Your point about the difference between same-income families with various levels of savings qualifying for different levels of financial aid is a good one. Plus your mention that retirement savings plays a different role than 529 savings in these calculations is also worth paying attention to.
Many experts do advise people to save for retirement rather than college for kids but generally b/c of the rationale that you just need to save for retirement and you can let your kids pay off their student loans in their working years. But saving for retirement and specifically, putting dollars in retirement funds can be advantageous in terms of financial aid. Many years ago, my husband and I took a distribution destined for retirement but not designated as a retirement fund; this sharply reduces eligibility for student aid now. The FAFSA calculations have changed since we started saving (as have tax laws) so that made it difficult to plan. Still, people should consider how money is classified in order to qualify for aid.
As far as work, there do seem to be more opportunities for kids to work on campus than I remember (having just attended my oldest's college orientation) but some of those positions are slotted for those who qualified for work-study forms of aid.
I agree - many of these tactics sounded much like the study habits I employed back in school. And that got me to thinking about age-related memory problems in a different way.
In school, we used our brains in a very specific and consistent way... we were constantly forcing it to memorize, analyze and calculate. But when we get older - as in my mother's case - we don't do those mental exercises anymore... at least not with the same rigorous consistency that we adhered to in school. Maybe reinstating some of those study habits now will stave off dementia and senility later in life.
Great article!! Thank you, Paul. This was very informative and all 25 of these options were exactly what you said and what we searched for...quick ways to make money! (People always have an opinion on everything don't they.....**sighs**)
Great Article! Cutting tv can be tough, but when I was in college, I never had a tv, yet still managed to watch all the major games, events, spectacles, while being more social and outgoing. I am having trouble cutting the cable, but I know its the right move for a number of reasons.
I stopped watching TV 10 years ago and there is still not enough time. There is never enough of it...
Whether you are watching it or running your 10 miles a day.. ;-)
I honestly think it is depends. Yes we need to count money and now where they are going.
But in general there lack of financial discipline because lack on inspiration. Same like with the information and food - there is so much of it, that we are
slowly but surely stop taking care what we consume.
Should we have clear inspirational goals - we would be more disciplined.
My favorite thing about LastPass is actually NOT its slick form-filling or password generator (although those things are fabulous -- can't live without 'em, now). It's the fact that it remembers every site I've ever signed up for since I've installed it. Do you know how many times I used to say to myself, "Hey, what was the name of that site I made a login for last night?" A lot of times. No more!
Big hugs to all LastPass users. I got my dad on it, which makes me believe that literally anyone can use it. And should.
Please take this article down. It's going to give families some really terrible advice. 529 plans will have minimal if any effect on aid. Working during college is great but the few thousand dollars even the most ambitious students van save will rarely cover a class or two.
Unfortunately, my experience the past year of cutting cable has not been positive. I am a sports fanatic, and I don't own and ipad and my computer is getting old and slow. As a result, streaming games on espn3 is frustrating and there was no point in paying for a service. As a result, we went out to watch most games, and typically we spent as much going out each month to watch games as we would have if we had just kept cable in the first place. We are about to get cable or satellite again before football season. Computer upgrades are out of the question until we finish getting out of debt. If it weren't for sports, I could happily live forever without cable or satellite!
You can do what I did with MLB.tv and get the "Platinum Premium" package. Just get a VPN connection and move around to an out of market area so you can watch whatever game you choose. The easiest is to get a router that supports this but using your computer for the games and the TV as the display seems to work well too.
video games are nice. like COD black ops, HALO reach. (unless he has these games). he obviously needs a console for them (but an xbox 360 is pretty cheap now a days!)
Definitely agree that retirement savings are a higher priority. However, do some research on how much the FAFSA counts your savings account before deciding. I've seen that only 5% of parents' non-retirement savings accounts are considered, while its more like 20 - 25% of the student's savings accounts.
If the 529 college fund is placed in the grandparents name, it won't be seen by the college financial aid office. About working during college, it depends on the major. I had a degree in engineering and I took extra classes on communication and statistics. There was no way I could work during college. My parents saved up, I had no loans, and I was making good money from the day I graduated (it is now 15 years later, I also have a PhD, and I'm making even better money).
College may not be right for everyone, but if you save up, at least you have the option. 529 funded can be redirected to another beneficiary.
So far we have 2 finished (debt free) with college and one currently in college. We have never saved for a "college fund". First two got through mainly with scholarships and working both on and off campus. The third one took a different route (which I highly recommend to all who can do this). He is not "academically inclined", but loves working with his hands, so chose to go to a community college for a AA in Machine Tool Technology. This is a very "hot" field right now with a demand much higher than # of students training. During his first semester, the school was approached by at least 3 companies wanting to interview students. My son interviewed and was offered a job by 2 of the 3 companies. he chose to take a full-time 2nd shift position, while continuing to go to school during the day. He receives full benefits, work clothing allowance, plus tuition reimbursement!
