Business
It’s impossible to deny that college is one of the biggest expenses you, your children, and even your grandchildren will ever face. To make matters worse, the costs of college tuition are still climbing rapidly, with some schools forecast to cost as much as half a million dollars to attend as soon as a decade from now. No matter how old your kids are, or if you’re planning to have children in the future, saving for this is a daunting, intimidating task. Abby Chao is the co-founder and COO of CollegeBacker - a team of college savings geeks working to democratize access to the best tools and information available to prepare financially for college and bring families together in the process. She believes in a world in which every child has a college fund and everyone knows there's a community of people that supports them achieving their dreams. She’s also seen how the burden of college debt impacts entrepreneurship, career choices, and how people live their post-college lives - and wants to change things for the better. Today, Abby joins the podcast to share the journey that led her to co-found CollegeBacker, how you can start saving for college no matter how old you (or your children or grandchildren) are, and the unique tools CollegeBacker provides to instill good habits and lighten this massive financial burden. In this podcast interview, you’ll learn: Why college tuition at all levels keeps getting higher and higher - and why you don’t need to pay for it all yourself if you plan right. The experience that Abby had as a consultant that showed her how important finance is in education - and why a lack of financial education sets major barriers for students who want to achieve their goals. What a 529 account is, why they are in many ways your best way to save for college, and why so many families are unaware of them. How CollegeBacker helps people without financial advisors get access to resources to save for college - and their innovative and unique business model. Why you still need to save, even if your child is going to qualify for scholarships, and the caution points you need to be aware of when using 529s for private elementary or high school.