Melissa Cappleman is the Dave Ramsey Certified Debt-Free Coach of the Greater Los Angeles Area!

College Savings

 

College planning

By beginning early, saving for your child’s education is easy. If you wait to the last minute however, you may be paying for that education long after your child has dropped out of school and is living in a commune. Remember this; you cannot afford to mortgage your future for the sake of a child.

Saving for college…

Establishing an educational trust at the births of your children is the smartest move you can make. Placing $5,000 in a mutual fund at that time, and leaving it there, will likely pay for their college education by the time they are 18. If you lacked the foresight to plan so far ahead when you were younger, as most of us do, there are alternatives to taking on debt to fund your child’s education.

We will help you discover those alternatives.

“Investing” in your child’s education…

As you may well know from personal experience, a college degree is no guarantee of high earnings potential. “Investing” in your child’s education is likely to be a losing proposition. This is an investment in her future, not yours. She should bear the cost.

  • Do not sacrifice your retirement to fund college for your kids
  • Do not lower your standard of living for the sake of your children’s education
  • Do not take on debt for your kids

 

Alternatives to educational debt…

Community college or state college are relatively inexpensive compared to a university education. Especially if your child has doubts about the viability of college for him or her, this is a great way – for both of you – to determine if college is the answer. There are also a myriad of funding plans to help you. Grants, scholarships, and student loans are readily available to nearly everyone.

Remember, refusing to take on debt for your child’s education does not make you a bad parent. In fact, their willingness to take on that debt themselves, and to invest in their own future, is a great indication of your child’s commitment to their own education – and future.

To learn more about responsible, effective college planning, and other techniques for living debt-free, give us a call today for your free get-acquainted call.

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