A New Way to Pay for College? David Stackpole's Unique Strategy
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 7 July 2021
⏱️ 38 minutes
🧾️ Download transcript
Summary
EDITOR'S NOTE: At 28:15 David states that generally you cannot take out money from a ROTH to pay for college without paying a penalty. David later pointed out, however, that you may take out up to $10k without penalty to pay for qualifying higher education expenses.
David Stackpole, wealth manager and Certified Financial Analyst (among other titles), joins the podcast to discuss his strategy for paying for the ever-growing cost of college. David points out that college tuition has increased nearly 1,400% since the 1970's, which amounts to a 6.4% annual inflation rate. With costs rising so dramatically and so steadily, many parents find it difficult to save enough for their children's college education. David has a unique strategy for dealing with this problem, however.
David recently published a paper outlining his approach in the University of Louisville's Journal of Student Financial Aid, which you can find here:
https://ir.library.louisville.edu/cgi/viewcontent.cgi?article=1701&context=jsfa
Transcript
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| 0:00.0 | Hello, WineAppers. My name is Jesse Mekim and this is podcast number 508 for WineApp, |
| 0:09.2 | where we teach you four rules to help you stop if you pitch or to pitch it, get out of |
| 0:12.1 | debt and save more money today. We welcome David Stackbull to the WineApp podcast and we're |
| 0:17.2 | exploring a different take on student debt, on financing college. David owns a wealth |
| 0:24.4 | management practice in Virginia and recently had a paper published with the University |
| 0:28.5 | of Louisville on how to manage the high cost of college by rethinking debt in a new, very |
| 0:35.0 | different way. He reached out to me with the concept and I, at first, honestly, I was like, |
| 0:40.3 | no, this way, what is this exactly? And then he explained it to me kind of back in the |
| 0:44.9 | napkin and I was like, this is intriguing. David's insights are not complicated. They're |
| 0:50.1 | actually surprisingly simple, but it's compelling and it's a little different than some of the |
| 0:55.2 | strategies that we typically discuss or that you see thrown around in personal finance books. |
| 1:00.2 | This might be one where you want to grab a notebook and rewind and listen back to really grasp, |
| 1:07.7 | well, the whole thing. So let's get this episode started. Please welcome David Stackbull to the WineApp |
| 1:13.4 | podcast. Welcome David Stackbull to the WineApp podcast. Welcome David. |
| 1:21.6 | Great to be here, Jesse. Thank you. I'm very excited to chat with you. You reached out to us and |
| 1:26.6 | said, hey, I have a little bit of a different take on college savings. And I'll say by saying that, |
| 1:34.8 | you kind of broadened what we might be looking at as we look at college savings. And that was what |
| 1:39.6 | I found super interesting. So I'm super excited to have you on the on the show today. Let's, |
| 1:45.0 | let me have you answer just a little bit for everybody who you are. Tell us about your background. |
| 1:49.6 | Who do you try and help that the gist of things in that regard? Oh, you bet. So David Stackbull, |
| 1:55.8 | as you just said, I own a wealth management practice in Charlottesville, Virginia. My |
| 2:00.0 | educations in English, economics, finance and investment analysis. I help persons and institutions |
... |
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