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Barry
03-16-2010, 05:39 PM
Does anyone know any good college saving articles? Where they explain how all the process works? Or just some good info on it.

I found a good one, something like this would be good.

http://www.creditloan.com/blog/2010/03/12/college-savings-programs-present-risk-tax-benefits/

cplmac
03-16-2010, 07:45 PM
Dude, College Savings is one of those oxymorons. If there is one thing that college does NOT do, it would be save you money. It will however suck up a ton of money. Actually, are you looking for this information for yourself, or for someone else (ie. children)?

outrider
03-17-2010, 01:11 AM
there is a college saving plan that gives you tax benefits I believe. I think its called a 501 plan. I would check with a tax professional about it. it is best if the child is very young to start it. waiting till they are 14+ will not give you enough to work with.

Sneaksta
03-17-2010, 10:06 AM
One other option is( gawd, im actually saying this) Dave Ramsey's Financial university. a 100 buck course, and it is so on the money it is scary. My wife dragged me to this thing last year, and he makes such good sense, and since then, our budget actually works, and we have managed to put away about 3grand into savings, while paying everything down, and me being unemployed/back to school since last august.

http://www.daveramsey.com/fpu/home/

I hate advertising, but this works and i stand behind it.

cplmac
03-17-2010, 12:25 PM
As I am much more awake now than I was last evening, I notice that Barry is located in Canada, by the looks of his location. If this is the case, he may need to have info that is from Canada since there could be some differences in rules and regulations up there as compared to the U.S.

Dimthar
03-18-2010, 07:09 PM
I think Google or Yahoo Finance can lead you to a bunch of OK articles.

Personally I've been trying to decide between a 529 (Before Tax) or a Roth IRA (After Tax).

Technically a Roth IRA is for retirement and as such does not count as an asset when applying for government aid. Also if that Son/Daughter's of yours drop out and don't finish college you can keep the money for yourself.

On the other hand, I am not sure if the 529 may be able to drop you into the "Earned Income" bracket, if yes it may be something to consider.

Or you may qualify for a Retirement Savings Credit with a Roth IRA.

Like retirement one has to be very vigilant, you may want a "Year Based Fund" or Mix of Investments, which means that as you get close to the withdrawing date, you move from High Risk (Typically Stocks) to "Low Risk" (Bonds, Treasury, etc.) - Note I did not say "NO RISK".

yukonhorror
03-19-2010, 09:28 AM
I'd take the advice someone said and go to a tax professional. My dad is a CPA, and he really knows what he is talking about. In short, school was completely paid off for within a year.

Of course, I am of the mentality (and this is off topic a bit), that the rising cost of schooling is going to force a bit of a paradigm shift to where universities and colleges are going to only be for those who require a High level of education (like engineering and research-based carreers) and the going trend will be going to technical schools like Devry to learn specific skills and trades. Companies will learn they don't need to hire people with degrees in Business and such from a traditional 4-year university, and may only require that associates or whatever. But those are my thoughts.

REALLY off-topic, I saw this PhD comics (hilarious online comic about grad school) that had a little graph with inflation, cost of schooling, amount of state spending, AND university president's annual salary. Pretty direct correlation if you ask me between the president's salary and the tuition costs.