I know this is not for everyone, but for anyone even remotely technically inclined, this is a great way to go. Now, if he wants to pursue a Bachelors degree later, he will be able to pay for it as he goes, utilizing the training and skills he is acquiring now.
Did I mention that a Community College tuition is around $3500 or less per semester and many students can live at home while attending! Great way to go!
WD-40 I found works really well too.. I have used it to add extra shine to boots too.. As far as training kids.. CDs and DVDs are very easily scratched.. I know before I even had my boys I already had scratches on my CDs .. That's the cost of technology.. Things break easier.. Odd how a simple helpful post about what someone has figured out turns into someone always knowing better about children of all things.. Keep it to yourselves if it doesn't relate to the conversation at hand.. Blogging etiquette 101..
I enjoyed the tips and some of those in the comments section.. And plan on trying them thank you for taking the time to share!
I've used Ebay for buying and selling, from the smallest purchases to cars (was into refurbishing old style VW Beetles, bought a few of the Bugs on Ebay). I will still buy things that I am not able to find locally, but am not selling anymore. States (including PA,where I reside) now want taxes paid and collected on sales, which I think would be too complicated to track. So I now donate to Goodwill and take the tax write off, much easier, besides I am doing Goodwill and its' employees much more good than if I were to sell the stuff on Ebay. Tried selling on Craigslist, ended up getting more spamming of smut than successful sales.
As to amount of sugar: the "48 hour" packet of yeast says "for 5.5 gallons use 13 lbs for 2 days and 14%. 18 lbs for 5 day 20%. Why, I have no idea.
As to tomato paste: how much? a table spoon or a small can? Do you stir it lightly or all the way to the bottom? Put it in in at the beginning or when it starts to slow down?
Unfortunately its for real this time, too much free spending for the past 30 years has led us to this point. The economy is gong down, it wil correct and then things will get better, when the government is 14 trillion dollars in debt, you know things are bad
I buy the best item I can afford, and then sell it on e-bay, craigslist, etc when I am done with it. If you purchase the best of something, it depreciates very little in value while you use it (works for tools, jewelry, musical instruments, furniture, but not for cars!), and you can recoup the majority of your costs.
Your point about the difference between same-income families with various levels of savings qualifying for different levels of financial aid is a good one. Plus your mention that retirement savings plays a different role than 529 savings in these calculations is also worth paying attention to.
Many experts do advise people to save for retirement rather than college for kids but generally b/c of the rationale that you just need to save for retirement and you can let your kids pay off their student loans in their working years. But saving for retirement and specifically, putting dollars in retirement funds can be advantageous in terms of financial aid. Many years ago, my husband and I took a distribution destined for retirement but not designated as a retirement fund; this sharply reduces eligibility for student aid now. The FAFSA calculations have changed since we started saving (as have tax laws) so that made it difficult to plan. Still, people should consider how money is classified in order to qualify for aid.
As far as work, there do seem to be more opportunities for kids to work on campus than I remember (having just attended my oldest's college orientation) but some of those positions are slotted for those who qualified for work-study forms of aid.
I agree - many of these tactics sounded much like the study habits I employed back in school. And that got me to thinking about age-related memory problems in a different way.
In school, we used our brains in a very specific and consistent way... we were constantly forcing it to memorize, analyze and calculate. But when we get older - as in my mother's case - we don't do those mental exercises anymore... at least not with the same rigorous consistency that we adhered to in school. Maybe reinstating some of those study habits now will stave off dementia and senility later in life.
Great article!! Thank you, Paul. This was very informative and all 25 of these options were exactly what you said and what we searched for...quick ways to make money! (People always have an opinion on everything don't they.....**sighs**)
Great Article! Cutting tv can be tough, but when I was in college, I never had a tv, yet still managed to watch all the major games, events, spectacles, while being more social and outgoing. I am having trouble cutting the cable, but I know its the right move for a number of reasons.
I stopped watching TV 10 years ago and there is still not enough time. There is never enough of it...
Whether you are watching it or running your 10 miles a day.. ;-)
I honestly think it is depends. Yes we need to count money and now where they are going.
But in general there lack of financial discipline because lack on inspiration. Same like with the information and food - there is so much of it, that we are
slowly but surely stop taking care what we consume.
Should we have clear inspirational goals - we would be more disciplined.
Another things are loyalty cards - you tend to go to the same supermarket and spend your money in there.
There is plenty of tricks and you know? I love them and quite happy to there, time after time and spend my money.. : -)
My favorite thing about LastPass is actually NOT its slick form-filling or password generator (although those things are fabulous -- can't live without 'em, now). It's the fact that it remembers every site I've ever signed up for since I've installed it. Do you know how many times I used to say to myself, "Hey, what was the name of that site I made a login for last night?" A lot of times. No more!
Big hugs to all LastPass users. I got my dad on it, which makes me believe that literally anyone can use it. And should.
Something I really need to do is sort out a dedicated office/working space, I currently work from the sofa which leads to many distractions!
