How to prepare your Baby, for College

By
Real Estate Agent with MB/Priority Properties, Inc.

So you have a new baby.  There are so many baby-issues to worry about.  Are you using the right food, clothes, car seat..... Everyone thinks for the current moment and rarely thinks for the future.  Oh sure, you think about having insurance or living in the right school district, but who thinks of things like how to pay for their college when they haven't even started pre-school!  

 

I have a college-aged daughter.  Do you realize that most notable colleges are over $30k!! per year!!!  Do you also know that most college aged kids graduate with over $25k in debt?  If you do not want that for your child, you need to look into how you can save the most amount for each child to attend college.  

 

My daughter pays for most of her college and I help where she falls short.  That is after she borrows the maximum amount every year. - -   I remember when she was young and I thought "EDUCATION?!  I'll start saving when she gets into school."  And then throughout her growing up (and 2 more babies came) I kept thinking I should open one of those college accounts.....but I never did.  

 

I did some math on Bankrate.com and I found if you want to save $100,000 in 17 years at 3.5% interest, you have to pay $375 per month.  Now I don't know about most young families, but $375 is a car payment, and I for sure could not have paid $375 x 3 (kids) per month!  

 

So how could you get someone else to give you the money? Buying real estate, of course!

 

A rental house could be purchased with little money down and could even become income generating. When your child goes to college, you can sell it, or refinance for some equity out, or if it's near campus the child could live in it to save money.  Real Estate is really the only way I know to be able to build a nest egg for college.  AND you can get a house for each child.  Heck, why not get one for your retirement too?  

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Comments (7)

Shuchi Agrawal
Kanam Realty Group/Kanam Commercial - Flower Mound, TX
Serving Dallas / Ft. Worth

You are 100% right.  Most people don't realize the value of real estate investments and really the earlier you start the better off you can be.  It can be a source to fund your kids' tuition or create a safety net for you for retirement.  

May 27, 2015 07:28 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Deb, this is a great post for the public and one for those young folks with young kids to think of NOW. 

May 27, 2015 07:29 AM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Deb: Buying real estate is a smart approach to helping fund college when the kids are ready to leave the nest. 

May 27, 2015 08:24 AM
Deb Kirschbaum
MB/Priority Properties, Inc. - Denver, CO

I wish I knew a Realtor when I had babies!  haha  Thanks for the comments.

May 27, 2015 09:06 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Real estate ownership is the secret for building family wealth.

It does take long term planning to cover the cost of higher education.

May 31, 2015 02:11 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Suggestion:  Use your blog settings to create an automatic signature for your blogs. Readers want to see your contact information and your office address.

May 31, 2015 02:12 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I agree with you. Invest in something that you CAN control.

Or do your home work and invest with the company who has a solid reputation and good customer service. I got a horrid experience, so from now on i do my homework. Not all college funds are the same. Choose wisely.

Sep 28, 2015 04:54 PM