Monday Morning Money Minute
Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
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Monday Morning Money Minute
Financial Peace University teaches that steps 4, 5 and 6 take place at the same time. Step 4: Invest 15% for retirement, Step 5: Save for College, Step 6: Pay off your house early. Today we look at Step 5, saving for college. The two best tools for college savings are 529 plans and Education Savings Accounts. However, there are also other good options to pay for college. The first decision is whether college is even necessary. Many careers today rely on experience and skill instead of degrees. To control the cost, consider Virginia’s option of two years at a community college followed by two years at a state university. A greatly reduced total cost, combined with a bachelor’s degree from the 4-year college, make this a very attractive option. Of course, don’t neglect applying for scholarships and grants, military service and working your way through school.
