Also in this playlist...
This transcript is automatically generated
The money doubles here Scott Bethany -- finishing up.
Financial experts and authors authors of the five money personalities.
Speaking the -- and who is speaking the same love and money language and that's who we're doing.
When we left off -- took a little bit about college guys.
So let's do it first off when it comes to college.
The -- the school the more expensive the school is that correct.
Absolutely that's -- we're finding we're finding these two schools can charge a lot based on their reputation.
Based on the fact that my kids always wanted to go there so let's let's go there and make it happen.
And parents I've got a nine year old an eleven year old and we started saving the minute Cole had a Social Security number.
We started saving but what I'm finding by the -- in a five -- and yet that's what -- -- section 529 I think that's one of the best vehicles to really safe for your kids' education.
And so we started putting money into our 529 I did.
College planner I just -- -- that college planner and found out I'm not saving enough because what I had based my projections on.
This -- it's not enough I mean you -- because of the amount that these colleges are increasing their costs and so it is becoming a little bit of that particular for parents say at least.
I mean do you want ideally I guess Bethany is you want enough in the five trying to -- you using.
You say okay 50000 a year you got it written or toys or is that five -- -- -- -- just to give you a boost in paying that off depends on what your situation -- I mean hopefully you.
Having enough but any -- her talk to 40000 dollars a year or so you're talking.
You know 200000 dollars for college I mean the wild -- dynamic south of internal document and have a kinda money.
Right so what's important to note is that is to really get in a plant and -- you have to start looking at all of that and it's so much earlier used to be in the software -- start looking at colleges are on now queued to -- seventh and eighth grade.
Looking around understanding the difference between going to school online going to a JC going to a special a sector school a school that specializes.
In a line of work.
-- a university vs pride and kids now.
Now students are starting to understand the differences.
I'm to causes like I'm just going to -- -- that's what I'm going to do I didn't think I got a bicycle ready -- it'd take is no which when you picking like exactly in now -- stop that the menu has ground and we have to realize that and we have to bring our children.
Into the conversation because on money.
On the money component because a lot of times just college period now it's college what kind of college the money decision.
And all of that and also you have to ask them.
Today want to participate in -- loans because they wanna go to a private school today wanna participate and -- That's -- point we've already started talking -- eleven year old about that about what he's gonna be responsible for about what he needs to start thinking about when it comes to college.
And so I think that's one thing -- parents blow it.
Is that conversation doesn't happen until our sophomore year we don't even understand.
Our kids money personalities.
We don't understand irony spenders are their savers.
We just assume we're gonna all figure that out last minute but if you can start talking -- early and you can start saying hey mom and I are definitely here to help.
And we're definitely gonna cut pay for as much as we -- that you need to share party's burden as well you -- get a student loan you get a part time job.
That's gonna let them make that decision get through college a little quicker hopefully -- and and get a good job -- Myself my my parents are planning many I still I date we got loans and I Peter Mac I'll tell you I appreciate my college education so much more good yeah I had to pay guys well -- not get that loans because I had to participate and paying for.
And that's the key key I don't think we appreciate things unless we pay for me that's kind of a life -- life.
-- Brett we know about life same thing with -- wanted to bug me about your parents who would not lend -- money for school.
I had room and I thought it was Sunday are giving you their phone number you -- I got.
I would certainly help before that but I was -- -- this situation we're actually what to the first our office I knew exactly how much is a minister was I knew with a loan was.
A few years at a school.
When that 129 dollars a month was a problem so I cold at the company myself -- it was kind defer this.
But I came they -- sure Blake came back was more money for months so.
The racetrack together you don't have to put your pay longer.
But huge thing with the rates now are they less for students.
So -- is your student son or daughter better off taking out the loan.
Well that's a great that's a great point -- my student loan was seven point 9% OK and they're not nearly that high right now but here's a great thing about -- to excellence you can -- loans now.
You can really get involved if you want to take.
I I don't always think I mean.
There's different schools of thought but even if you're taking a -- -- yourself for your child's education to a lot of parents are doing now because he might be able to get a lower rate do -- get the lower rate.
He just have to make sure that your bringing your child in on that conversation.
So that they know they're gonna seem the payments later.
Let me just -- today it just about the money personalities which is your whole book is based on my my oldest son.
He will always he very really -- about anything -- the day he was soaked to the bone Saturday port.
So I don't listen -- -- -- sports authority anyway just get in a drummer -- get this year off he has I appointing an -- assurance.
That is there might -- -- my youngest daughter who's ten.
-- shows that I said listen chief picking -- stuff she doesn't even need to buy gulf.
We don't need though -- -- -- white.
I come here.
Why why let -- set up -- -- Microsemi is a good deal -- -- the same parent the.
So I I deserve no credit to -- credit I.
I don't know what is so different that's clearly say many personalities are cooked inside have you you've got to discover -- did you learn -- -- yeah Bradley yeah you want to finance my younger one out in the field.
I'm now a I got a big step after they go get their book of five buddy personality -- bet the farm a look at the end.
Congratulations on success and I look forward to seeing you get paid so much -- -- Valencia -- of friends.
Filter by section