The common mistake average Americans make when saving for higher education
August 27, 2014 (www.investorideas.com newswire) College freshmen across the country are eagerly making their way to campuses across the country. However, even as they hang up their posters and sign up for classes, their parents anxiously eye their bank accounts and wonder if they are going to be able to foot the bill of four years (or more) of higher learning.
Nicole Mayer AIF® CDFA™ of RPG- Life Transition Specialist says, "The College Board states that one year of tuition and fees at a private university is over $30,000. For state universities, the price is over $8,000. No wonder the average student leaves college with nearly $30,000 in debt."
For most parents, such tuition costs are overwhelming. Even with scholarships and student loans, most students need a job or help from their parents. If you want to help your child attend college (which is truly a must in today's job market, make sure that you are saving money for school in the right way.
"Don't just put money in the bank," says Mayer, "People often think that only wealthy people have financial planners or use trust funds, but the reality is that you might be losing thousands of dollars if you don't save your money in the right way. Make sure you to keep your money in a tax-free account such as a 529, so that you can pay tuition with as many tax-free dollars as possible."
About Retirement Planning Group (RPG)
Located in Riverwoods, Illinois, Retirement Planning Group (RPG) is a financial planning firm committed to tailoring the retirement process for each individual client and providing financial education programs for corporations. With a 95% client retention rate over the course of 16 years, the experienced staff of financial professionals takes time to counsel each prospect and deliver a plan designed to meet each individual's specific needs. . They have been featured in esteem publications like the Wall Street Journal and Crain's Chicago Business. Retirement Planning Group is located at 2610 Lake Cook Road, Suite 250, in Riverwoods, Illinois. They can be reached at (800) 596-0253. Find them online at www.rpgplan.com. Securities and advisory services offered through National Planning Corp. (NPC), Member FINRA/SIPC. A Registered Investment Adviser. RPG and NPC are separate and unrelated companies.
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