Five Ways To Raise A Financially Successful Child

With student debt soaring past 1.5 trillion dollars, it isn’t getting any easier for Generation Y and Generation Z to get up and going financially in this world.  Unemployment is now sitting under four percent and wage growth is barely rising at the pace of overall inflation. This means that as parents, we need to do everything we can early on in our children’s lives or even as they get close to graduating college to set them up for long term financial success.  It is important we teach them the concepts and practices that can help them become more financially self-sufficient down the road.  Here are five ways you can help raise a financially successful child. 1. Start Saving for College Tax-Free The average student will amass more than $30,000 of student debt in college, so doing everything we can to help them avoid having that debt is important.  Remember, do not sacrifice your retirement for your children’s college education ...

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Personal Finance – 101 – College Education Planning – The timer is winding down

A few weeks ago I wrote two articles outlining the types of assumptions you should consider for college education within your overall financial plan.   I also shared a number of different savings vehicles you could use to park away dollars for this goal.    As you get closer to this goal, remember it is important to pull back on the risk in the investments you take.   Several years ago in 2008, many parents got hurt because the funds they saved for college were nearly cut in half when the stock market dropped by 50%. Beyond your savings, your other consideration is to decide how you might fill the gap between what you saved for your kid’s college education, and what it will cost between tuition, room, board, fees, etc.   While all of us can only hope our child wins an academic or athletic scholarship, it is best to plan conservatively and assume you will have to design a strategy to save ...

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