For parents who are saving for their child’s college education, the main concern is not being able to save enough. The first step is to decide if you’re in the position to help your child. This may sound harsh, but your finances take precedence over your child’s college savings. Goals like paying down your debt, … Read more Saving for College Education With 529 Plan and Coverdell ESA
A child born today that goes to college will pay over $200,000 in tuition and fees for the privilege. While most students will not pay “sticker price” due to scholarships and grants, you are still talking about a ton of cash. To generate $200,000 in 18 years of investment, you would need to save $4,370 every … Read more Should You Pay for Your Kid’s College Living Expenses?
The following is a video post from Jeff Rose, CFP at Good Financial Cents. The video gives a comprehensive overview of 529 College Savings Plan and how it works. Topics covered include: what is a 529 plan, who can contribute to the plan, who has control over the plan, different types of 529 plan, what … Read more What is a 529 College Savings Plan and How Does It Work [VIDEO]
The last few generations of Americans have been indoctrinated with the idea that a college degree is an absolute must-have in today’s economy. While this is mostly true, the answer to “To have a college degree or not to have a college degree, that is the question,” is not so black-and-white as it may first … Read more The Pros and Cons of a College Degree
One of the biggest decisions that college freshmen need to make is whether or not to live at home while attending college. If your university is far away from your home town, the decision is a pretty easy one, since you don’t have much choice. However, if you are attending school within an hour of … Read more Should You Live at Home While Attending College?
Some parents worry about the double edged sword of teens and work. On the one hand, there is some research that suggests teens who work might get lower grades. On the other hand, a teenager who works will probably learn some important life skills. Should your teen work? What is more important – grades or … Read more 5 Reasons Why Teens Should Work (Even if it Results in Lower Grades)
Don’t you find it kind of funny when you hear high school students putting off learning about their finances because they think that’s what college is for? Just by talking to younger relatives and high school students in the community I have noticed that many assume they will learn how to handle their personal finances … Read more College Students Should Take Responsibility for Their Financial Situation
For both parents and students, off-to-school shopping can be an important financial lesson that should be shared. It is a prime opportunity for parents to get to teach their kids a few remaining lessons about budgeting and personal finance: two very important lessons college kids should be learning before leaving the nest. Here are fifteen … Read more 15 Tips to Avoid Overspending for First-Time College Students
Whenever the question of paying for college comes up, it seems to spark a heated debate. Some parents want to pay for it all, others are firm believers that their children should have to put themselves through college, and there is a third group that thinks half and half is a good solution. When we … Read more Pay For College or Make Them Work for It?
On Monday night, I stumbled upon the Dave Ramsey Prime Time on Fox Business Network Show and stopped channel surfing to watch it. I heard about Dave Ramsey through my friends — many of whom greatly admire him (e.g., Ana, Randall, Lynnae, Gibble, and Mrs. Micah). Personally, I like how he helps thousands of people get … Read more Dave Ramsey’s College Savings Advice