According to Fidelity, the parents of graduating high schoolers this year have only save 13% of the $100,000 needed for a 4 year college education.
The article continues about 529 plans and options available through Fidelity. Of course like all savings, starting early and regularly is key to success.
A child born now may face college expenses of more than double today's costs. So, the goal for new parents is not $100,000 saved per child for college but rather closer to $250,000 per child!
I am old enough to remember when college students who could earn enough working in a factory or at several miscellaneous jobs for 3 months to cover their own college costs. Those were the good old days.
Start saving early and regularly is the key for all financial goals.
'til later
Bargain Barb
- Bargain Barb
- Naperville, Illinois
- Greetings! I have years, no decades, of financial experiences to share. I have a passion for education. I am a control freak in that I need to know where my $ goes. I continually ask myself do we need that, what risks are we taking with that investment, how/when can we get at our $, and just how much does Uncle Sam demand of our every earned $. Stay tuned to my life choices now and my references to life choices/experiences from my past.
1 comment:
I started a company that lets anybody in your circle of friends and family gift directly into your child's 529 plan. So instead of another Barbie Doll or shirt from the Gap people can gift into your child's plan. It's a simple site and concept that helps people save for college and give meaningful gifts. The site is www.freshmanfund.com
I also write a blog on saving for college the site is www.giftingforcollege.com
Post a Comment