http://www.ncnblog.com/2007/03/14/esa-contributions-made-and-invested/ Debt Reduction Rocks - We Are Living Debt Free! Sat, 21 Nov 2009 05:27:53 -0800 http://wordpress.org/?v=2.8.6 hourly 1 http://www.ncnblog.com/2007/03/14/esa-contributions-made-and-invested/comment-page-1/#comment-3497 No Credit Needed Blog » Blog Archive » $48000 Goal: 3 Months In (An Update) Mon, 26 Mar 2007 01:18:47 +0000 http://www.ncnblog.com/2007/03/14/esa-contributions-made-and-invested/#comment-3497 [...] far, I have fully funded my daughter’s ESA for 2006 and 2007, fully funded my Roth IRA for 2006, and fully funded my wife’s Roth IRA for [...] [...] far, I have fully funded my daughter’s ESA for 2006 and 2007, fully funded my Roth IRA for 2006, and fully funded my wife’s Roth IRA for [...]

]]> http://www.ncnblog.com/2007/03/14/esa-contributions-made-and-invested/comment-page-1/#comment-2439 Never Again Debt Wed, 14 Mar 2007 16:48:51 +0000 http://www.ncnblog.com/2007/03/14/esa-contributions-made-and-invested/#comment-2439 I believe you are doing a great service for your children regarding college. However, do not forget your own (and that of your wife) retirement. Students can get low cost, around 2-3% student loans. The interest is tax deductible plus there have been more tax incentives to students and their paying parents. I am sure even 11 years from now there will be more beneficial tax incentives. Congress is always working on that. Your children will be still young enough to pay off their low cost student loans when they graduate. You and wife, however, will be 15 years older and maybe unable to earn a higher salary. You must think of yourself also. This is what I did with my own children: I paid 1/2 of their tuition, they paid the other half through summer jobs and low cost student loans. Their higher education led then to fantastic, higher paying jobs upon graduation (each of them earn more than myself and husband combined) The youngest one was able to pay half her student loan from just one Xmas bonus, and she has only been working for 3 years! In other words, the kids will do and be just fine. Worry a little for them and prepare but worry a little bit for yourself also and prepare much. I believe you are doing a great service for your children regarding college. However, do not forget your own (and that of your wife) retirement. Students can get low cost, around 2-3% student loans. The interest is tax deductible plus there have been more tax incentives to students and their paying parents. I am sure even 11 years from now there will be more beneficial tax incentives. Congress is always working on that.
Your children will be still young enough to pay off their low cost student loans when they graduate. You and wife, however, will be 15 years older and maybe unable to earn a higher salary. You must think of yourself also.
This is what I did with my own children: I paid 1/2 of their tuition, they paid the other half through summer jobs and low cost student loans. Their higher education led then to fantastic, higher paying jobs upon graduation (each of them earn more than myself and husband combined) The youngest one was able to pay half her student loan from just one Xmas bonus, and she has only been working for 3 years!
In other words, the kids will do and be just fine. Worry a little for them and prepare but worry a little bit for yourself also and prepare much.

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