I remember how it was -- JR
Tuesday, March 26, 2024
College savings should start in kindergarten and kids should be involved: financial expert
With the cost of college on the rise plus an unstable debt load, the best thing parents can do is to set children up for financial success — and that can start as early as the kindergarten years.
Gregg Murset, CEO of BusyKid, a chore app that provides kids with debit cards and financial education, believes the best way to avoid "digging yourself into a hole of debt" is by starting the saving process much earlier.
And while this may sound like a task for the parents, it's also something the kids should get involved with, according to Murset, who is based in Scottsdale, Arizona.
"I think it's really important that not only the parents start thinking about this, but the kids start thinking about it, too, because who made the rules that it's all up to the parents to pay for college anyway? I don't like that rule," Murset told FOX Business.
The best way to avoid empty wallets or anxiety surrounding pricey college tuition is for parents to consider saving early because kids are not as expensive when they're younger, Murset said.
"Having lived through six children of my own and raising them, and most of them are gone now, they're much cheaper [in] the beginning," said the financial expert.
"So, it's actually smarter to start saving when they're little because they don't cost as much."
For Murset, it's not about how much the family is setting aside — but rather, the fact that consistent saving is taking place.
He suggested putting the amount into a growth mutual fund with a 20-year cut-off, and then start dollar cost averaging, so you can "set it and forget it."
While kids might be more excited about attending soccer camp or dance class and aren't thinking about college, it is still important for parents to start engaging in some sort of savings conversation when they are young. Murset suggested that the ages of 4 or 5 are not too soon to start.
"I'm a big believer that kids learn best about money by doing stuff," he said.
"They can read things, they can watch videos, but at the end of the day, they need that practical, visceral experience."
"You got to start that money conversation very young and let them practice. And they not only have to practice earning the money by actually working, but they have to learn what I call a ‘balanced financial approach.’"
Murset's "balanced financial approach" is about teaching kids to earn money, save, invest from savings — and then give some away.
"I know that seems counterintuitive, but you've got to teach them that the world is a bigger place than just them," he said.
A great place to start teaching your children about earning and savings is in your own home, by assigning them chores, said Murset. He calls this a "work-money connection."
"Not only are they going to learn how to work and get something done, but you're going to get your house clean," Murset said with a laugh.
Once they get the money that they earned, they must learn how to manage it, which is when the "balanced financial approach" comes into play.
For parents getting ready to send their children off to college, it is best to discuss how four years of college will be paid for while they're still in high school — so that they are not left shocked or anxious about their savings. Murset said this is the time to start exposing them to the reality of how much life costs.
"A lot of parents have this little bubble and they don't tell their kids anything, and everything's wonderful. And they're clueless, so you have to start teaching them by being more transparent," Murset said.
"This is easy, and it's actually fun," he added.
Murset advised asking kids to help figure out the cost of dinner at a restaurant, plus the tip, and they will start to realize that all things come with a price tag.
When a household's electric or auto insurance bills come in the mail, parents can show them how they're paying for these necessities — and they will quickly realize that life is not cheap, Murset said.
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Tennessee Gov. Bill Lee expects a school choice 'revolution,' with parental rights a key 2024 election issue
Tennessee Gov. Bill Lee says his state is joining what he views as a "revolution in America right now around school choice," as a $400 million bill to overhaul public school achievement testing and implement universal school choice advances in the state legislature.
Lee, who is also president of the Republican Governors Association this term, said the issue of school choice resonates nationally beyond just Tennessee during the 2024 presidential election year.
The governor explained in an interview with Fox News Digital that school choice, to him, is "really about freedom," noting how regarding matters of COVID-19 vaccines, books in public school libraries and classroom instruction, "parents on the left and right have very strong opinions about what that ought to look like."
"The only way to resolve those differences are [is] to give parents the choice so that they're not resolved to live with whatever, you know, some teacher or some classroom or some library or some educational school district believes that they ought to be," Lee said. "Most all of us Americans, not just elected officials, recognize that education is one of the top priorities when it comes to issues and what Americans care about."
"This is not a choice between school choice and public schools. We have a strong commitment in this state toward the improvement of our public school system. The vast majority of our kids are going to be educated in our public schools, even years after a choice initiative like our proposed legislation goes through," the governor added, responding to criticism that the proposal would divert resources from Tennessee's underfunded public schools. "We need to have the best public school systems. They need to be funded well. They need to be innovative and creative and part of the part of the legislation."
Lee said he’s observed an increased understanding among conservatives – but also from Americans more generally – that parents should be given the ability to impact what happens in their children’s education. He credited the pandemic, when remote learning gave parents insight into what gender and racial ideologies were included in public school curricula, as well as the resulting learning loss from keeping kids out of classrooms, as parents seek options to play catch-up several years later.
"I do believe there is a push in this country, especially among conservatives, for understanding how important freedom is – freedom in education, freedom in health decisions, freedom in what we do for our employment," he said. "We talk a lot about Tennessee being a place where people have access to opportunity and security and freedom. And as it relates to education, that is an Education Freedom Scholarship Act. And that's what we are really hopeful passes in this state in the next few weeks."
