The Lifestlye Blog of "HaM"
My wish this Wednesday is something that I need to make happen. It is my wish that both my sons get a good educational background that will allow them to become successful in life. I grew up in a family that always valued education and being a teacher, it is important to instill that same sense of importance into my children.
My biggest fear is that they will not have enough money to get the post-secondary education that they want because I do not have enough to provide for them. It is estimated that a UC will cost approximately $250,000 per child by the time each of my sons hit college age.
I am doing all that I can to help them save and will post about my use of California’s Scholarshare 529 plan tomorrow, but today was really about getting conversation started. Between paying the bills, putting into retirement funds, and daily spending, college is normally the last thing parents think about putting money into because they are spending so much elsewhere. I still have a difficult time figuring out where to correctly invest my money. With different interest rates on different large sum loans like a mortgage and compound interest from both IRA and 529 accounts, it is hard to determine where to put money that will be most beneficial for both myself and my children in 15 years. I have read parents saving aggressively for children at the cost of their own retirement and parents who save nothing for their children and putting it all toward their mortgage and retirement so they can help their children later on in life.