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College Education - Investing and Saving for Further Education
Saving up for College
Now that I have children that are growing up and approaching the college years, I fully realize how it is so true that time flies. I think most parents want their children to be able to pursue their dreams and go to college. Unless you plan ahead and save the time will sneak up on you before you know it. You have to choose to make it happen because there are always other things in life demanding money and attention.
There are a lot of investment strategies out there but most experts will agree that putting money aside for future college expenses is a must. Here are some basic tips to follow for planning ahead.
Make sure to start as early as you can to establish a separate college saving accounts. It is ideal to do this for the birth of each child. That said, don't be discouraged if your child is now grown and facing college years. Do what you can now and encourage them to go to college however you can make it happen. Many have done this.
Different Ways to Save
Every month, you should try to put at least a little bit into an account for each child. Even if the amount seems incredibly small to you compared to the cost of college, do this anyway. You are likely not going to regret it, and if emergencies should arise, you have the account there in a pinch.
Make investments that are keeping the ages of your children in mind.
Investing in stocks and mutual funds while your children are in the younger years is a great idea. This allows for their maximum growth before time gets stolen away.
Over time, you might want to shift your investments to more conservative and income producing types. This is good as your children are getting older. Some ideas might include mid term Treasury Bonds, and equity income funds.
You will want to try to time your investments to mature as your child is approaching college age. Time them for maturing before or near the time tuition bills are due.
To young people that don't have anyone really looking out for them in this regard, or who are unable to, you need to try and save for yourself. In short, get more income than you spend, and save the rest. Its a wonderful habit and you will never regret it.
**Special Note to those that either couldn't plan ahead in such ways or didn't realize it until it was too late. Never ever give up on pursuing a college education. Some families are very poor, and not for lack of working very hard. Some people don't have parents to plan ahead for them, and can only give their children wise advice for their futures. These kids can still have options available to them. Seek out counsel from Financial Aid offices in the colleges you want to go to. Make some phone calls, and make plans to make it all happen. You will be so glad you did. Do know that many have done just that, and are doing great in life.
Also, I have recently heard some neat stories of people that are in their elderly years that never got to go to school. There is a woman in her eighties that went to get her Psychology degree, and did great in her classes! She has received job offers and the other young students are jealous of her. This was the sweetest story and I wanted to share the great respect I have for people like this. Don't put restrictions on yourself, and don't let others do it either.