Travel costs for sb now. Flight. Hotel. Car rental....

[RADcatcher]

Hearing what people are paying to go from California to Oregon tournament and California to Colorado tournaments can definitely see a chunky increase in these costs.

What is the dfp softball world experiencing?

Has your team opted out of any venues because of expenses? Basically deciding a different schedule because of it.

 

[LEsoftballdad]

Basically, we're paying an arm and a leg this summer.

Flights from NYC to:
Greenville, SC
Kansas City, MO
Chicago, IL
Denver, CO
Long Beach, CA.
Hotels, cars, food...

Two driving events in NJ, so no rental cars or flight, and only one requiring a hotel.

It's probably a $20K summer.

 

[efastball]

Invest $20k (partly in a Roth) for 8 years and have $250k+ when they go to college. I'm just sayin.

20 years ago I found myself paying about $5k for 3 kids each per year, and decided that was the wrong approach.

You get much more for your money paying for instruction vs travel teams (until you get to the recruiting year)

 

[PharmerBrown]

Invest $20k in a Roth for 8 years and have $250k+ mostly tax free when they go to college. I'm just sayin.

But the 8 years of softball should take at least a decade off of your life, so that's a big savings.

 

[LEsoftballdad]

Invest $20k (partly in a Roth) for 8 years and have $250k+ when they go to college. I'm just sayin.

20 years ago I found myself paying about $5k for 3 kids each per year, and decided that was the wrong approach.

You get much more for your money paying for instruction vs travel teams (until you get to the recruiting year)

As much as your strategy sounds good, it doesn't work. First off, it requires an average annual return of 12.44%. Second off, there's a five year holding period for a Roth to be tax free. Third off, you have to be 59.5 to make a qualified withdrawal from a Roth. While IRA accounts allow for penalty free withdrawals for education, you still must pay the taxes, which could cause you to lose aid. Lastly, you can only do $7,500 per year, and that's if you're over 50, and there's an income phaseout that prevents you from making the contribution, which me and the Mrs. are above.

 

[RADcatcher]

Basically, we're paying an arm and a leg this summer.

Flights from NYC to:
Greenville, SC
Kansas City, MO
Chicago, IL
Denver, CO
Long Beach, CA.
Hotels, cars, food...

Two driving events in NJ, so no rental cars or flight, and only one requiring a hotel.

It's probably a $20K summer.

If you booked already...
Did you notice an increase in plane flights or hotel prices? What percentage?

 

[efastball]

it requires an average annual return of 12.44%. Second off, there's a five year holding period for a Roth to be tax free. Third off, you have to be 59.5 to make a qualified withdrawal from a Roth or you pay a 10% penalty.

8% compounded (I think the Dow averages abt 8, not including dividends)

No penalty if used for for college costs

Extra bonus points: Roth nets more than free 401k money (before you turn about 58)[and yes, it turns out there's quackery in finance also]

 

[LEsoftballdad]

8% compounded (I think the Dow averages abt 8, not including dividends)

No penalty if used for for college costs

Extra bonus points: Roth nets more than free 401k money (before you turn about 58)[and yes, it turns out there's quackery in finance also]

That's only partially correct. Only the contributions can be withdrawn tax-free prior to age 59.5, even for college.

Also, $20K for 8 years at 8% compounded only gets you $212K and change. You would need to contribute $23,500 per year at 8% to get you to $250K.

If you want to save for college, use a 529 Plan, not a Roth IRA. There are no age restrictions, and the contribution limits are far greater.

I'm well aware of the quirks of finance. I've been a Certified Financial Planner for 24 years.

 

[LEsoftballdad]

If you booked already...
Did you notice an increase in plane flights or hotel prices? What percentage?

Absolutely! This summer is much more expensive than last year. Everything is at least 15-20% higher than in 21 or 22.

 

[efastball]

And yes... the income limit is a bummer for couples making over $218k.