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College costs are soaring! When I went to school, 4 years of college tuition was approximately $20,000. Now 4 years at a private college costs $135,000 and $80,000 at a state college. By the year 2028, costs at a private college are going up to $625,000 and $370,000 a public school. Wow! Getting an education has surely become expensive
If you are up at night thinking “I am not saving and investing enough for my child’s education”, realize that it’s never too late.
Here are some action steps I encourage you to follow:
1. Tighten up your budget or start a budget in order to free up more cash to save and invest. If you’re not sure how set up a budget or how to tighten your budget, enroll in mywealth.com financial planning course and I’ll gladly help you.
2. Establish a goal. A good goal is to be able to save enough to pay for two years of your child’s education. Most people cannot save and invest enough to meet all four years and will have to cross that bridge when they come to it. Many people skip this step and then never do anything.
3. Become familiar with various ways to save and invest i.e. 529’s, Coverdell ESA. One great place to get this information is the mywealth.com financial planning course.
4. Be honest about your ability to invest and how you feel about losses. Most people should be using 529’s with the age based portfolios. They are relatively safe and you are better off then 80-90% of the investors that invest on their own.
5. If you want to invest on your own make sure you really know what you are doing and realize that there will be other hurdles i.e. tax, financial aid, etc. 529’s and Coverdell ESA allow you to take the money out tax free for the child’s education. We cover all of these options in much greater detail in the mywealth.com investing course
So what does all this mean?
If you are young family, your grandchildren’s education will probably be in the millions and, keeping pace is a real challenge and requires a real strategy. A lot people that value education for their children are not taking their own advice and getting educated about how to pay for it!
What should you do now?
I hope my action steps give you some real direction. I realize that this information can be a little confusing and overwhelming. We will be able to help you determine the best path for you and your family without trying to sell you anything. This is why we created an online course to teach people financial planning and investing. The financial planning course and investing course are only $25 each and I’ll be on hand to answer as many questions you have about college savings plans and investment options. I invite you to visit our website www.mywealth.com and read more about this course and our other courses where you can enjoy interactive priceless education from the comfort of your own home.
I look forward to seeing you in the course and assisting you with your situation!
Bob O’Brien
Sr, Instructor
www.mywealth.com
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