Education Savings

$50,000-$80,000 per year is what higher education expenses look like these days. The average cost of tuition at a public, 4-year university increased by 31.4% from 2010 to 2020.The 2022-2023 academic year tuition and fee rates for some popular (and less popular) schools are as follows:Boston College: $80,296UCLA: $68,474University of Illinois, Chicago: $59,556Morehouse College in Atlanta, GA: $49,799Let’s say your precocious 8-year old has her heart set on Boston College. By the time she is ready to attend, you are staring down the barrel of a $107,000+ yearly tuition bill.Don’t panic. Instead, join Matt Robison and I on this week’s podcast to learn the best strategies for saving for education expenses. We cover such topics as:Saving for education vs. retirement - no one will loan you money to retire but they will loan you money for educationSticker shock and the reality of what education will actually cost you after discountsHow to’s:Roth IRA’s529’sChecking/Saving/Brokerage AccountsThe bottom line is this: saving something is better than saving nothing. Planning for future education, even if that means calculating the scary inflation rates, will help you plan for the worst case scenario before you are hit with the bill.Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/Are you ready to create your ideal lifestyle? Let’s Connect.