- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Family 2: Teaching Children Financial Responsibility
- Family 3: Financing Children’s Education and Missions
- Introduction
- Decide How Education Relates to Your Financial Goals
- Understand the Principles of Financing Education and Missions
- 1. Teach your children to be financially responsible
- 2. Help your children to save for their own (and other family member’s) education and missions consistent with their abilities
- 3. Have a plan for your children’s education and missions that is consistent with your personal goals and budget and follow it
- 4. Start NOW and early in saving for your children’s education and missions
- Understand the Priority of Money for Financing Education
- Recognize How to Save for Your Children’s Education
- Recognize How to Save for Your Children’s Missions
- Know How to Reduce the Cost of Education and Apply for Aid
- Summary
- Assignments
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
4. Start NOW and early in saving for your children’s education and missions
The best time to begin saving for your children’s education and missions is now. Begin now and begin early. In our family, once a child was born we immediately started an education and mission account to pay for their education and missions.
I recommend setting aside accounts specifically labeled “Mission Fund” or “Education Fund.” Decide now that these accounts will not be used except for their assigned uses. I am even more specific than that. I have specific accounts labeled “Mission-Kimberly,” “Education IRA-Kaili,” and “529-Clinton” for each of my seven kids. Think through carefully and write a good investment plan. Then follow that plan and start now. With personal finance software, such as Quicken or Money, it is very easy to manage multiple accounts for different children.
