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How to Save for a College Education

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From Quick Guide: Penn State Basics

Summary: When saving for a college education, it is important to get at least 6 percent return every year just to break even. Put a financial plan in place to ensure schooling is paid for in relation to inflation with tips from an experienced stockbroker in this free instructional video on investments and stocks.

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By Chris Markowski
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Christopher Markowski has carried the titles of author, investment banker, equity analyst, muckraker, all-around trouble-maker and most importantly, consumer advocate. He is the...read more

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Video Transcript

"Hi everyone, this is Chris Markowski, president of Markowski Investments and host of the Watchdog on Wall Street radio show here to talk about college savings and saving for your kid's education. You know the college inflation rate is, it's extraordinary quite honestly. Six percent a year, the average college goes up in price every single year. So basically if you're putting money away for your child, you better be at least seeing six percent a year just to break even. Scary stuff. College can be a very, very expensive thing, and every family is different, just like every financial plan is unique. And you obviously have to take tax considerations into account when you're saving for your kid's education. I'll tell you about one plan that I happen to think is a pretty prudent one, and it's one that I use for my family. When as soon as my kids were born, I set them up and I live in the state of Florida, in a pre-paid tuition plan for the state of Florida. And I basically made the agreement with my wife saying listen, I will take care of my kids' college education here and the cost for it for the state of Florida, and the room and board. If they choose to go on and they want to go to another school where it's more money, well you know what, they're going to have to take care of that out of their own, so that's another financial planning issue as well, and all families are different. But I can't stress the point enough. I can't stress the fact enough, that you need to think about these things. This is a major expense coming down the road and it's not getting any smaller. You can learn more about this stuff at WatchdogonWallStreet.com, this is Chris Markowski, your watchdog on Wall Street."

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