Save for College Now!
If your child is just starting high school you have four years to get your ducks lined up and put money aside for his college education. I’m not saying that it will be easy, but I am saying that it is not impossible.
Let me share a few things that I am doing to save for my son’s education:
- Credit cards: I am certain that by now you have gotten something in the mail, or email regarding a $200 or $300 bonus if you open an account with a certain credit card company. I did that with two, and when I got the promised bonus I put it into my son’s college account.
- Credit card rewards: Most credit cards give 1% or 2% back at the end of each months expenditures. That amounts to anywhere from $15 to $30 every month. I deposit those into the same college account. Remember that every dollar counts.
- Selling on eBay and Amazon: I often sell used books, toys or whatever else I find in the house that I can sell online. Whatever I earn I put into the college account.
- Kindle books: I’ve written a few books in my time and all the money generated from kindle sales are deposited into the college account.
- UGMA account: I opened an account a few years ago with Vanguard for my son and I add money to it whenever I can.
- My wife and I also save all the change that we have accumulated at the end of every month, put them in rolls and add it to the account.
These are just a few things that I have done so far to generate money for my son’s education, including this blog. At the moment this blog is not making any money, but it will. I am also working on another online business that I will introduce once I get it launched.
In just a few months this year I added $1893 to my son’s college fund. This does not sound like a lot, but every penny counts and I still have four more years to add to it before he goes to college.
Every parent should help their child with their education, but I also recommend that the child also get involved since it is for his/her benefit. Getting a part time job after they turn sixteen, or mowing someone’s lawn or walking their dog are just a few ways that they can earn some extra money.
I’ve heard many parents say that their kids are on their own, and if they want to go to college they have to pay for it themselves. I can understand where they are coming from, but I DO NOT want my child to get a degree and then have a student loan hanging over his head for many years after he graduates. That’s not how I want him to start his life after school is out. Therefore I will do everything in my power to help him pay for it.
If you are in a financial bind I would recommend that you look into generating some passive income online. I don’t want to make this sound easy, because it’s not, but it is not that difficult if one puts in the time and effort, and is willing to learn how to create and run an online business.
If you are not tech savvy then I would recommend that you pay for a course that your child can take so he/she can learn how to create an online business. On Udemy there are many such courses available that start as low as $12. The sooner you or your child starts, the sooner you will see results.
We are living in the 21st century and this is the way of the future. This is what I am doing for my son. I have already had him take a few business courses online to get an understanding of how money works, and I am in talks with him and a good friend of his to start an online business.
Entrepreneurship is becoming more and more important, and many of those that don’t get involved will be left behind. Take Mark Cuban for example.
What was self-made billionaire Mark Cuban doing when he was just 22? Read the article and open your mind. I’m not telling you that you can be a billionaire. What I am saying is that you and your child can become a successful entrepreneur if you are open to learning a new craft, have discipline, are goal oriented and have the confidence in yourself that you can do this.
Oh, and one more thing; Don’t say to yourself that there is too much completion out there because there is. There is competition in everything you do in life but if you don’t start now, and you give up before you even start, don’t be surprised that you will fail.
I’ll end it here for now, but if you are new to my blog and you want to know what your options are if you don’t start saving for college now, read my post; How Student Loans Affect a Person’s Life and find out for yourself what the consequences are for those that have student loan debt.
Until next time, take care of yourself, be safe and be prepared.
Goulash