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College Savings Account
A college savings account is an excellent means for a family to
prepare a child's future in higher education. First, it sets a
standard and expectation for our children. This is not to say that
such expectations should be absolutely enforced, though when
providing a gentle "nudge," as a college savings account does, it
may prove effective in convincing a child of the benefits of a
college education.
Further, a college savings account "actuates" not only the ability
for a higher education, but for the philosophy, the idea itself to
be set firmly in a child's mind as she grows up. "Actuation"
according to many self-help and success gurus and their subsequent
books, are the first steps in formally beginning any great endeavor.
Often this simply starts with a list.
The list in question here would be to determine how much a child
will be expected to pay for college when she is eighteen years of
age. This is posted annually by certain magazines like Newsweek.
From this figure it must be figured out exactly how much money can
be put into a savings account -and how often, whether monthly,
weekly, or whatnot, to fulfill the target figure by the age of
eighteen. This can be determined with a banking officer who will put
everything into plain language coupled with the necessary figures.
From there, the rest is all about saving for the golden future.
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