102 Beyond Your Wedding Day Podcast-Saving For Your Kids College
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*Meg wrote us to clarify that the “2nd” house her and her husband bought was only $8,000!
*Understand the purpose of a college education before you fund it
-Remember that a college degree does not guarantee you anything: success, a job, etc.
-You will be successful in college and in life based on your work ethic, your determination, your passion. Just because you have a degree does not mean you will automatically be rich
-College is not the answer to all of your kid’s problems
-College is a want, not a need!
*It absolutely IS possible to go to college without student loans
-Junior college, followed by a state college is very inexpensive comparatively speaking
-It is good for your student to work while in college
*Baby step 5 is to save for college
-39% of Americans with kids don’t save a dime towards college, 4% less than $1,000, and 25% have saved between $1,000 and $10,000.
*Save the money in an ESA (Educational Savings Accounts)
-You can invest it in any growth stock mutual fund you want
-The limit is $2,000 per year, per child (assuming your joint income is under $220,000)
-If you want/need to save more money than $2,000 per year, then saving in a 529 flexible plan in the next best
*If you have no money saved, you can still go to college debt free if you are resourceful enough
-Private scholarships are available for just about anything and anybody you can think of