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Before You Know It

I’m not sure how this happened, but 30 years of my life just vanished. I swear, I was just in high school yesterday, and now I have five grandkids. Sometimes I wish I could go back in time to a specific event or two; I would certainly choose differently.

If I knew then what I know now, right?

Well, one of those things I would definitely do differently involves investing. Are you familiar with compound interest? According to Investopedia, it’s “interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit.” Simply put, if you put money away for a long period of time it can grow into a large sum.

I would specifically like to make a better plan for my kids’ education beyond high school. If you did not know, there are investment accounts that are specifically designed to pay for a child’s college education. They have limitations and rules, but your investment can grow TAX FREE.

A few months ago, I was able to participate in a friendly Zoom discussion with other parents about different options for these types of accounts. You can view the recording of that discussion here. You can visit www.savingforcollege.com for more information as well.

Get informed. Make a better plan than I did. Before you know it, you’ll be a grandparent, too. 

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