2220: Managing College Costs by Offering an Incentive by ESI of ESI Money

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🗓️ 27 February 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

ESI of ESI Money talks about managing college costs Episode 2220: Managing College Costs by Offering an Incentive by ESI of ESI Money ESI Money is written by "ESI", a 50-something retiree. The site is basically a list of what's allowed him to become financially independent and how you can implement those successes in your life. His philosophy is simple and focuses on doing three simple things to achieve financial independence: earn, save, invest. There's a bit more to it than that, of course, but if you can concentrate on these three areas, they will get you at least 90% of the way there. The original post is located here: https://esimoney.com/managing-college-costs-by-offering-an-incentive/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 2220, managing college costs by offering an incentive
0:07.9	by ESI of ESIMoney.com, and I'm your host and personal finance enthusiast, Diana Mariam.
0:15.1	Thanks so much for joining today as I share another article that can help you optimize
0:19.6	your finances, just like we do each and every day, rain or shine.
0:24.6	So with that, let's get right to it as we optimize your life.
0:32.6	Managing college costs by offering an incentive by ESI of ESIMoney.com
0:40.4	Other than retirement, we only have one major expense left in life, college for our kids.
0:46.6	Some might say that it's not really our expense, but one for our kids, but we've always wanted
0:51.9	to pay for our kids to go to college if they were so inclined.
0:56.2	This post will detail what we've done to pay for it as well as the path chosen by each
1:00.8	of our children.
1:02.8	Background.
1:04.6	Many years ago when our kids were toddlers, they are 20 and 18 now.
1:09.0	We started saving for their college expenses.
1:11.8	We saved in education IRAs, education savings accounts initially, and graduated to 529s.
1:19.6	We lived in Michigan at the time, and when we started, the state's 529 was well-rated.
1:25.5	In addition, we got a tax break for being in state investors.
1:30.3	Throughout the years, we sucked away money here and there in an effort to build a fund
1:34.3	that could cover a good amount of college costs.
1:37.4	The problem is you don't know how much to save.
1:40.6	If your kid goes to an elite school and you get zero aid, that could be $50,000 per year
1:45.9	or more.
	...

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