Fully agree it shouldn't be divorced from overall situation.Maybe you should do a Money Makeover post in that forum?
There is going to be costs if they live at home as well, have to feed the little blighters one way or another ! So getting the true cost of stay away versus costs for stay at home is not always clear.I just resurrected our expenses for ours attending university back in the day in another city. The costs are frightening. Don’t forget there may be projects to be completed elsewhere from the college city. If so, you’ll have additional costs. Our most expensive year for such amounted to €27,000, other years being a good bit cheaper.
I don’t wish to put the frightners on anybody, but I think Peanuts20 has under costed. Sorry Peanuts!
It’s not just about the monetary expense either and I’m not going to get into that here.
I have two children 8 and 10. I am looking for advice for the optimal way to save for their possible college educations. Are there any particular products new or otherwise that are useful for this purpose? I understand that tax relief is available on tuition fees, is there any tax relief available on saving towards a college education or a tax efficient way of manage this?
That's jumping the gun hugely.Your best starting point is to speak to a QFA about long term saving plans that are offered by the likes of New Ireland, Zurich etc.
That one's gone straight into my memory bankWe also tell them that we don't pay for repeats - either exams or years! Feel they're well capable of passing the exams first time!
Its one of the things you don't realise when the kids are 7 or 8.Don't any third level students work a job to at least defray costs these days? In my day.....
That's not true. If the investment timeframe is c. 10 years then putting the money in a diversified equity based investment (indirect if necessary, but better still direct) will very likely be an appropriate way to proceed.I can't suggest any investment procedures that'll help. I don't care where you store any savings you can make
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Any other advice is almost useless unless you know the Lotto winning numbers for Wednesday and Saturday nights.
That's not true. If the investment timeframe is c. 10 years then putting the money in a diversified equity based investment (indirect if necessary, but better still direct) will very likely be an appropriate way to proceed.
I am not so sure about this at all. Over ten years equities will probably outperform anything else. But if the OP is regularly saving the same amount every year for ten years for a big drawdown at the end then the average investment horizon is five years.If the investment timeframe is c. 10 years then putting the money in a diversified equity based investment (indirect if necessary, but better still direct) will very likely be an appropriate way to proceed.
Yes, but why would they be doing that of the whole point is to save for a future need - funding college expenses?Fine! But, you (as far as I'm aware) must have the reddies up front. Can you draw down any amount (with no fees) if needed along the 10 years?
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