Why You Should Give the Gift of College
This post is sponsored by Fidelity & MEFA. All views expressed are that of our own. #UFundDreams
Can you believe it is already December? Time has surely flown by this year! I swear, the older I get the quicker time passes by! I am still in a frenzy trying to find the perfect gifts for everyone on my list.
Plus, I keep having people ask me:
“What should I buy the kids for Christmas? I know they have everything!”.
My answer use to be:
“You are right, they do have everything! You can just give them money if you’d like and I will put it into their bank accounts.”
While that was fine and dandy, their money was just sitting in bank account earning very little in return.
My three kids (and husband) who I pray will be successful people in life with a quality college education.
Do you ever find yourself in this situation? If so, you might want to consider having your family members start, or contribute to your child’s future education in the form of a 529 College Savings Plan. Since we live not very from from the Boston area, we use MEFA UFund Massachusetts 529 plan managed by Fidelity Investments which works perfectly for us.
When you give the gift of college, you help to invest in a child’s future. I cannot even begin to express how much I personally struggled with paying for my own college. In fact, I graduated at 25 with my BA and it really should have been more like age 22. I had to take part time courses because I was paying out of pocket for my own schooling with no help from my parents.
In the long run, I do not blame my parents for not helping me because I knew they just could not afford it with 5 children. I do however wish they were more educated in how they could invest the monetary gifts family members gave us for our future schooling. Instead, they allowed us to spend it on foolish items that certainly did not give back.
10 years ago when my husband and I were planning our family, we knew we had to contribute to our future children’s education. We kept in mind our struggles of paying for school and how we were unable to obtain our Master’s Degrees because we just could not afford them.
We soon learned that by starting a 529 College Savings Fund for each of our three children, we can rest assured knowing the money we contribute will help them to achieve their dreams without a heavy financial burden attached.
This holiday season, will you let your child’s gifted money simply sit in a bank gaining very little interest?
Consider telling your family members about the about how giving the gift of college can help invest in your child’s future.
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