Despite some objections from state Democrats, the framework of Lee's proposal, included in House Bill 1183, advanced through the state House Government Operations Committee and was recommended to move forward to the state House Finance Subcommittee last week. As Lee enjoys a Republican super majority in both the Tennessee House and Senate, he said he expects a version of the legislation to pass after the final provisions are ironed out between chambers.
The current version of the bill in the House would increase payment for teacher health insurance from 45% to 60% – a measure intended to help rural districts retain quality teachers, as well as provide a $75-per-student infrastructure payment toward school facilities and maintenance and increase state funding for students in small and sparsely populated school districts, The Tennessean reported. It also allows for teacher and principal evaluations and state-mandated student testing to happen less often.
A corresponding version of the legislation in the state Senate, SB 0503, is estimated to cost about $250 million less than the House bill. But the upper chamber’s version would primarily focus on creating the governor's Education Freedom Scholarship program and opening inter-county school enrollment. It excludes the House bill’s provisions on teacher health insurance, evaluations and changes to testing requirements.
As the governor noted, school choice initiatives passed in states like Arizona, Iowa, Oklahoma and Arkansas last year and more recently in Wyoming and Alabama. It’s also gaining momentum in Kentucky, North Carolina and Georgia, Lee said, and Florida and Indiana have multiple stages of school choice. Though it varies by state, Lee said they have the same premise that "the parent knows best."
In states like Texas, Lee said, it has cost candidates elections to oppose school choice.
Tennessee has one of the fastest-growing populations and one of the top-performing economies among all 50 states in recent years, Lee acknowledged, stating how the influx of families weighs in on school choice.
"We need to give parents more choices. And when we do, children are going to have much more options to be successful. And at the end of the day, that's what this is all about," Lee said. "It's not really political, even though it's a very conservative issue. But hey, look at the states that have Democrat governors are passing that choice now as well, because Americans are beginning to believe that this is about children and the future of our country. And we ought to do everything we can to challenge the status quo and get it and get a better outcome."
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Torrens University pushes private sector path to higher education targets
Australia’s only for-profit university is besting its sandstone rivals in taking on more Aboriginal, female and poorer students, as its chancellor warns the nation will fail to meet the goals of a landmark review into higher education if doesn’t embrace a new model of private universities.
Torrens University chancellor Jim Varghese said the targets set out in the recent Universities Accord report – that 80 per cent of the population aged 25 to 34 should have at least a tertiary qualification and 55 per cent should have a university degree by 2050 – would not be possible with public institutions alone.
He has called for a shake-up of the tertiary sector, which has been dominated by government-funded institutions, arguing that without competitive private alternatives there will not be enough places. The Accord report estimates an additional 940,000 Commonwealth supported places will be required to reach the university attainment goal by 2050.
“It is not possible unless you get the private sector actively involved,” Mr Varghese said.
“Unless you have a private higher education sector working hand in glove in competition, it will become very bureaucratic, very difficult and we won’t reach that very ambitious and laudable target.”
As Australia’s only for-profit higher education institution with university status reaches its 10-year anniversary, a new Deloitte report has found Torrens University was already leading the way on the access and equity goals set out in the Accord’s final report released last month.
The report found 25 per cent of its students were from disadvantaged backgrounds, compared to 12 per cent of Group of Eight universities; 19 per cent were from regional areas, compared to 9 per cent at the Go8; and 3 per cent were Indigenous, compared to 1 per cent at sandstone universities.
It also found that Torrens University – which is owned by US company Strategic Education – had added $468.9m in value to the Australian economy and supported more than 3000 jobs, all without any investment from the government.
Torrens University president Linda Brown said it was the nation’s fastest-growing university, expanding from 165 to 24,000 students in a decade, and had built its brand by scrapping the requirement for an entry score, attracting non-traditional students and offering flexible study options.
She said the university also focused on offering degrees in high demand areas including health, nursing, hospitality, education and business, and was becoming a leader in artificial intelligence. “I believe that we should be allowing investors to invest in universities, all universities – people should be able to raise private money for public good,” she said.
“I also believe that individuals should put their hand in their pocket because they’re getting the return on investment and the benefit for that, so there should be more individual investment,” Ms Brown added. “And there should be government investment … one plus one plus one is much better than relying on funding from one source for 90 per cent of the market.”
Ms Brown said Torrens had attracted international students from 150 nationalities, warning Labor’s crackdown on student visa holders using the pathway to work rather than study could harm the nation’s reputation.
“We will manage whatever is coming, but this uncertainty or drip feeding of changes is not great for our reputation as a country for being open for business for international students,” she said.
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http://dissectleft.blogspot.com (DISSECTING LEFTISM)
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http://australian-politics.blogspot.com/ (AUSTRALIAN POLITICS)
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http://jonjayray.com/blogall.html More blogs
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