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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How Do You Get In State Tuition At An Out Of State School?

The cost for college education continues to rise at a blistering pace.  Although tuition and fees can vary widely amongst colleges and universities, the cost for tuition and fees for the 2013-2014 school year was $30,094 at private colleges.    For in state schools it was $8,893 and $22,203 for out of state students at public schools.   That doesn’t include housing and meals which ran another $10,000 on average and books and school supplies that were about $1,200.   Considering these factors, is the only answer to send your child to an in state school?   Not necessarily.   Here are some ideas on how to get your child in state tuition to an out of state school. By the way, the answer we aren’t searching for is to change your children’s address to a relative that lives in the state where you want your child to go to school.  What the real smart money moves are about, is gaining a better understanding of ...

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National 529 Day

Today is National 529 Day.   Just another day on the calendar to get you thinking about how you will support your children’s college education.   I have noticed over the past several years that college education is one of the areas that people in their 40’s and early 50’s are WAY behind in when it comes to planned savings.   I’m also seeing much more discrepancies between spouses and partners alike about what is the best way to plan for this goal.  Should your kids go to an in-state school?  Should they go to the college of their choice?   Should you plan for an ivy league private school?   What happens if they just cross the border and go to a state school in a bordering state?   Imagine you get home from work one day and your child has the magical letter from that college or university that you both always dreamed they would attend?     Will you have a plan in place that ...

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