In today’s episode, Andy chats with Damian Dunn about how to save for our children’s future.
Damian is the director of personal finance strategies at Your Money Line and is the co-host of the Pete the Planner Show. He’s been working in the financial industry for nearly 20 years and is passionate about providing accessible and affordable financial guidance to anyone seeking it. He also has two kids of his own, and lives in Indiana.
The future cost of college is no joke. According to Vanguard, the average rate of inflation for college costs has been about 5% in recent years.
As an example, my alma mater, Michigan State University in 2019 costs $25,046 per year for an in-state student. This includes tuition, fees, room, and board. That’s around $100,000 for 4-years of in-state tuition if my son or daughter were to be going to school today.
Fast forward to the year 2030 when my daughter starts her freshman year of college, 5% inflation on that $100,000 in 2030 comes to $184,000! Oh, and then you add in my son who will be attending college in 2032 and he’ll need around $203,000.
That means I’m looking at around $387,000 for my two children to eat, sleep and learn during 4 years of college. AHHHHH!!!!
I don’t know about you, but that number makes my head hurt. So much so that I want to throw my hands up in the air and just quit.
$1.5 Trillion … That is how much Americans owe in student loans.
This truly disgusting situation is holding back Americans from being the best they can be.
How can we solve this national crisis that is affecting 44 million people?
My guest today is dedicating himself to answering this question. Adam Carroll is an author, keynote speaker and documentary filmmaker who is focusing his financial literacy junkie status directly at this student debt crisis.
Abby Chao is the Co-Founder of CollegeBacker. She and her company are on a mission to make saving for college easy with the magical 529 account.
Abby and I met a dinner in Dallas in October. Her enthusiasm for combating the $1.4 trillion student loan crisis in our country was inspiring. I had to bring her on the show so you all could be inspired too.
Evidently, 70% of families in the US are not aware of the incredible benefits of the 529. We’re going to help with that today.