May 9, 2018
#54: Paying for College – Should You Save For Your Kids?
Join in on the Retire Inspired Podcast as Chris talks about how much parents should pay for their kids’ college. He gives listeners seven tips to help them navigate this confusing and overwhelming topic.
- Talk to your kids about their life plans and how college may or may not be a part of the equation.
- Start early. Start saving when your kids are young. Waiting until their junior or senior year of high school will not give you adequate time to save. If you’re late to the game, don’t give up!
- Have your kids research scholarships and grants and apply for every money source they can (except loans). This researching and applying should be your kids’ part-time job in their high school years.
- Check out the options for paying for college. A community college is an excellent option to knock out the basics.
- Know the real deal about getting a degree from an expensive college.
- Consider the options with your kids: they could work part time; work full time and go to school at night; work full time to save up cash to go to school full time; join the armed forces and utilize their tuition assistance program.
- Be creative with additional expenses. Find ways to save on books, living expenses, meal plans, etc.
In addition to his discussion about paying for college, Hogan talks about an alarming article on student loan debt among Americans who are 50 and older. He also talks with callers about a variety of topics: asset allocations and investing; how to prepare for a new baby; paying off your mortgage early; long-term care insurance; and helping parents prepare for retirement. Plus, he gets to hear from an everyday millionaire about her success story.
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