It’s nearing the end of October and your kiddos are ready to visit haunted houses, dress up in scary costumes, and fill their faces with candy and other not-so-healthy treats. All of those things can be pretty scary, but nothing is as scary as being unprepared for our kids’ futures.
Sure it’s cute to see our children trick-or-treating. But before we know it our kids will get rid of their Queen Elsa costumes and trade them in for college applications before it hits us. As parents, it’s important that we’re ready.
And when it comes to college, being ready starts way before they even set foot on campus by putting away some money for their futures. Luckily, it’s a very easy process by setting up a 529 investment plan.
What is a 529 investment plan, you ask? Basically it’s a college tuition plan that you can set up for your kiddos to use for qualified expenses, such as tuition, books, and school supplies. Another wonderful feature is the earnings grow tax-free.
Yes, when we look at college tuition prices it’s normal to get a little nervous, but saving for college doesn’t have to be scary. For example, I opened a ScholarShare 529 account for my daughters for just $50 in total (with ScholarShare, it only takes $25 to open an account!). Think about it — the Halloween costumes you bought for your kiddos probably cost more than opening up a 529 plan — and unlike those costumes, they’ll actually be more valuable to you and your children in the future. Best of all, it only takes about 15 minutes of time to set up. It’s absolutely worth it if you ask me.
As I find myself shopping for Halloween costumes for my girls, I realize it won’t be long before they’re “too cool” to dress up as Doc McStuffins and instead will head to college campuses to study to become real doctors. I can take pride in knowing that I’m doing my part to secure their futures. Oftentimes I talk to parents who find themselves so engrossed in the daily parenting routine that they forget to start saving for their kids’ futures while they’re young. Please don’t make that mistake.
As a dad, I may not be ready emotionally when I drop them off in their dorm rooms for the first time, but I know that my ScholarShare 529 plan will have me prepared in other important ways.