Chapter 9
Financial Steps You Should Take While Your Kids Grow Up
IN THIS CHAPTER
Getting started with early-year financial strategies
Deciding when and how much to save for college costs
Looking into later-year tactics
The principles of sound personal financial management are far from rocket science. Boiled down, the keys are to live within your means; invest wisely in low-cost, proven investments; minimize your taxes; and secure comprehensive catastrophic insurance.
How you should best save and invest your money, however, is complicated by the college financial aid process and determination formulas. Like the income tax system, you can and should understand how the financial aid system works so that you minimize your children’s college expenditures.
In this chapter I discuss sensible strategies to make the most of your money during the years when you’re raising your kids and for when they graduate from high school and possibly move on to college or other higher education.
Determining a College Financial Aid Package
In Chapter 6, I provide a detailed overview as to what information colleges collect and the process by which they set an individual price for your family to pay ...
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