Special thank you to Private College 529 Plan, a pre-paid college tuition plan operated by nearly 300 private schools nationwide, for sponsoring this important post.
We are in a really interesting phase as parents.
We have one foot in having an almost adult child and another foot in what I would consider the early parenting years. Basically, we have a 17-year-old and a 7-year-old… oh and a 14-year-old for good measure. As soon as people find this out about us we are almost always asked if we were thinking straight when we decided to “start all over again.” They also ask what we learned with our older daughters that benefited our youngest. Pretty much, what are we doing differently this time around?
These are surprisingly easy questions to answer.
We are savoring every single moment more these days knowing they grow up so quickly. We are planning for our youngest's future sooner and more seriously, especially when it comes to saving for college.
I remember everyone telling us that kids are only little for a short amount of time, but it doesn't feel that way when you are in the thick of things, surviving off coffee, a couple hours of sleep a night, and more hugs and kisses than you thought was possible. It is hard to image how quickly it really does go by, and then you blink and they are going to college and you are shocked at the price.
The thing is, it doesn't have to be this way. There is a better way to prepare for the future, especially when you can already tell that you have a mover and shaker on your hands that is totally going to end up at a school like Stanford, Pomona, Caltech, Pepperdine, etc. and money shouldn't be the reason they don't go there. The answer is Private College 529 Plan where the pre-payment is transferrable across nearly 300 private schools nationwide and 20 schools in California.
Private College 529 Plan is a way for families to save on the cost of college by pre-paying college tuition when your children are young to lock in today's rates and avoid rising tuition costs. It is pretty brilliant when you think about it. Not only are you putting the money aside in a structured manner, but you are securing the cost today so that there are no surprises later. You can always know how much tuition you own at any participating school. There is so much peace of mind knowing that you can beat inflation and that this is all taken care of ahead of time. Plus, you don't have to save all on your own and be the only one investing in your children's future. You can easily ask grandparents, aunts, uncles and other relatives to make gifts to your children’s college accounts. Grandparents might benefit from estate-planning advantages. The increased value of the account is federal tax-free if used to pay for qualified college expenses.
We love that it is a safe and smart investment with no fees and no market risk. These are really important when it comes to saving for our children's education. Private College 529 makes private college much more achievable than you think, especially since private colleges generally offer financial aid so few students pay full price.
What I end up telling people when they ask about having older children and a younger one is that they too will blink their eyes and be looking at a college kid much quicker than they can imagine so cherish every single moment, and the earlier you invest in your child's future education the more you will save.