Best Way to Pay for Your Kid's College EducationThe Best Way to Pay for college these days has its roots in a product that is over 100 years old. We won’t divulge the exact method here. Even if you guess it, you will still need guidance to implement and maintain it. Create Wealth on Auto-Pilot is an excellent resource in that it lays out exactly how to implement such a plan. We have listed the highlights of this savings below.
The funds you commit to this plan are:
This method of saving for college is completely flexible, before, during and after the college years. It is suitable as a savings plan for any goal you may have in mind. In fact, if you and your child decide that you want to start a business together, you can, by all means, make that change and you don’t have to get anyone’s permission to do it. Best of all, you are not subjecting yourself to unnecessary taxes, either.
One of our favorite methods for supercharging a college savings portfolio is to arrange for the parents to buy a piece of real estate in their child’s college town. This is by far, the best way to pay for your kid’s college education; if you know how.
As an example, a client of ours with two children; one in college right now and the other to follow in his brother’s footsteps shortly, advised us that he wanted to buy a small condo in the town where his oldest son is attending college. Rental rates continue to climb and put unnecessary pressure on the savings plan he set up long ago; so we advised him to purchase the property and maintain it in his portfolio until after his second son graduated. He liked the idea very much. We put him in touch with our network and they not only located a property with some equity, but a larger property than he expected, for the same price. We located a property with two bedrooms which means it will always be rented in full or in part. The property is close to a street mall that is widely known for its artistic community. Our client tells us that when his two sons finish college, he may refinish the property for him and his wife as a place to either live in or visit in retirement. The property has good potential for appreciation, as well. Lastly, he has eliminated the annual problem of finding a place for his son to live, which was a source of tremendous stress each year.
This method of investing not only serves a short-term need, it satisfies savings and planning goals on a much larger scale. We assisted our client with meeting savings goals for college tuition and we helped him begin his retirement savings business at the same time.
Investing For College and More Investing Money While In College Government Sponsored College Savings Programs Invest for the Long-Term and College Tuition Will Take Care of Itself
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