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Saving for College?
Here's What You Need to Know! ®
By MOSES FOSTER, President
Achieve Black Wealth, L.L.C.
Total minority enrollment at the nation's colleges and
universities has sureged by 122% over the past 20 years.
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Start
Saving Soon
-
Invest in stocks as opposed to cash to maximize earnings
- Don't
jeopardize your retirement
When it comes to college
enrollment, blacks are making progress…but we
still lag whites by a significant margin.
That’s why it’s important
to include saving for our children’s education
in your financial plan. Here are three things to consider
in your college savings program:
1) The sooner
you start saving, the better – in fact,
if you invest just $50 a month in the stock market for
18 years, and you get a 9% return, you’ll have
over $25,000 for college.
2) Cash may not cut it -- that same
$50 a month saved in cash will net you less than $11,000
by the time college rolls around
3) Don’t jeopardize your retirement
– Your children will have access to student loans,
grants, and other vehicles for college funding. You
won’t have the same number of options…so
don’t forego saving for your own retirement to
send your kids to school – balance all of your
goals.
There are many different
options for college savings, but perhaps the most famous
is the 529. One of the beauties of these plans is that
when the money is withdrawn for college, it’s
withdrawn tax-free.
In other words, if you’ve got $10,000 saved for
your child, they’ll get the whole $10,000 –
you won’t have to pay taxes on it at your standard
rate. In addition, 529’s offer the following benefits:
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Your child doesn't
have control of or access to the account -- you do
- If your child doesn't want to go to college,
you can roll the account over to another family memeber
- Anyone can contribute
- There are no income limitations that might
make you ineligible
- Most states have no age limit for when
the money has to be used
For more information on
saving and investing, visit e-mail us at info@achieveblackwealth.com.
And remember: black wealth is our right, it’s
our obligation, and it’s the key to our future.
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