- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Family 2: Teaching Children Financial Responsibility
- Family 3: Financing Children’s Education and Missions
- Introduction
- Decide How Education Relates to Your Financial Goals
- Understand the Principles of Financing Education and Missions
- Understand the Priority of Money for Financing Education
- Recognize How to Save for Your Children’s Education
- Recognize How to Save for Your Children’s Missions
- Know How to Reduce the Cost of Education and Apply for Aid
- Summary
- Assignments
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
Understand the Priority of Money for Financing Education
There is a priority of money for financing education. Following the “priority of money” refers to the process of determining the least expensive sources of money for education and taking advantages of these sources first. The following list outlines the priority of money for financing education:
- Free money: funds from scholarships, grants and tax savings.
- Personal and Family money: funds from personal savings and/or investments and help from parents, grandparents, or relatives
- Loans: subsidized loans, unsubsidized loans, private loans and credit cards.
There are two parts to saving for education. The first is the actual saving. How do you save the money for education in the least painful manner? The second part is the investing of that money. How do you invest that money wisely so you can eliminate or minimize taxes so you can have more money for your children’s education?
