pay the way
saving for college
The Kids Will Be Alright
by Bryan DeCapite, CFL, Country Financial
It takes a village to raise a child, someone once
told me. Well, it seems it takes Fort Knox to send
one to college. Make no mistake, college costs are
as real as they come. For many parents this can
cause a great deal of anxiety and stress. Again, no financial institution will lend you money so you can
live off of it for retirement.
In my 13 years in the financial sector this is one area where I go
against the grain in saving for your child’s education. Now, before
you flip the page and move on from this article…please have an
open mind. What I’m about to say may make it sound like I’m the
worst the parent on the face of the earth, but I’ve been married
for 17 years and I have 3 beautiful daughters I adore. So, here it
is…. • Work-Study
• Community College
STOP SAVING MONEY FOR THEIR
COLLEGE NOW.
UNLESS …you have all of your financial affairs in order for
your own future. If you have saved for retirement and you’re
looking good, then by all means open up a state-sponsored plan.
They grow tax-deferred, and you can use the principal and
interest tax-free for higher education.
But, if you are like most of us and don’t have enough for yourself
for retirement…then folks, stop putting money in the cookie jar
for junior. Please, before you call child services on me, listen to
the method behind my madness.
When you turn 65 years old and you don’t have enough money
saved up, NEWS FLASH for you: There is not a bank on this
earth that will give you and your spouse money for retirement.
L26 |
Summer 2017
There are, however, plenty of banks that will loan you and your
child money for college. There are also alternatives to student
loans, including:
• Online Courses
• Scholarships
Yes, but Bryan we want to provide a better life for
our kids than what our parents gave us.
Hey, I hear you loud and clear, but your kids will be fine. I know
this sounds rebellious, but look at this way: If you don’t save up
for yourself and put all of your money into your kids college
fund, well, when you’re in your 70’s and broke, at least you can
live with your kids in their big house that your college fund
provided for them.
It’s ok, take care of yourself first. The kids will be alright.
Bryan DeCapite was a Financial
Representative and Manager for Country
Financial in Chicago for 12 years before
moving to Montgomery with his wife and
three daughters. He is now the local
Financial Representative for Country
Financial and enjoys helping others in the
area of retirement savings since he knows
it gives them peace of mind when there is
certainty for their future.
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