The Importance of saving for college
There is a definite link to the amount of financial success we have and the amount of education we receive. One of the largest factors in determining how much money we make over the course of our lives is our level of education. Generally, the more education, the more money made. That is highlighted in this report from the U.S. Census Bureau.
Workers with a bachelor’s degree make nearly $1 million more over the course of their lifetime compared with workers that possess only a high school education. According to data compiled by the Census Bureau in 2008, workers over 25 who have a bachelor’s degree earn an average of $60,954 a year, while those with just a high school diploma earn $33,618.
Unfortunately for parents, the cost of higher education is not getting any cheaper. According to a 2010 U.S. News and World Report article, the average annual cost of sending a child to a 4-year public institution started at $10,000 and jumped up to an average $17,000 if the child chose a 4-year private university. Historically, college tuition rates have increased at about twice the rate of inflation, and our current situation closely follows this trend. Education isn’t getting any cheaper.
If you’re a parent, you need to start saving now, and EdVest, Wisconsin’s 529 College Savings program, can help you do it. Any family member over 18 can open an account in the name of a child, and make an investment in our future. Currently, there are more than 250,000 accounts in Wisconsin’s College Savings Program, averaging a little over $9,000 per account – a good start for the next generation.
If you can, start saving today! It’s fast, easy, and you can sign up for an account online; just follow this link: http://www.wellsfargoadvantagefunds.com/wfweb/wf/ev/account/online.jsp?BV_UseBVCookie=yes