Retire Not Expire by J.L. Edwards

Author:J.L. Edwards [Edwards, J.L.]
Language: eng
Format: epub
ISBN: 9781982244811
Publisher: Balboa Press
Published: 2020-03-02T05:00:00+00:00

Trade in the multi-level four bedrooms, five bathrooms, eat-in kitchen, 6,000 sq. ft house and purchase a smaller home that is one level i.e., a ranch style house or a condominium that has at least 4 inches of concrete between you and your upstairs neighbor. As we age, negotiating steps can be tricky. Downsizing from a multi-level house eliminates the risk of falling down a flight of stairs in your home. Why have 4 inches of concrete between you and your neighbor upstairs if you purchase a condo? Because not everyone in the world moves as light as a feather. There’s nothing worse than being shocked awake from a blissful sleep by the sounds of your neighbors upstairs walking as if they were auditioning for the starring role in a Broadway musical. But the main reason for moving into a smaller home is the long-term savings you will realize because you no longer have the expense of paying for the general upkeep of a large house. You can use the proceeds from the sale of your home to purchase a smaller house or condo; possibly free and clear of any mortgage payment whatsoever if you play your cards right.

Baby step #4:

Be creative with helping your children pay for college.

I love my sons and I worked extremely hard to pay for their education. I chose to invest in their education to ensure they had every opportunity to succeed. But the investment did leave a major dent in my retirement savings account. The price tag of college is becoming cost prohibitive. A friend of mine who is 54 years old is in $75,000 of debt because he took a PLUS loan to pay for his children’s education. The PLUS loan is in addition to his personal debt. What could he have done differently? Well for starters his children could have enrolled in a community college or a state college where the tuition rates are significantly lower than a private college. Given that his children were struggling academically someone should have suggested this route so that each child could become acclimated to the freedom of the college experience without sacrificing their grade point average. It’s nothing like shelling out tens of thousands of dollars on a college education only to learn that your child has a 1.65 grade point average. Ouch!

There are several colleges in the United States that offer a free ride. They include:

• Alice Lloyd College, offers a free-tuition guarantee to full-time students from one of the 108 counties in the Central Appalachian area.

• Barclay College is a Christian college that is tuition-free for full-time students who live on campus.

• Berea College is a Christian college that requires students to participate in the student work-study program.

• Webb Institute in Glen Cove, New York offers free tuition to students who are U.S. citizens or permanent residents.

• Harvard and Stanford universities offer free tuition for students whose parents earn less than $65,000 per year if they are single.

The Harvard University Extension School offers college level courses online where you earn credit.

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