Archive for the ‘Saving for College’ Category
Financial Literacy- Does It Still Work?
Posted March 30, 2009 by Bernz
Financial literacy means being savvy with your cash flows and understanding your financial transactions in order to make better decisions that will protect and increase your wealth. Many feel that financial literacy is no longer useful or relevant in the face of our current economic meltdown. They feel that, no matter what consumers know or do, they will be hurt in this recession.
However, financial literacy is more important than ever. Understanding your financial position and how to navigate through tough economic times will give you a leg up in ensuring your financial security.
The people who will survive and thrive in today’s economy are those who have a handle on their personal finances. They know what they own and what they owe and they know where the cash is coming from and going. Every dollar that comes in has a name- meaning they know exactly where it is going.
Popularity: 95% [?]
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Tags: budgeting, financial education, financial situation, Frugality, personal emergency funds, personal finance, Saving Money
Posted in 401k, Debt, Estate Planning, Financial Education, Financial Goals, IRA, Index Funds, Investing Basics, Investing Strategies, Investing in Real Estate, Life Insurance, Loans, Mutual Funds, Retirement Planning, Roth IRA, Saving Money, Saving for College, Simple IRA, Stock Market Investing, Tax Reduction, Traditional IRA, Wealth Building | No Comments »
Saving Up For Your Child’s College Education
Posted February 18, 2009 by Bernz
College can be one of the highest expenses a family ever faces. College tuition continues to climb every year with the average in-state annual tuition for public colleges costing $6,700 and $25,000 for private colleges. It is estimated that college tuition will continue to increase in the foreseeable future.
The best way to take control of saving for your child’s college education is to save early and save lots. While this is simply common sense, there are so many types of college savings plans out there, it can be confusing to choose the one that’s right for your family. Some of the options include:
1. 529 Plan- each state has at least one of these plans. A 529 plan allows you to invest up to a maximum amount of funds each year that are allowed to grow tax-free until the child attends college. The funds can then be withdrawn tax-free at the federal level. There may also be tax credits in your state to offset the state tax that may be payable on the investments growth.
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Tags: 529 plan, college education, federal student aid program, Saving for College, Student Aid, student financial aid, student loan
Posted in Loans, Saving Money, Saving for College, Student Aid | 1 Comment »
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