College Savings 101: Arguments Against 529 Plans and Alternatives That Might Work Better
In 18 years, just about when a newborn today would be ready to go to college, a four-year degree at a public university could cost about $250,000, while the average private school could run you $500,000. And that's just for one child.
After recovering from the sticker shock, you might think it's time to get started on a 529 college savings plan. The description says it all, right? The reality is that preparing for your kids' future isn't always so simple, and there are a number of short- and long-term factors that should be considered.
Put on your oxygen mask on first
It's natural for parents to think of their children before themselves. People go out of their way to start saving for their children - sometimes to their own detriment. Earlier in my career, I'd regularly talk to clients looking to open 529 plans, despite having less than $5,000 saved for themselves. Well intentioned as that might be, if you haven't planned properly for your own