Please take this article down. It's going to give families some really terrible advice. 529 plans will have minimal if any effect on aid. Working during college is great but the few thousand dollars even the most ambitious students van save will rarely cover a class or two.
Awesome tips! Here are some more tricky traps that the supermarket have ready for you:
http://www.wisebread.com/supermarket-shopping-for-savers-6-ways-to-avoid...
Unfortunately, my experience the past year of cutting cable has not been positive. I am a sports fanatic, and I don't own and ipad and my computer is getting old and slow. As a result, streaming games on espn3 is frustrating and there was no point in paying for a service. As a result, we went out to watch most games, and typically we spent as much going out each month to watch games as we would have if we had just kept cable in the first place. We are about to get cable or satellite again before football season. Computer upgrades are out of the question until we finish getting out of debt. If it weren't for sports, I could happily live forever without cable or satellite!
You can do what I did with MLB.tv and get the "Platinum Premium" package. Just get a VPN connection and move around to an out of market area so you can watch whatever game you choose. The easiest is to get a router that supports this but using your computer for the games and the TV as the display seems to work well too.
video games are nice. like COD black ops, HALO reach. (unless he has these games). he obviously needs a console for them (but an xbox 360 is pretty cheap now a days!)
Definitely agree that retirement savings are a higher priority. However, do some research on how much the FAFSA counts your savings account before deciding. I've seen that only 5% of parents' non-retirement savings accounts are considered, while its more like 20 - 25% of the student's savings accounts.
Yes, I have been using ebay to sell clothes I no longer wear!
Interesting points. I go back and forth on how much to invest in my childrens' college funds.
I disagree with a lot of what it said here.
If the 529 college fund is placed in the grandparents name, it won't be seen by the college financial aid office. About working during college, it depends on the major. I had a degree in engineering and I took extra classes on communication and statistics. There was no way I could work during college. My parents saved up, I had no loans, and I was making good money from the day I graduated (it is now 15 years later, I also have a PhD, and I'm making even better money).
College may not be right for everyone, but if you save up, at least you have the option. 529 funded can be redirected to another beneficiary.
So far we have 2 finished (debt free) with college and one currently in college. We have never saved for a "college fund". First two got through mainly with scholarships and working both on and off campus. The third one took a different route (which I highly recommend to all who can do this). He is not "academically inclined", but loves working with his hands, so chose to go to a community college for a AA in Machine Tool Technology. This is a very "hot" field right now with a demand much higher than # of students training. During his first semester, the school was approached by at least 3 companies wanting to interview students. My son interviewed and was offered a job by 2 of the 3 companies. he chose to take a full-time 2nd shift position, while continuing to go to school during the day. He receives full benefits, work clothing allowance, plus tuition reimbursement!
I know this is not for everyone, but for anyone even remotely technically inclined, this is a great way to go. Now, if he wants to pursue a Bachelors degree later, he will be able to pay for it as he goes, utilizing the training and skills he is acquiring now.
Did I mention that a Community College tuition is around $3500 or less per semester and many students can live at home while attending! Great way to go!
WD-40 I found works really well too.. I have used it to add extra shine to boots too.. As far as training kids.. CDs and DVDs are very easily scratched.. I know before I even had my boys I already had scratches on my CDs .. That's the cost of technology.. Things break easier.. Odd how a simple helpful post about what someone has figured out turns into someone always knowing better about children of all things.. Keep it to yourselves if it doesn't relate to the conversation at hand.. Blogging etiquette 101..
I enjoyed the tips and some of those in the comments section.. And plan on trying them thank you for taking the time to share!
I've used Ebay for buying and selling, from the smallest purchases to cars (was into refurbishing old style VW Beetles, bought a few of the Bugs on Ebay). I will still buy things that I am not able to find locally, but am not selling anymore. States (including PA,where I reside) now want taxes paid and collected on sales, which I think would be too complicated to track. So I now donate to Goodwill and take the tax write off, much easier, besides I am doing Goodwill and its' employees much more good than if I were to sell the stuff on Ebay. Tried selling on Craigslist, ended up getting more spamming of smut than successful sales.
As to amount of sugar: the "48 hour" packet of yeast says "for 5.5 gallons use 13 lbs for 2 days and 14%. 18 lbs for 5 day 20%. Why, I have no idea.
As to tomato paste: how much? a table spoon or a small can? Do you stir it lightly or all the way to the bottom? Put it in in at the beginning or when it starts to slow down?
When traveling, I use socks to put my shoes inside of so they don't touch my clothes.
Unfortunately its for real this time, too much free spending for the past 30 years has led us to this point. The economy is gong down, it wil correct and then things will get better, when the government is 14 trillion dollars in debt, you know things are bad
I buy the best item I can afford, and then sell it on e-bay, craigslist, etc when I am done with it. If you purchase the best of something, it depreciates very little in value while you use it (works for tools, jewelry, musical instruments, furniture, but not for cars!), and you can recoup the majority of your costs.