Now about that “emptying your purse” part….
It is no secret that college is expensive. Generally speaking, the average inflation rate is 3% per year. The historical educational inflation rate is closer to 5% per year according to the Bureau of Labor Statistics. In other words, the cost of school is truly increasing. Is it possible to send a student to college without sending their parents to the poor house?
Fortunately the answer is yes. I can honestly say there is no cookie-cutter solution. I have seen many strategies over the years. For example, options include: student loans, second mortgages, second jobs, enlisting the prospective student(s) in the military, grants, scholarships and so forth. The trouble with many of these strategies in they usually involve being saddled with long term debt! That is no fun.
Please keep in mind, when it comes to building wealth, there are two basic principles that are always at work.
1. Debt is the enemy of your wealth.
2. Taxes are the enemy of your wealth.
Most of us would rather pay less in taxes and earn more money.
The choice is really simple.
Castle Rock Investment Company