Hi there! On today's episode we're diving deep into college saving strategies, just in time for National College Savings Month.

Episode 84 features college savings expert Brad Baldridge, the brains behind “Taming the High Cost of College” - a podcast and website that is a virtual one-stop-shop for every resource a parent needs for college savings prep.

Brad Baldridge & Krista Dykes

Brad spills all the secrets for making college affordable without bankrupting your future. [Listen now HERE!]

LISTEN ON: Apple Podcasts | Spotify | Amazon Music | Pandora | Any Player

Let's Get Down to Business 💼
We kick off my conversation with Brad by stressing just how crucial it is to save for college early and consistently. It’s like training for a marathon—you gotta start somewhere, and yes, your actions today have HUGE ramifications tomorrow. No pressure, moms.

Meet Brad Baldridge: Your College Financial Yoda 🧓
Brad isn't your run-of-the-mill financial planner—he’s a wizard who's been navigating the choppy waters of college funding for nearly 20 years. As a dad himself, he gets the struggle of juggling retirement, mortgages, and saving for that “Oh-Lord-Please-Get-A-Scholarship” fund.

His journey in financial services started in the mid-'90s, and he quickly realized that college costs were racing faster than a toddler hyped up on birthday cake. Pivoting from general financial planning, he zeroed in on late-stage college planning for high school parents. Because let’s face it, that's when the panic really sets in.

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Different Roads to Rome (Or College) 🛤️
Brad shares about the different stages of college planning:

  • Early Stage: This is your “let’s start a piggy bank now” phase.
  • Late Stage: Hello, campus tours and college applications!

Families come in at varying levels of preparedness. Whether you have a college fund ready to go or you're starting from scratch, Brad’s got strategies to fit every scenario.

The Juggle is Real: College, Retirement, and Mortgages 🤹‍♀️
Ah, the struggle of modern parenthood. Brad touches on the balancing act between saving for college, paying off your home, and avoiding the ramen-noodle retirement party. He makes a fantastic point: not every path must lead to a traditional 4-year college. Trade schools, internships, and hands-on experience often outweigh a “one-size-fits-all” college approach.

Raising Financially Savvy Kids 💵
Brad’s dad-approved advice? Teach your kids financial prudence. Post-grad life can be a budget nightmare if they go wild with the credit cards or try to keep up appearances with everyone else.

Student Contributions 📚
Gone are the days when students worked summer jobs to cover all college expenses. Now, they’ll likely need to chip in for books and personal expenses, but Brad’s strategies offer insight to avoid being buried in debt.

Planning Makes Perfect ✍️
Families who plan and strategize can significantly reduce college costs. Brad recommends using net price calculators to estimate school costs early in the game.

Exploring Your Options:

  1. State Schools: Affordable, in-state tuition, and often excellent education.
  2. Private Schools: Seem more expensive but come with hefty scholarships for stellar students. Did you know schools like Stanford offer free tuition for families earning below $100,000? Mind-blowing.
  3. Financial Aid: Not all aid is created equal. Federal Pell Grants can make a huge difference, especially for low-income families.
  4. Community Colleges: Great for saving on the first two years before transferring to a four-year institution.

Listen to this podcast episode on Spotify.

Final Thoughts 💭
Brad reminds us that balance is key. Yes, saving for college is vital, but so is planning for your retirement. Emphasizing practical financial decisions, he suggests maybe opting for a smaller house or a less extravagant car to make college savings a reality.

Whether you're knee-deep in the early stages or bracing yourself for the late-stage sprint, this episode is your goldmine. For detailed guides, Brad’s website is a treasure trove, and don’t forget to check out his podcast with 150 episodes (and counting) to help you master the maze of college funding.

Connect with Brad Baldridge:

Tune in, take notes, and let’s conquer college costs together! 🎧💪

-Krista-

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