When should I start saving for college?

finance loan money

There is an easy answer to this question – it is never too early to start saving for college. Every year tuition rates increase and the earlier you begin to save, the better off you will be in the future when it comes time to send in your first tuition payment. The following tips will help you figure out how best to start the process of saving.
1. Invest in Stocks like Nowguaranteed
Because tuition costs rise faster than the rate of inflation, investing in stocks may be the best way to save for college. As your child gets older, you can switch out some of your savings into bonds and cash.
2. Start a 529 Savings Plan
A 529 savings plan is another great option and it can also lead to great tax breaks. Most plans allow you to save over $200,000 with no income restriction or limits on the age of the beneficiary. Qualified withdrawals are even free from federal tax.
3. Don’t Think You Have to Pay for It All
There are countless ways to kids to raise money (one thousand dollars loan) for college these days. From federal and state aid to merit scholarships and grants there are plenty of ways to bridge the gap between your savings and the cost of your child’s tuition. The more you save, the better off you will be, but do not think that you have to come up with every nickel and dime your child will need to go to school.
4. Look for Tax Credits
There are always new tax credits and some of them may benefit you during the years you pay tuition. Keep an eye out for credits for which you may be eligible – the American Opportunity Tax Credit and the Lifetime Learning Credit are just two of the many for which you may qualify.

One of the concepts Robert promotes is his cash-flow quadrant

finance money

Obviously, I can’t reproduce it here, but (hopefully quickly) I can try to describe it.

In the upper left is the letter “E” –
for employee.
Lower left is “S” – for
Upper right is “B” – for business owner
Lower right
is “I” – for investor

He says that the two left quadrants are for the people who trade time for money and whose money doesn’t work for them if they stop working.

The right two quadrants are for the people who have an asset that works for them (depending upon how well they set it up), regardless of whether or not they are directly involved in day-to-day operations.

I like his basic premise here, but the problem is that he places IBOs, or distributors in an MLM, in the B quadrant – for business owners. And as all of us here have discovered, an IBO really owns nothing. It’s this mislabeling of participants in MLM as “business owners” that, for a man clearly as astute as he is, makes him a sell-out.

I have not read “Ordinary People, Extraordinary Wealth.” Sounds like it needs to be on my reading list. Thanks.

I’ve had other fires to attend to already this week


so haven’t chimed in much on this thread. But I’ve been watching and thinking “hmm, this 15-minutes-a-day stuff might work nicely here too. And Kathy you’re right. It’s very similar to the “change the mindset” involved with Oli. Once that habit is formed, and that mind-set has shifted, it’s easier to stay with it forever. I hate to take on yet another “new thing” this year already, but this one seems pretty worthy. And we certainly need it. Sigh. Where to spend my 15 minutes today?

I am on Day 2/365 of 15 min a day decluttering


Every morning between shuttling kids I have about 20-25 minutes. I used to spend it checking email. I’ve decided I’m going to spend it decluttering, and started with the home “office.”

I have let it go so long that you can barely tell I’ve made a dent, but I’ve gotten rid of a bag of trash, disposed of last year’s unnecessary mail and cleared a path so you can actually walk through it.

More importantly, I’m starting a habit and getting out from under the burden of STUFF just like I am developing the habit of getting out from under the burden of debt.

We are not even debt free yet


and we get a lot of accusations that we are selfish because we won’t abandon the program to give them money so they can vacation, buy non necessities, etc. When we suggest they even read a copy of tmmo we are told it is a scam and that we are fools. Yet look at whose debt is shrinking and whose is escalating out of control.