Family & Money: College Tuition And Estate Planning
Building wealth takes discipline and planning. And if you succeeded at that, then there's the challenge of preserving wealth. In the two videos below, Sharon Epperson takes a look at two major financial considerations.
Paying For College
If saving for retirement wasn't enough, there's also the challenge of packing away money for college education, paying the mortgage and other fixed expenses. College tuition has routinely outpaced the rate of inflation in recent years and what was once enough to pay for four years of schooling is barely enough to pay for one year. There's more than one way to save for college but no matter which method you choose, it is best to start early.
Many people think wills are just for those who are rich, old or own a lot of property. But if you want control of where your assets are going to go, then this is an area where you really need a plan. Some may think it’s not the cheeriest topic, but estate planning is critical to your financial health. Having a will and an estate plan should make you feel empowered. It’s an important step to take to make the most of your money.
The above material is excerpted or based on Sharon Epperson's book, "The Big Payoff: 8 Steps Couples Can Take To Make The Most of Their Money – And Live Richly Ever After", published this week by HarperCollins.