Saving for College?

lookout123 · 06-28-2005, 12:20 AM

i met a guy who knows a guy who once read about financial planning.

he suggests:

priority #1 always always always has to be your own retirement first. no exceptions. if you aren't fully funding your own retirement plans (401K, IRA, etc.) you shouldn't be thinking about college plans yet. Why, you ask? many students can get grants, scholarships, and loans. to date, there are no retirement scholarships.

priority #2 everything else. if college savings for your kids is something that you want to do, 529 plans are a great way to go. if you invest in the one sponsored by your home state, they are often tax deductible. but it is important to remember that not all 529 plan money managers are top notch, so it is sometimes prudent to forego the tax deduction in favor of another state's 529 plan that will give you more consistant returns. things like risk tolerance and time horizon are important questions to consider. or so i've been told. by a guy.

if you want specific info, i recommend that you inquire with a guy who knows a guy who knew a guy who met a guy who read a book. or someone similar.

melidasaur · 06-28-2005, 09:27 AM

I'm a big advocate for attending the first 2 years at a community college... it's inexpensive and there are a lot of really good ones (probably bad ones too, but that's another point). Once they have finished their first two years and required core classes at an affordable price, they can transfer to anywhere they want, as long as they pay for it themselves. You take care of the first two years - then cut the cord and have them assume some major responsibility and take care of the rest. I know a lot of people who went this route and it seems to work out. If the kids wanted to go somewhere expensive, the kids had to pay for it. If they do well at their community college, there is also a world of scholarships available to them too.

lookout123 · 06-28-2005, 10:06 AM

i, of course, went into the military to pay for it. in some states (like illinois) if you are a resident for 6 months before you enlist and return within 6 months after your enlistment you can go to any state school tuition free for the rest of your life.

06-28-2005, 10:06 AM	#3
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	i, of course, went into the military to pay for it. in some states (like illinois) if you are a resident for 6 months before you enlist and return within 6 months after your enlistment you can go to any state school tuition free for the rest of your life. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

06-28-2005, 12:20 AM	#1
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	i met a guy who knows a guy who once read about financial planning. he suggests: priority #1 always always always has to be your own retirement first. no exceptions. if you aren't fully funding your own retirement plans (401K, IRA, etc.) you shouldn't be thinking about college plans yet. Why, you ask? many students can get grants, scholarships, and loans. to date, there are no retirement scholarships. priority #2 everything else. if college savings for your kids is something that you want to do, 529 plans are a great way to go. if you invest in the one sponsored by your home state, they are often tax deductible. but it is important to remember that not all 529 plan money managers are top notch, so it is sometimes prudent to forego the tax deduction in favor of another state's 529 plan that will give you more consistant returns. things like risk tolerance and time horizon are important questions to consider. or so i've been told. by a guy. if you want specific info, i recommend that you inquire with a guy who knows a guy who knew a guy who met a guy who read a book. or someone similar. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

06-28-2005, 09:27 AM	#2
melidasaur Traded your soul for pogs. Join Date: May 2004 Location: Champaign, IL Posts: 646	I'm a big advocate for attending the first 2 years at a community college... it's inexpensive and there are a lot of really good ones (probably bad ones too, but that's another point). Once they have finished their first two years and required core classes at an affordable price, they can transfer to anywhere they want, as long as they pay for it themselves. You take care of the first two years - then cut the cord and have them assume some major responsibility and take care of the rest. I know a lot of people who went this route and it seems to work out. If the kids wanted to go somewhere expensive, the kids had to pay for it. If they do well at their community college, there is also a world of scholarships available to them too. __________________ I love England, what can I say?

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