Saving Money for My Son’s College Education
In My Kid’s College Costs will be $467,000! Are You Kidding Me?, I may have gone too far toward the worst case scenario. After additional research at Savingforcollege.com, a more realistic number should be around $250,000 for 2024. Although I have not decided on the exact investment vehicle, I am leaning toward the New York’s 529 College Savings Plan.
In the mean time, I wanted to have a rough plan in place. Similar to my $1 million plan, I am going to save $5,000 per year starting this year (2007). If I invest that money in a tax deferred or tax free investment vehicle that grows 10% per year on average, I should have $250,000 by 2024 (updated 1/1/2008):
In the future, I will come back to this plan and adjust it if needed.
- June 6, 2013 – Saved $47,050. Right on track!
- June 7, 2011 – Saved $27,500 so far (slightly behind schedule, but these past few years have been tough on the Stock Market).
- October 1, 2009 – We moved to Virginia, paused the NY Plan, and started the Virginia 529 Plan.
- October 12, 2007 – We started a New York’s 529 College Savings Plan for our son.
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About the Author
, on Sep 10, 2007
is the owner of Moolanomy Personal Finance
. He is a licensed Realtor
specializing in residential homes in the Northern Virginia area. Over the past 20 years, Pinyo has enjoyed a diverse career as an investor, entrepreneur, business executive, educator, and financial literacy author.
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