Saving for College



After paying off bills, developing an emergency fund and putting money aside for retirement, many families want to start a college fund for their children or grandchildren. As with any type of investing, the sooner this is done, the greater the return.

A friend recently showed me the account he set up to help with college expenses for his grandchild. At this point in time he has put $9400 into the account and it has grown to over $21,000. In addition, he was able to receive a tax credit on his state income taxes of 20% ($1,880). So, for $7520 after the tax credit, he has nearly tripled the amount of money available for tuition, books, room and board, etc. The good news is that this money will never be taxed as long as it us used for approved education expenses.

For information on how you can set up a college fund for your family, please call me at 260-413-9589 or email me at BBurtonFC@gmail.com .

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