Cash Flow College, AVOID DEBT
The best advice that I can offer is this, help your kids to grow up with no debt! I wanted my kids to graduate and be able to start a job and be independent without college loan debt weighing them down. I am not saying college is cheap and easy to pay for, but if you start early or atleast have a plan then it is doable, not easy, but doable.
A few things that will make a difference –
- Fill out the FAFSA as early as you can. The window opens in October and there is government money available that you do not have to pay back.
- Look for small scholarships, they are not as competitive as the big ones and it does add up.
- It is ok for your son or daughter to work a small job to pay for their own spending money.
- If you can start saving as soon as they are born, open an account for them and start putting money into every year. It will add up by the time they are 18. Don’t just open a savings account though, talk to a financial advisor to get the best return on your money. Compounded interest makes a big difference, so look at a 529 or other college savings. Clark Howard and Dave Ramsey both have good advice on paying for college, Debt Free!
D.L.S.
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