This is a guest post from Bryan M. Kuderna, A Certified Financial Planner and founder of the Kuderna Financial Team.
Millennial Millionaire’s insight on common and uncommon college savings programs.
Anyone who’s ever been to a toddler’s first birthday can relate to a few common themes… a clown or superhero, crying babies (especially if Mom and Dad picked the clown), a Smash Cake, and someone offering up a college fund. This gift from Grandma or your Brother-In-Law that works at the bank might be the most boring, but any recent college grad will agree it’s one awesome gift.
In today’s day and age, it’s not uncommon for a 4-year college tuition to cost over $100k, and that’s not including room and board ! If you have more than one child, just start multiplying that 6-figure bill. So as the price of attending college continues to skyrocket, averaging about an 8% increase per year and in some years being as high as 6.5x the general inflation rate , how does a family plan ahead?
The most commo…