Ric Runestad - College Budget
Among many other things, college students need to learn how to live by a budget and make wise financial plans for their future. Ric Runestad, President and CEO of Runestad Financial Services encourages parents to open a 529 Plan right away. For each $5,000 invested into the plan, the government allows a $1,000 tax credit. In addition, it is important for college students to research scholarship options. Ric advises that college students to not get a credit card, but rather use only a debit card.
Ric also offers financial tips upon college graduation. If a graduate returns to the same area where his/her parents live, he recommends parents allowing their child to live with them but pay a fair market rate for rent. Parents are then encouraged to put that money in an escrow account, eventually returning that money to their child for paying off their student loan debt or to use as a down payment for a home.
For more information on financial planning for college and beyond, please visit: http://www.runestadfinancial.com
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