What does your college savings look like? Have you been diligent with funding that 529plan? Probably not. Chances are you are like most parents of teenagers who had great intention on funding that 529plan and saving money for college – but life got in the way. Your college savings took a backseat to that vacation, or quite possible that medical bill or even that temporary job loss that derailed your plans.
Today, we talk with Horace Jennings, a financial coach who lays out a plan to help you get back on track:
SAVE EARLY – SAVE INDEFINITELY!
Keep in mind, you have competing priorities: everyday expenses, vacations, retirements etc… It is difficult to keep is all going at the same time. Which one will you have to sacrifice?
The consequence of not saving enough is to resort to relying on student loans to pay for your child(ren) education. There are reports that as much as 66% of college students graduate with student loans, with the average debt up to $33,000 each. OUCH!
Links mentioned in this episode:
Horace Jennings website: shopfinancial411.com