Generally, there are four ways to save for college:
- UTMA (Uniformed Transfer to Minors Act) or UGMA (Uniformed Gift to Minors Act) accounts
- Pre-paid tuition plans
- College savings plans
- Coverdell Education Savings Accounts (ESAs)
You probably remember the 1960s sitcom Green Acres, and its catchy theme song:
Green Acres is the place for me,
Farm living is the life for me.
Land spreading out so far and wide,
Keep Manhattan just give me that countryside.
As my clients, friends, and colleagues know, I love to travel. While my vacations have not (unfortunately) been tax-deductible, they have been memorable experiences that will stay with me forever. For that reason, I often encourage my clients to take vacations; after all, we don’t know when our health will change and we’ll no longer even be able to travel. You don’t want to be one of those people who will someday look back with regret on the things you didn’t do.
Those in Generation X (myself included) were born between 1965 and 1979, which means that our ages range from 33 to 48. This is a tremendously important time period in our lives. Many of us get married, have kids, watch them grow up, and send them off to college.
We are adults in our 30s and 40s, born between 1965 and 1980 (Generation X). As children of the Baby Boomers, we benefited from our parents’ desire for us to go to college and further our education, even if they had not gone to college themselves. However, when the first Gen-Xers entered high school, America was in a recession, unemployment and inflation were high, and interest rates were in the double digits. By the time we started graduating from college, the stock market crashed and left us wondering if we had any financial future at all.