When it comes to saving and choosing a college with our kids, there are several variables that can seem overwhelming. Many of us don’t know where to start, and our kids are looking to us to guide them and lead them through this transition. Today, my guest shares many insights on choosing the right college, ways to save for tuition early and how we can be armed with the best information possible to make the right decisions.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™. He is also the founder of The College Investor, an organization focused on helping millennials get out of student loan debt and start building real wealth for their future.
This project was born out of Robert’s own experience, it all started with a blog and he realized the important role of student loan debt. This led him to write his first eBook, Student Loan Debt: Getting in Smart, Getting out Painlessly.
Through years of experience, he has been able to help others, thanks to the conclusion that developing multiple streams of income – investing, the side hustling, and more – are the key to building real wealth.
What You’ll Learn
6:26 Student Loan Debt Forgiveness
Robert Farrington gives his opinion on President Biden’s proposal to forgive student loans. He says it’s pretty bad public policy since it doesn’t fix the system or hold anyone accountable for their situation. He explains that the people who may have this credit are people who don’t pay even the minimum amount of amortization on their loans, so even if they have their debt forgiven, it doesn’t change their income or their monthly repayment budget. The problem with this program is that it does not fix the system.
21:29 Financial Planning Story
Robert Farrington tells how he became involved in financing plans for college students. He says he has always sold things on eBay trying to make extra money, invest it and grow it. Robert Farrington mentions that he always wanted to write about these issues and address the different problems that existed, what to do, what not to do…. It was also a turning point for him because he started having problems with his financial aid. So now he is dedicated to helping people not to go through the same thing.
24:15 What’s the biggest misconception or misunderstanding when saving for collage?
Robert Farrington shares the biggest misunderstanding when it comes to saving for college and that is that you should save for every it all. He says to look at it as a pie where there are many slices, for example you can have your own savings, a 5-29 plan, work and save, scholarships, loans, and grants in order to minimize the cost of a student loan. But the key is to look at it as a pie with many slices so that you can navigate and reduce the economic impact.
40:59 When should you start saving for college?
Robert Farrington says you should save as early as possible for college, but the most important thing is to have early conversations about what money is and how it is handled because when it comes the time to apply for financial aid, grants or scholarships, many parents don’t know what to tell their children about the financial situation and can’t plan a budget. For Robert Farrington, transparency is the key.
Robert Farrington’s Links
- Website: https://thecollegeinvestor.com/
- Instagram: https://www.instagram.com/thecollegeinvestor/
- Facebook: https://www.facebook.com/thecollegeinvestor
- Twitter: https://twitter.com/CollegeInvestin
- Youtube: https://www.youtube.com/c/thecollegeinvestor
- TikTok: https://www.tiktok.com/@thecollegeinvestor
- LinkedIn: https://www.linkedin.com/company/the-college-investor/
- Reddit: https://www.reddit.com/r/TheCollegeInvestor/
- Pinterest: https://www.pinterest.com/collegeinvestor/
- Spotify: https://open.spotify.com/show/2WtF5XvOdiNNLSXbkPmvLa
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