Since we’re big proponents of proper financial planning, we consulted pros in the field of financial aid to find out some of the misconceptions, myths and mistakes that students and parents can make when trying to pay for college.
There are plenty of tips and tricks out there to help you improve your savings habits, from creating a budget to setting up automatic transfers from your checking account after every paycheck.
But researchers from the Stanford Graduate School of Business have a new one for you: Embrace the power trip.
Section 529 plans can be a great way to save for college--in many cases, the best way--but they're not the only way. When you're investing for a major goal like education, it makes sense to be familiar with all of your options.
Unfortunately, the budget organization principle known as the 50/20/30 rule doesn’t look kindly on temptation. The problem is that the cash you lay out for your seasonal trappings is considered a lifestyle choice, so it's easy to put a strain on that 30% during the holidays.
It’s perfectly O.K. to be nervous or maybe even scared that you’ll do exactly the wrong thing with your big bonus, inheritance or tax refund. But take a deep breath. It’s actually not that complicated.
In 2016, nearly seven out of every 10 graduating seniors needed to borrow for their educations and are on average saddled with in excess of $37,000 of student debt as they enter the workforce. Not only does this emerging “debt crisis” place an immediate heavy burden on the shoulders of new graduates, it can have an adverse long-term impact on both the individual and the economy.
The idea of haggling over a price may make your stomach churn, but this isn't your only option. With online resources and a little ingenuity, you can be better informed before you sign on the dotted line.
While a six-figure inheritance or high-paying job can land you in the top 1% of earners, it’s the little things—your money habits—that often make the difference between a life of prosperity and one of constant financial stress.