Have you ever wondered why we were never been taught the TRUTH about MONEY? We were always taught to put our money in the bank and don't touch it, just save it. Sounds reasonable. We were always taught that we had to have good credit and to get credit cards. We have been lulled into believing that banks are our friend and that we have to borrow money in order to get what we want. We have become a debtor nation. WE HAVE BEEN LIED TO. Have you ever heard of "Fractional Reserve banking"? For every one dollar that you and I deposit in the bank, they can lend out 8-10 dollars using our one dollar as collateral. The Banking industry makes around 2600% profit for every single dollar that you and I deposit. No wonder we have always been taught to put our money in the bank. There is NO reason why we can't keep for ourselves the interest that we pay to banks and financial institutions.
Have you ever thought about saving your money first then lending it too yourself and then paying yourself back including the interest you would have paid to a bank? First you need to find a safe place to put your money where there is no risk. BANKS ARE NOT IT! Putting your money in a bank only makes the bank money, and they don't share it with us. First of all, you will lose 3-4% of your money due to inflation, secondly, you will lose "Lost Opportunity Costs", or in other words you will lose what you could have made had you put the money somewhere to earn you money. Banks or rather the FDIC only insures your money up to $250,000, anything over that amount can be lost if the bank goes out of business. So where is the safest place to put your money you ask? In a Whole Life life insurance policy. In the last 150 years, no life insurance companies have gone out of business, a few have merged but none that I am aware of have ever gone out of business and burned a policy holder. There is little to no risk. Besides being "risk free" there are guaranteed returns on your money. They are NOT tied to the stock market, rather backed up contractually.
To find out the rest of the "Truth About Money" contact Marlon at 702-203-5954.
Planning for your children’s future can feel daunting. Fortunately, a bit of financial foresight can help you figure out how to pay for college without breaking the bank or compromising your child’s future by taking on too much debt too soon.
Regardless of how you choose to start saving, avoid holding assets in your student’s name. Any asset other than 529 savings accounts are counted much higher in aid calculations than parent-owed accounts and could result in your student getting awarded less aid.
How to Pay for College without Breaking the Bank
Although working with a private wealth management firm like Alpha Omega Wealth is a good way to set up a long-term personal banking strategy, setting money aside for your financial goals is one of the best ways to pay for college without loans.Financial Preparation: Cut Education Costs by Saving Early
The options that are best for your finances and your family will vary according to your unique situation. Knowing your options will both empower you and protect your family’s fiscal future. Some of the most popular college saving plans include:529 college savings plans
Although each state has its own rules and restrictions for these accounts, annual investment limits are generous for 529 plans, enabling your family to stock away substantial college savings. Another bonus of 529 accounts is that those accounts owned by parents are tax-free while also having a low impact on your student’s financial aid calculations.Prepaid tuition plans
Although these plans are generally for public schools and in-state institutions, a 529 prepaid tuition plan is another tax-free savings account that allows parents and other contributors to pre-pay for tuition. (There is also a private college plan available for more than 250 private institutions.)Individual Retirement Accounts
As long as your own retirement is on track, you may even consider utilizing traditional and Roth IRAs as a choice for college savings. Roth IRA accounts, like all retirement accounts, don’t get counted as assets on the FAFSA so the value of your Roth IRA won’t hurt your child’s financial aid eligibility.Regardless of how you choose to start saving, avoid holding assets in your student’s name. Any asset other than 529 savings accounts are counted much higher in aid calculations than parent-owed accounts and could result in your student getting awarded less aid.
