| Best regards
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| | save, that will never happen. Ifyou think
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| Daniel J Wansten
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| | it's impossible to save, trick yourself.
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| 5 Tips to Save For College and Retirement
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| | Yourbank can set up automatic allotments
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| The list of hard choices and sacrifices
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| | to your savingsaccount. Start with $200 a
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| parents make fortheir children is
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| | month. You won't see the money,so it's
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| endless. Send them to soccer camp
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| | easier not to spend. If you feel
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| orlittle league, enroll then in private
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| | comfortablewithout $200 a month, increase
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| or public school,give them a 10p.m. or
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| | the allotment to $300 and soon. We tend
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| midnight curfew - the list goes onand on.
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| | to adjust to what we have. Ever wonder
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| One thing that shouldn't be on that list
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| | howmillionaires go broke?
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| - save forcollege or retirement.
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| | 3) Look at all the options - There are
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| It might sound harsh, but parents
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| | more paths availablefor financing a
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| shouldn't sacrifice theirown financial
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| | college education than there are
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| security for the sake of their children.
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| | forretirement. For Example: You can't get
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| Whatthey should do is figure out how to
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| | a retirement loan,but there are many
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| save for theirchildren's college
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| | types of student loans. Scholarships and
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| education and for their own retirementat
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| | Grants are another great source. Many
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| the same time. The sooner they figure
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| | students will assumethey won't qualify.
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| this out, thebetter.
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| | Encourage your children to alwaysapply,
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| Unfortunately, saving usually ranks lower
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| | because many times acceptance is based on
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| on the listcompared to other priorities.
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| | more thangrades and income. Compare the
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| People in their 20's may befocused on
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| | costs of community college,public and
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| paying off student loans and credit card
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| | private universities. With loans,
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| debt.
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| | scholarshipsand grants, sometimes the
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| People in their 30's may be focused on
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| | difference between the school ofchoice
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| raising a family andjuggling the costs
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| | and the school of second-choice isn't as
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| that come along with that, such asbuying
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| | much as youthought.
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| a first home, paying two car payments,
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| | 4) Take Control - Companies are starting
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| etc. Whenpeople reach their 40's and 50's
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| | to drop pensionplans in favor of employee
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| they are concerned withsaving for their
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| | contribution plan, such as
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| children's college education and their
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| | 401(k)s, primarily because they're less
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| ownretirement. And this is where the
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| | expensive. Soemployees are left
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| problem lies.
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| | responsible for figuring out how
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| Getting a late start can be a challenge,
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| | toinvest. Don't just follow what your
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| but it shouldn'tstop you from being able
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| | co-workers are doing.
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| to retire at a reasonable age andsend
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| | Start researching, find out how to
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| your children to school. Here are 5 tips
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| | monitor the performanceof your company to
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| you can useat any age!
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| | bring in a consultant to give
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| 1) Think Realistically - Most people
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| | aninvestment seminar.
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| don't have a concreteidea of how much
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| | 5) Pass on responsibilities - Before and
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| money it takes to retire. Since
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| | after yourchildren start college, it's a
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| thefinancial needs of each person will be
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| | good idea to give themcertain financial
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| different, try toimagine what you want
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| | responsibilities. Whether
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| your retirement to be like. If youwant to
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| | theresponsibility is as small as paying
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| maintain the lifestyle you have now plus
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| | for groceries andbooks or as big as
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| travel,chances are you will need 100
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| | paying rent, a car payment and insurance
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| percent of the salary youearn in your
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| | - it can be extremely beneficial. There
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| working years to live comfortably. If you
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| | are many jobs thatallow time for school
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| planto live a much simpler life in a less
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| | and studying. Encourage them to seekout
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| expensive area, itmight be possible to
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| | paid internships, part-time jobs on
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| get by on 60% of the salary you earnin
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| | campus or seasonalwork during winter and
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| your working years. If life expectancy is
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| | summer breaks. Many timesentry-level jobs
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| about 80 yearsand you retire at 65, you
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| | will teach your children good work
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| have 15 years to fund. Do themath.
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| | ethicsand making financial decision will
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| 2) Start Early - And if that's too late -
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| | allow them to have moreconfidence in
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| START NOW! Thisapplies to college and
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| | their abilities.
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| retirement saving. The sooner youstart
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| | It is possible to save money for college
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| saving, the more interest your money will
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| | and retirementsimultaneously. The key is
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| earn. Don'twait until it's easier to
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| | to set goals and start now.
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