My son is 12 and will start college when hes 18. He needs $10,000 dollars at the beginning of each college year. 4 years. I found a fund at the present time that pays 6% interest. How much should I invest today so my son will have $10,000 at the beginning of each year?
Answers (2)
You have two problems. First, college is not worth what it costs. If you compare an average waiter's income with an average college grad's income, allowing for the waiter living in poverty for four years and saving most of his money, the grad might never catch up.
The second is that the nation (and most of the world) is collapsing, so any investment is likely to be a total loss, except precious metals hidden at home. Get your financial news at gold-eagle.com and your education planning from "Dress For Success" by John Molloy.
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2. Acting skill will get you a job offer even if you are not qualified for the job.
3. The most important thing you get from your college years is your address book.
4. The main difference between a successful man and a very successful man is the latter knows hundreds more people, and he knows them quite well.
for the 4 years the son will be in college, you had to spend $40000 but with a 6% discount up to when he joins at the age of 18, you will have got $14400 as a fund and then with the four years he will spend in college, the deposit will be totaling to a fund of $1600 and this gives a total fund of $16000. subtracting the total fund from the amount you were required to pay for the four years for the son to be in college gives $24000 as the required investment today for your son to have $10000 at the beginning of each year