College

Even if you have not been able to save all the money you will need for college, several alternatives exist to assist you in making up the difference.

Financial aid comes in many shapes and sizes -- from scholarships and grants which do not need to be repaid, to federal loans which carry very favorable interest rates and terms. The following are a few of the most popular sources of financial assistance:

Insurance

Once you have determined that you need life insurance, and calculated how much coverage you require, you will have to choose between several types of life insurance. There are two very different types of life insurance contracts -- term and permanent.

Insurance

Like auto insurance coverage, it is sometimes difficult to see the true value of life insurance coverage until you actually need it. In the meantime, the only way you will feel comfortable with your life insurance policy is if you understand, and agree with, the reasons you bought it in the first place.

There are many reasons for an individual to own life insurance coverage. Perhaps the most compelling reason is to purchase a death benefit which will provide for the financial needs of their survivors.

Estate Planning

The federal government imposes a substantial tax on gifts of money or property above certain levels. Without such a tax someone with a sizable estate could give away a large portion of their property before death and escape death taxes altogether. For this reason, the gift tax acts more or less as a backstop to the estate tax. And yet, few people actually pay a gift tax during their lifetime. A gift program can substantially reduce overall transfer taxes; however, it requires good planning and a commitment to proceed with the gifts.

Investments

When you start organizing your portfolio you will want to consider how you will be spending your money after you retire. Some money will be deposited directly into your checking account; such as Social Security where as other income could be less predictable. It is always nice to get extra income you are not counting on but you must not plan on this.

College

Over 85% of the nation's schools offer various types of scholarship, granting money to college students based on a host of criteria such as academic merit, financial need, and in some cases, racial or ethnic background.

Though the application process can be complicated and redundant between scholarships, there is a great deal of money available for those who are willing to jump through the right hoops and prove their merit and/or need.

College

Saving for college isn't easy, but the earlier you start the better off you'll be. For example, if you save $60 a month for 17 years earning 8% per year, you will have over $25,000 by the time college begins! Taxes will reduce the amount of the portfolio.

There are several savings and investment strategies that can help you accrue money for college.

Insurance

Your home and the things in it generally represent the largest asset your family will ever have. For this reason it is very important to have your home and its contents insured at all times. One should have insurance on its contents, against theft, fire, windstorm, or some other disaster. It is also wise to be insured for personal liability. This would cover an accident that might occur to someone who is visiting your home.

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