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102 Beyond Your Wedding Day Podcast-Saving For Your Kids College

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In this episode of the Beyond Your Wedding Day Podcast, we discuss the Total Money Makeover by Dave Ramsey.  We take a look at Chapter 10: “College Funding: Make Sure the Kids Are Fit Too.”

2 Ways to contact us and get your question answered on the show: www.mikeyoungcoach.com/feedback

Call us at: 847-780-6632

*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

Would you like to work with Mandy and Mike one on one?  Check out the Beyond Your Wedding Day Marriage Prep Course.

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