Everyone wants a bright future for their children which includes saving for a college education. If you have an infant or toddler, by the time they’re ready to attend a University, the US Department of Education reports the cost for a four-year degree will likely top $200,000 in some cases.
As any parent of a grown child will tell you – time flies – it seems that one day they’re in diapers and the next thing you know – they’re driving off to school. So the time to think about investing in their future is – the sooner the better – no time like the present.
Here’s ten unusual and often overlooked ways to invest and save for college to ensure your child receives a stellar education:
- DELVE INTO DIAMONDS: Many people think about investing in precious metals, but diamonds have an unbelievable ROI compared to gold or silver. Globally speaking, diamond prices have continued to increase by as much as 37% in some countries over the past few years.
- KICK A BAD HABIT: Kicking caffeine to the curb, deleting soda from your diet, going on the wagon and quitting smoking are not only ways to live a healthier lifestyle, if you take the money you regularly spend on these bad habits and invest those funds instead, you may be surprised on what you could sock away in a decade.
- CAMPAIGN FOR COLLEGE: Consider starting a crowdfunding project for your child’s education. USA Today recently reported on three platforms that are ideal for this unique form of fundraising for educational purposes.
- OVERSEAS EDUCATION: In many cases, it’s cheaper to get a college education in other countries. For example, getting a law degree at Oxford takes only three years, compared to four in America, saving an entire year’s tuition.
- HOUSING HELP: Consider investing in a rental venue such as a small home or condo and rent it out until your child reaches college age. Sell it for a profit and this could help to pay their tuition.
- RARE COINS: According to the Business Insider, rare coins have experienced gains of over 13% in three years. In some rare cases, increases have reached 20% or more during the same time period.
- STAMPS: Although they have a much lower return rate compared to coins, in some very rare instances, their ROI can be also as high as 20% or more.
- SELF-STORAGE: Bloomberg reports that investing in self-storage units have continued to remain a consistent and rewarding ROI, in the best cases, over 35% in three years.
- EDIT ENTERTAINMENT: If you’re paying for extra channels with your cable provider, drop down to basic and invest the difference in other venues. Take the amount you’d pay for dining out and add this to the coffer.
- BUNDLING & PACKAGING: The same goes for things like smartphone usage, cut down on data usage and bundle with family members for some significant savings.
Take a good look at your monthly and annual budget and look for creative ways you can trim the fat and put this money towards your children’s future. Education can be priceless and rewarding, but a college education still comes with a high price tag that’s worth saving and investing towards.
Want some additional assistance in planning for college. The is an amazing resource that was written by the one and only Dad of Divas himself, Dr. Christopher Lewis. With 20+ years of experience in the college admissions field, this book really is an amazing resource that will help you and your child in asking the right questions and preparing at the right time for college! Learn more about the book!
About Hilary Smith
Hillary Smith loves technology and hasn’t met an app that didn’t catch her attention. After graduating from the Northwestern Medill School of Journalism, Hillary began a career as a freelance writer focusing on the challenges of digital parenting. She works out every day and spends time with her children, ages 4 and 7.
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