say that on average, college graduates earn almost twice as much
as high-school graduates. Clearly, one of the best investments you can
make for your children or grandchildren is an investment in their
future. The projected average cost for your toddlers four-year degree at a public college will total nearly $100,000. You would
have to invest almost $4,000 per year in a savings account, assuming
it earns interest at an average rate of 5% per year, to equal that
amount by his or her freshman year. And should your child decide
to attend a private college, tack on about $113,600 more to your
goal, bringing your annual investment to $8,500.
even without time on your side if your children are teenagers, for example a sound investment strategy coupled with knowledge of other college financing
options can put your children on the road to a valuable four-year college
degree. At Summit Wealth, we can guide you through the many alternative
investment plans including State Sponsored Prepaid Tuition Plans, IRAs
and other Section 529 Plans.