it

When Is It Too Late to Start a 529 Plan?

it's now time for a panicked or pumped

so i get a chance to put on my coaching

hat

and meet you right where you are uh this

one came

in and you can you can hear the emotion

uh in this one uh this is from amber

she starts off please advise we are on

baby step two which includes my student

loans that should have been long gone

i last graduated in 2000 i know i have a

20 year old son

i now have a 20 year old son in college

with student loans

he has a partial scholarship with

academic and baseball

his schedule prevents part-time a

part-time job during school

i also have a 16-year-old daughter or

16-year-old high school junior

and i'm panicked about what to do to

prevent more college debt

i will also i will add also that i

recently surrendered a whole life policy

on each uh but but cash value is only

three thousand dollars

what's the best option to park that for

each

so it can be used toward college is it

too late to start

a 529 okay amber first

and foremost hear me breathe

i want you to breathe um what you've had

now is kind of that epiphany you've

you've

you're waking up and you're seeing

things more clearly because you got some

information

and typically whenever we do that we

start to really gauge and judge where we

are

versus where we want it to be and that

can create

anxiety that can create frustration and

irritation

but i want you to breathe and i think

the most important thing to look at here

uh is that you're feeling pressure and i

want to tell you two words that are

going to help you with this

it's called scholarships and grants now

i understand with the

the the 20 year old that has student

loans and he's in college

and playing baseball uh as well as going

to school

and you say well he can't really work

well that's not true

he can't work uh the reality is as i was

playing football when i was in college

i worked as well um and so you know

whether it's 12 10 to 12 hours a week

he can work on campus somewhere uh in

the cafeteria

uh in the wreck area in the financial

aid office i mean there are things that

he can do

so don't put that limit on yourself but

though even though he's a senior or

junior or whatever

in college there's still scholarships

and grants that are available

and so it's going to be a matter of

looking at this and engaging in it and

understanding what steps to take

and the same said for your your junior

and high school

to be very intentional their part-time

job should be looking for scholarships

and grants

uh their money is the money is out there

the other thing i would tell you is this

community college um

don't don't buy into the lie that they

have to go to a four-year institution

right off the bat

uh they have an opportunity to be able

to go to community college to knock out

some prerequisites

and then be able to do what much cheaper

than at a traditional school

and then transfer the credits not the

grades but the credits will transfer

from the community college to the other

school so you got some options

uh i want you to reach out uh go to my

my website chrishogan360.com

uh there's a financial coaching uh tab

that's there where you can get connected

to a financial coach that can kind of

guide you and walk you through this

to help you gain more clarity as well as

more confidence

uh take your time there are options out

there to be able to help yourself

uh all right next up i got a pumped

email in from chris

uh from chris to chris i like this he

says hi chris my wife and i are pumped

we wanted to encourage everyone out

there that they can win with this money

and financial thing

we're 38 and 39 respectively we both

come from families that have always

struggled on the financial side of

things

however from listening to you and dave

we've been able to pay off all our debt

we've connected with the smartvestor pro

and began saving for retirement

we have a goal of paying off our home by

november 2021.

we just wanted everyone out there to

know that with hard work

educating yourself and being determined

it's

possible to succeed we are so

thankful to you all at the ramsey

network for all your great insights and

wisdom

we would never be where we are today

without you guys we're on our journey to

everyday millionaire status

well chris i'm proud of you and your

wife i'm proud of you guys

but just really digging in and being

more intentional than ever

about trying to make things happen for

yourself

and i love the fact that you guys made

sacrifices uh you did what was necessary

to help you get to where it is you

wanted to be

so i'm very excited for you

congratulations my friend

and be sure to let us know when you pay

off that house matter of fact i'd love

it if you send me a picture of you and

your wife in front of the house

that you now own very soon buddy thank

you and great job