College Saving Plans

[CigarNut]

I think college can be a good investment. It all depends upon the individual student, the college, and the degree. I finished school with debt, but my job was a good one -- one that I could not have obtained without a degree.

In addition to course-specific studies a good college will teach students general (and specific) problem solving and study techniques that can be applied in many ways to help one get through life.

One of my sons was not suited to college -- it did not provide what he wanted out of life and my other son seems to be doing quite well. Not all things are for all people...

[themoneycollector]

Originally Posted by CigarNut

Our savings -- that my wife have worked very hard to accumulate -- is for my wife and I to use when both now and we retire. We have told our kids not to count on any inheritance. We want to be able to travel and enjoy things during our retirement.

Originally Posted by CigarNut

I think college can be a good investment. It all depends upon the individual student, the college, and the degree. I finished school with debt, but my job was a good one -- one that I could not have obtained without a degree.

well said, I agree on both points.

I've heard far too many stories of people who didn't save enough for themselves for retirement and didn't enjoy what they worked most of their lives for.

Also, the statistics are on the side of college grads, but it's not for everyone nor is it any type of guarantee. You really have to make the most of life and keep trying to be successful, whether that's with a college background or not.

[Silound]

Originally Posted by CigarNut

I think college can be a good investment. It all depends upon the individual student, the college, and the degree. I finished school with debt, but my job was a good one -- one that I could not have obtained without a degree.

Could not agree more. An education is worth exactly what you WANT it to be worth, and exactly what you MAKE it worth.

[billybarue]

First and foremost take advantage of non-taxable (Roth IRA), tax-deferred (Conventional IRA), and company matching (401K) investments for yourself. Your best return on investment will be from these mechanisms which avoid or delay taxes, or, in the case of a 401K have your company add to your compensation in the form of retirement funds.

After that plenty of advice on 529 plans are on-line.

Many states have free in-state tuition for members of the National Guard at any state school (or match the funds for private schools). Essentially, a 100% scholarship at some very good State schools. Seek out every scholarship opportunity. Take advantage of low-interest student loans - not a good deal now but that may change in future. Nothing wrong with stressing the kid has to help pay for school by working. Internships are an excellent way to get work experience in chosen field that will be invaluable on applications for jobs (or grad-school) when they finish their baccalaureate.