Reviews for Saving for College Using the Bank On Yourself Method

When you think about saving for your children’s college tuition, what savings vehicle comes to mind?

Families often use traditional investment and savings accounts, 529 College Savings Plans, UGMAs (Uniform Gift to Minors Accounts), and UTMAs (Uniform Transfers to Minors Act).

But there’s a big problem there. Who’s going to guarantee you won’t lose your money – and your kid’s chance for a great education – in a stock market crash?

Nobody.

Absolutely nobody. Not your broker, certainly. (Try asking him if he’ll guarantee your stock market investment. Get ready to be laughed at.)

Not Uncle Sam. And not the college. Nobody’s going to guarantee that your money in the market will grow. And nobody’s going to guarantee you won’t lose it in the next market crash.

And that’s the thing. This is your kid’s future you’re gambling with, for Pete’s sake. This is money you can’t afford to lose!

And if you can’t afford to lose it, you can’t afford to risk it. Because “Risk = possibility of loss.”

If you can’t afford to lose it, you can’t afford to risk it.”

That’s why the Bank On Yourself strategy for saving for college is becoming more and more popular. [Read more…] “Reviews for Saving for College Using the Bank On Yourself Method”

Announcing the winners of the “what inspires you to save” contest!

Last week we held a contest about what inspires or motivates you to save money.  The response was overwhelming and with many so inspiring and heartfelt entries,  it was very difficult for our team to pick the six winners…

Contest Winner

After much deliberation, five members of the Bank On Yourself team each picked their favorite entry – each of these winners will receive their choice of a $25 dining gift certificate or a personally autographed copy of my best-selling book, Bank On Yourself, for themselves or to give as a gift to someone they care about.

And together, the team picked their favorite entry and that person won a $100 American Express Gift Certificate.  (All winners will soon be receiving an email letting them know how to claim their prizes.)

Contest Winner

Read on to be inspired by the winning entries…

[Read more…] “Announcing the winners of the “what inspires you to save” contest!”

Enter our "what inspires you to save" contest!

People are inspired to save money for different reasons.  Share what inspires or motivates you to save in the comment box below and you could win one of six prizes we’ll be awarding, including five prizes of your choice of a $25 dining gift certificate or a personally autographed copy of my best-selling book, Bank On Yourself, for you or to give as a gift to someone you care about.

Post your entry in the comment box below...
Post your entry in the comment box below...

Five members of the Bank On Yourself team will each pick their favorite entry for the dining certificate/autographed book prizes.  And together we’ll pick the most inspiring entry and award that person a $100 American Express Gift Certificate.  (Sorry – U.S. residents only.)

Just post your entry in the comment box below by Monday, March 28.  The prize winners will be notified by email on Friday, April 1, and the winning entries will be featured in that day’s blog post.

Save for something that excites you!

Research shows that people are more likely to save if they are saving for something that excites them, rather than because they “should” save.

For example, my husband Larry and I have two grandchildren living a couple states away.  We call or Skype them (almost like being there!) every Sunday.  Last Sunday, Halle, who’s in second grade, told us her favorite subjects now are science and math.  She’s learning the multiplication tables, and we spent nearly an hour quizzing her – she would happily have kept doing it for another hour, but our brains were fried!

Halle’s brother Jake loves playing basketball.  He’s a head taller than his classmates, so who knows where that will lead…

What inspires or motivates you to save?

Anyway, a few years ago, we started savings plans for Halle and Jake’s college educations.

What inspires or motivates you to save?

Doing that just feels so motivating.  And because we’re saving the money in a Bank On Yourself policy, rather than an investment account or a 529 Savings Plan, we know the money will be there when needed.  And if they decide to become entrepreneurs instead of going to college, the funds can be accessed without the restrictions or penalties common to 529 and other plans.

(Compare saving for college in a Bank On Yourself policy versus a 529 Plan)

So what inspires or motivates you to save?

Just post your entry in the comment box below by Monday, March 28, and you could win one of the six prizes described above!