College Savings, Late To the Game!
We have a great son who we are proud of and feel we’re doing a pretty good job of parenting. However we are completely failing when it comes to getting ready for college. He’s finishing up his freshman year of high school and, due to many financial obstacles of our own and being older parents who need to focus on retirement savings first, we have yet to begin saving for college. We are FINALLY at a point where we can start putting some money aside but have no clue where to begin. I have been reading and researching but as I have absolutely no financial smarts, the words investments, portfolio, contributions, etc, etc have me stressing out and hoping to win the lottery instead! I just truly don’t know where to start. Do we find an advisor? Do we set something up on our own? What kind of account, plan or whatever should we be looking at? We don’t have a concrete goal other than, “save as much as we can in the next three years!” ANY advice you may have would be appreciated!
I have the perfect place for you to start. Please go to Amazon (here is the link) and buy Ron Lieber’s book “The Price You Pay for College” for about $15.
I just gave it to a family I know who asked me the same question.
I guarantee it will not only give you facts, but perspective on these challenges! And it will completely answer the question you just asked.