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