financial tip of the week...

by Genya Harley 

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Most parents or grandparents, I am assuming, would like to see their child(ren) go to college. It would be great if every child we see or know was able to obtain a full-ride scholarship in order to pay for college. We know this is not reality. It would also be great if we didn't have to use student loans or go into debt trying to fund a college education.

This past year had your child been accepted into University of Chicago and didn't receive a scholarship...don't have a heart attack!...Wait for it?!?.........this is your cost:

Tuition and fees: $41,091 (2010-11)

I just recently showed a friend of mine how he could set aside roughly $400k (tax free) and guaranteed for his daughter's education, this amount is based off of a monthly contribution of $200 a month.

Some of you may have started saving accounts for your children at a bank, this is a good start but your money is not accruing any interest. Interest rates at the bank right now are no higher that 1%.

Some of you have 529 college saving plans, these are good plans, have tax benefits etc., but you have to spend the money only on college expenses in the year that your child attends that college. What if you wanted to purchase a car or an apartment for your child?

I encourage you to explore all of your options. Wouldn't it be nice to write a check for your child's yearly tuition and not feel stressed about it?

For those of you who would like to learn more (especially those of you with children under the age of 15), please call me or email me at 773-251-1865 or

Thank you.

As always, be safe, use wisdom!

Genya Harley
Financial Consultant
W&S Financial Group
Orland Park, IL

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