑Sun Nov 20, 2022 12:53 am

TokyoBoglehead wrote: ↑Wed Nov 16, 2022 10:02 am Longer term
10 million for kid 1 college
10 million for kid 2 college (not born yet)

Basically, we will have no money to invest when the two kids are a bit older, (outside of the mandatory ideco/nisa), so we are scrambling now.

¥10,000,000 for 1 kid in Japan is a good target.
If North American, ¥50,000,000 might be what you need in 18 years.

Tuition at a private US uni is 10x Japan: ¥7,000,000. Add in ¥3,000,000 for living expenses and bingo, ¥10,000,000.

North America? You will never need that much in Canada or Mexico. He has Canadian citizenship so prices will be somewhat similar to Japan, but room and board could be more expensive.

captainspoke wrote: ↑Sun Nov 20, 2022 1:16 am
For our two at uni, I think close to ¥30M total (more for one, less for the other). Both did it as a five year plan--one studied for a year at a live-in juku and then matriculated; the other did a year abroad, and since those credits weren't right (not the specifically required science courses) it meant an extra year when back. One was in osaka, the other tokyo, which was either more expensive than living locally, or very much more expensive.

That's a good point. We'll aim for 10 million for now, but it'll be invested so it'll grow hopefully. Our son has just shy over 5 million now at 2 1/2.

I was always a reasonable saver and got rid of my $30,000 NZD Uni loan after about 2 years in Japan. But after that I focussed on world travel and enjoying myself a bit.I was about 37 when I wanted something to read on the plane to NZ so picked up "Rich Dad, Poor Dad" and it blew me away. From there I found Retire Japan as it was more suited to my needs living and most likely retiring in Japan. I especially started to feel the pressure when I realised that I was going to stay here and had only paid into the pension scheme for about 4 years as it hadn't been offered it in previous jobs (and I didn't really think I'd need it).
Fast forward 6 years and I'm 43 and now have Ideco, NISA, and NISA Junior set up, an emergency fund, a 4 year old daughter and 18 year mortgage.
My wife is very much to herself but has some NISA set up, retirement savings through her work and over 20 years of pension payments.
I always kick myself for not doing this sooner but I hated accounting and economics at school and that meant I wasn't interested in investing etc.
Which is a pity but at least I got started when I did. With stagnant wages, inflation and eveything else going on at the moment I feel reasonably secure with my finances now and that is great peace of mind.

Inakappe wrote: ↑Mon Nov 21, 2022 5:49 am Fast forward 6 years and I'm 43 and now have Ideco, NISA, and NISA Junior set up, an emergency fund, a 4 year old daughter and 18 year mortgage.

That is a pretty decent situation and puts you ahead of the vast majority of people. Well done!

I wouldn't mind knowing the male to female ratios of followers of this personal finance blog.

TokyoBoglehead wrote: ↑Sun Nov 20, 2022 2:59 am North America? You will never need that much in Canada or Mexico. He has Canadian citizenship so prices will be somewhat similar to Japan, but room and board could be more expensive.

True, Canadian citizenship makes a huge difference. An international student needs to budget up to 6-7 million/yr depending on the province.

Of course, a lot will depend on the JPY, but I think 10 million for 4 years might end up being at the low end once inflation is factored in. On the other hand, living with relatives and grabbing a scholarship could leave you with a pretty nice nest egg!

TJKansai wrote: ↑Wed Nov 23, 2022 7:55 am

TokyoBoglehead wrote: ↑Sun Nov 20, 2022 2:59 am North America? You will never need that much in Canada or Mexico. He has Canadian citizenship so prices will be somewhat similar to Japan, but room and board could be more expensive.

True, Canadian citizenship makes a huge difference. An international student needs to budget up to 6-7 million/yr depending on the province.

Of course, a lot will depend on the JPY, but I think 10 million for 4 years might end up being at the low end once inflation is factored in. On the other hand, living with relatives and grabbing a scholarship could leave you with a pretty nice nest egg!

10million is just the first mile marker. If the JNisa is not replaced all future funds will be in "one big pot" anyways.

His JNisa is at 4.5 million and he is 2 1/2. I don't think it's unreasonable to think that will reach 10 million by 18.

Finger crossed.

Wales4rugbyWC19 wrote: ↑Mon Nov 21, 2022 6:18 am I wouldn't mind knowing the male to female ratios of followers of this personal finance blog.

Leaving kids aside, as for the wife and I, we've always been 1:1.

(anything else is probably not legal, nor recommended)