If Aunt Liz has her way Cash will be attending Standford University in the fall of 2028.
Today we opened a savings account for Cash (deposited $285) so just for grins I decided to look at tuition rates for Stanford. Holy GDP of a mid-sized country - is this in American dollars? I'm quite certain the value of a Stanford education is worth more than the country of Greece. Sheesh.
I rounded the quarterly tuition to an even $13K and assuming he'd attend four years (three quarters a year) - that's ONLY $156K. Of course that's at today's tuition rate at today's dollar value. I don't remember a lot from finance, but I do remember a little something called the time value of money, so the $156K estimate is extremely low.
I hope Stanford gives out at least partial scholarships for having an awesome dog or super cool socks, because then Cash will be all set.
Today we opened a savings account for Cash (deposited $285) so just for grins I decided to look at tuition rates for Stanford. Holy GDP of a mid-sized country - is this in American dollars? I'm quite certain the value of a Stanford education is worth more than the country of Greece. Sheesh.
I rounded the quarterly tuition to an even $13K and assuming he'd attend four years (three quarters a year) - that's ONLY $156K. Of course that's at today's tuition rate at today's dollar value. I don't remember a lot from finance, but I do remember a little something called the time value of money, so the $156K estimate is extremely low.
I hope Stanford gives out at least partial scholarships for having an awesome dog or super cool socks, because then Cash will be all set.
(a) we need to set up a Roth IRA for Cash...checking account wont generate enough interest for Stanford. Seriously.
ReplyDelete(b) ROTC is an option for Cash to pay for college
(c) also Cash needs to get straight A's to get scholarships
(d) If Cash can be designated as a Native American he will qualify for special scholarships. I would work on that starting now.
(e)If, hypothetically, Cash had a disability of some kind it could help him get into and pay for Stanford. The type of disability is probably negotiable so lets discuss whether or not you think he needs his sight or hearing more. Or if being a quadriplegic (sp?) is OK. I am not suggesting anything specific...this is for you at Matt to decide but I would just say that if he had hooks for hands because of a freak accident he has while climbing Mount Kilamanjaro it could help him gain admission and scholarships to a number of prestigious schools. Or so I have heard.
a) A traditional IRA or a Roth IRA can only be made from earned income (i.e. Cash must have a job). He may need some annunities with deferred income, stocks or bonds. Stanford has a good law school but what's wrong with Harvard or Yale?
ReplyDeleteb)The Air Force academy is a good choice too.
c)Straight A's for sure.
Dadoo
Forget college - I think Matt wants a musician in the family!!
ReplyDeleteOn another note, now do you understand why we freaked about Julie wanting to go to NYU? Seriously, start a college fund with an investing company - not at the bank. There's lots available. We have one.
You mean as parents we're supposed to save for our kids' college education? Hmmm. I guess my kids had better hope that some long lost great aunt leaves them an inheritance, because that's their best bet at this point. That or lottery tickets.
ReplyDelete