These days the huge, and growing, costs of tuition, fees and room and board have turned paying for college into a family affair. Impressing upon your kids the importance of a college education, and the character-building exercise of pitching in with other family members to fund it, can be a good lesson in family and personal values. It’s also part of a trend in recent years toward helping even the little ones become financially responsible – it’s a good habit they will later thank you for helping them cultivate.
Lots of Options, Loans If You Must
The good news is there are many ways to deal with the college funding issue at any stage of the game. You can take advantage of ways to reduce your income tax bill with education credits like the Hope credit and lifetime learning credit. Parents may consider the popular colleges’ savings plans and grandparents in a position to contribute to your child’s college fund may qualify for state income-tax deductions and gift and estate tax benefits by using certain instruments. (Be sure to look into the new 2008 “kiddie tax” law, which closes a loophole that effectively encouraged parents to transfer assets to their kids in order to save on taxes.)
Getting a Head Start with Stocks and Kenya Real Estate Might Make a Big Difference
A great idea for anyone in the family who can get a head start on saving for college – one that is particularly suitable for involving your child – is some type of automatic investment plan (AIP) that transfers money directly from a checking or savings account into a mutual fund chosen based on the time frame you’re working under. An AIP is a convenient way to take advantage of dollar cost averaging, which means you’ll buy more shares when prices are low and fewer shares when prices are high – one of the keys to successful long-term investing.
Getting teens and young adults involved in real estate investing to help solve the college funding dilemma is something that few parents might think of. But some institutions has – and the sponsors have put together an engaging, hands-on type of real estate investor educational experience designed to appeal to adults and their young relatives alike. And young attendees get a stellar return on investment – these institution lessons in financial literacy are free when they are accompanied by a registered parent, aunt, uncle or grandparent.
This institutions are an engaging, hands-on type of real estate investor educational experience designed to appeal to adults and their young relatives alike. And young attendees get a stellar return on investment – the institution lessons in financial literacy are free when they are accompanied by a registered parent, aunt, uncle or grandparent. For more information concerning real estate hints, kindly logon to www.kenyan-real-estate.com
