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Charlie Bit My Mortgage! And Look How We're Using it to Pay for His College...
I love this YouTube video (so do millions of others, as of this posting, it's been viewed over 27 million times!)
But watching it as a mortgage planner, I wonder if the parents of Charlie and his brother have started a college savings account for their boys. I also wonder if they have a good mortgage planner who can show them the difference between them saving monthly, or taking some equity out of their home and letting a lump sum grow in a safe, fully diversified investment account. When you compare the after tax cost of saving for college this way, you will see that it's a more cost effective strategy.  DISCLAIMER: This is NOT for every homeowner. If you have assets, stable income and a good savings track record, using equity management might be right for you.
A good mortgage planner will consider your income, tax bracket, current mortgage, debt and assets and the age of your child (or children) and show you how much faster you can save with a much lower monthly outlay.
 
Watch Charlie Bit My Finger Again and read on to see a strategy for how to save for your little one's college.

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