Comments on: Dave Ramsey’s 7 Baby Steps: Step 5 – College Funding For Children

By: Ken

Ken — Fri, 20 Feb 2009 13:36:43 +0000

I like your comment about taking care of my own debt first. I need to do that to prepare for a solid financial future and not burden my children with that worry. I also agree with the child bearing some of the burden...this is a big responsibility factor...one that will serve them all through life. If I have to put something into it, I will hopefully value it more. Kens last blog post..7 Tips - Getting Off The Credit Card Treadmill

By: Bob

Bob — Thu, 19 Feb 2009 23:43:07 +0000

Regarding step #5..Have you considered the Monetta Young Investor Fund as an investment alternative? Very transparent investment approach,half indexed, half Best of Breed companies. Low minimum investment and capped expense ratio. Also includes a financial literacy component and college tuition discount program.

By: My Journey

My Journey — Thu, 19 Feb 2009 22:39:52 +0000

Like most "talking heads" Dave Ramesy has half truths. An UTMA/UGMA is a miserable way to save for college! Depending on your state that is your child's money...regardless of what you want them to spend it on, it is theirs! Just something to think about My Journeys last blog post..Life Insurance and Annuities may be Right for Retirement Despite Money Magazine

By: PT Money

PT Money — Thu, 19 Feb 2009 17:29:52 +0000

Great post, Pete. I think that sums up what we think as well. We're likely going to have more to contribute than my parents did, but we don't want to just give it all to them either. Finding a balance is key, and I like your focus on encouraging their best efforts. PT Moneys last blog post..Turbo Tax Deluxe Review and Giveaway

By: Miranda

Miranda — Thu, 19 Feb 2009 15:14:15 +0000

I have been enjoying this series quite a bit. Great stuff! My parents had five kids. They made a deal with us: We take care of tuition, and they cover housing expenses. This encouraged me and a couple of my siblings to work hard for scholarships so that our tuition bill would be lower. I also had a part-time job for "fun" money. There's nothing wrong with making sure that you are solid financially before paying for your kids' college. It teaches them that in order to help others, you have to first be in a position to do so. Mirandas last blog post..Economic Stimulus Plan: How Will It Help Your Personal Finances?