Archive for June, 2007

3 Steps Toward Saving For College

Saving for college has become a large factor in budgeting for retirement. It certainly has for mine. Here are 3 simple things to consider when planning for your child’s education while keeping your own finances in order.

1. Determine An Amount
According to FinAid.org, college costs increase at about twice the inflation rate. Current increases have averaged 5% to 8%. Go ahead…use their College Cost Projector and see for yourself.

Based on trends in college pricing by The College Board (the 2006-2007 average total costs including tuition and fees, room and board, books and supplies, transportation and other expenses were $16,357 for students attending four-year public colleges and universities), here is what the estimated cost of sending my 4-year-old son to school will be according to the College Cost Projector:

Public Institution

	First Year Projected Costs:	$42,177.08
	Second Year Projected Costs:	$45,129.48
	Third Year Projected Costs:	$48,288.54
	Fourth Year Projected Costs:	$51,668.74
	Total Projected Costs:	$187,263.84

Tuition inflation rate of 7.00% with each year adjusted after matriculation

Using the same metrics for a four-year private college or university at the current average per year of $33,301, the total projected cost is $381,247.99.

2. Set Up A 529 Account
There are many advantages to using a 529 college savings plan versus a traditional savings account or other savings vehicles.

• Earnings on a 529 account are not taxed.
• If your kiddo gets a scholarship, any unused funds can be withdrawn without penalty. However, you must still pay tax on the amount.
• Your child does not have control of or access to the account. Only the account owner (usually the parent or guardian) has access.
• Most 529 plans do not have an age limit for the end user. If you decide you want to head back to grad school someday, you can use the 529 to do that.
• In the event your kiddo wants to “skip a semester”, you have the option of transfering the account to another family member.

Be sure to check out Upromise to see how you can save money with everyday purchases. Our family currently uses it, and we’ve saved a bunch. The trick is to get as many people involved.

To learn more about 529 Plans in greater detail, the SEC (sec.gov) has a great Introduction to 529 Plans.

3. Don’t Ignore Your Own Financial Situation
It is easy to overlook your own finances, specifically with regard to retirement planning. Revise your budget often. Stash some away for your own retirement, especially if you can take advantage of a company-matching 401(k). Pay down debts. This is the method I use personally when determining the amount I save in Lil D’s 529. Why? Keep in mind that student loans have been and (probably) always will be among the least expensive borrowing tools. Worst case scenario — let them pay for it with student loans. They’re cheaper than your 11.9% interest rate credit card and your 6.2% mortgage.

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High-Speed Train Roller Coaster

Some Norwegian kids play engineer and have a little fun with a high-speed train. My initial thought was “what a bunch of idiots” assuming they were going to derail the train. Boy was I wrong.

Norwegian Kids Mess With Train — Watch more free videos

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Home And Garden Decor At Online Discount Mart

Are you looking for a bird feeder? Maybe a garden gnome? Online Discount Mart had these and many more items (i.e. sundials) for your summer decor needs. Online Discount Mart is introducing many new items to ring in the summer months — June 21st is the first day of summer — from simple country to english garden to modern maverick. They accept Visa, Mastercard, Discover, American Express, Paypal, Checks or Money Orders. Visit them today.

This is a Sponsored Post.

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Where’s George: GPS For Your Paper Currency…Sort Of

About 9 years ago, I found this website called WheresGeorge.com. Where’s George allows you to track your paper currency by entering the denomination, series, and serial number of any U.S. dollar bill, and your current ZIP code. Find out if it’s already been tracked or if you’re the first.

According to the U.S. Federal Reserve, a $1 bill is in circulation for an average of 21 months before it is destroyed. A $5 bill? Only 16 months.

So, go track your paper currency. If you’re in Canada, you can use Where’s Willy.

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Yahoo! CEO Terry Semel Steps Down, Jerry Yang! Steps Up

After months of criticism regarding the ongoing battle with Google for online ad supremacy, Yahoo! Inc. CEO Terry Semel steps down taking a back seat to Yahoo! (Yet Another Hierarchical Officious Oracle) co-founder Jerry Yang. As John Shinal of MarketWatch explains in the following video, technology will be the focus with Jerry Yang at the helm. Well…it might be.

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Prometeus Suggests A New Age In Media

Last night, I found this video — a chimerical estimation of where the Internet will take us in the near future. There was the EPIC 2015 video and the Power of Google video. When I see these, I usually toss these ideas aside…writing it off as someone’s creative, but far-fetched predictions. But then there’s that spot in the back of my mind that wonders “What if…”. Obviously, portions of these thoughts are based on past and current realities giving them more validity. See for yourself.

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Secure & Reliable Online Backup With IDrive-E

IDrive-E offers 2GB of free encrypted Online Backup space without any backup and restore restrictions or bandwidth limits or file type restrictions. IDrive-E also offers unlimited storage for $4.95/month.

IDrive-E is one of the most user-intuitive backup applications. All you need to do is download and install IDrive-E on your computer to begin using it to schedule files and folders to secure your backups.

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