Saving 2,000 annually in an Education IRA (starting in 2002) or a college savings plan (529 plan) earning 8 percent should provide the needed money, ... The Education IRA has the most flexibility since the new tax law allows money to be spent on computer technology, Internet access or K-12 expenses in addition to college costs.
More Quotes from Ron Pearson:
I have gotten everything from a one-page letter written in pencil to a 50-page computer generated masterpiece,Ron Pearson
If he saves a total of 15,000 per year, assuming an 8 percent rate of return, he should have more than 1 million by the time he's 65, or even more if he can earn a higher rate of return.
Ron Pearson
You have to remember to tell all your relatives not to pass money on under the child's name, ... Anyone can blow up your plan.
Ron Pearson
I won't even begin to work with a client until they have completed a letter of intent, which deals with your hopes and dreams for the child, ... I tell the mom, who is often the one who writes it up, that they should write it as if they were an angel on the shoulder of the designated caregiver. She should include everything she would whisper in their ear.
Ron Pearson
Considering that she started saving three years ago, she has done well, ... I applaud her choice to put more emphasis on quality of life and her lack of debt.
Ron Pearson
He needs to maximize his savings for his own retirement as well as his daughter's education, yet his debt is absorbing 43 percent of his monthly income.
Ron Pearson
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