July 15, 2016
graduation savings

Where Do I Invest My Money for the Maximum College Savings?

If you’ve got yourself on track financially and you’re ready to start saving for your child’s college expenses, then you may be asking yourself where do I invest the college savings? There’s a myriad of saving options. Let’s look at where you can put it to get the most out of it. 529 Savings Plan The most popular way to invest your college savings is a 529 Plan. This is a state-sponsored plan that was created in 1996 that allows you to put money in that will be invested in mutual funds, index funds and things of that nature. The great thing about these plans is they grow tax-free and can be used for qualifying college expenses. For example, let’s say you invest $10,000 over a period of time and your money grows to $20,000. You can then pull the whole amount out to pay qualified expenses for tuition, books, etc. TAX-FREE!!! 529 […]
June 8, 2016
save for college

When should I start saving for college?

“When should I start saving for college?”, As a father of three, I’ve asked myself at what point makes the most sense for me to start saving for my kid’s college. With dollars flying out faster than they’re coming in, where do I find the extra income in my budget…especially when life just happens. However, my kids are rapidly approaching the college years, with my oldest just seven years away from beginning her higher education journey.  Coincidentally my kids will be in college for 12 consecutive years! So I’ve got to make a plan to cover what will be close to the equivalent of a whole other mortgage payment or more. So I understand this question and the obvious answer is the sooner the better. Unfortunately, most of the time we don’t start saving when we should. The way I look at saving for college is this, get your financial […]