Most of you understand how much I love Friends of Scouting. Thanks to a recent Facebook post, I got many replies, most of which shared my frustration. Some replies were especially enlightening and we got some insider information on why things happen the way they do. Well, I've decided that if local Scout units can shamelessly beg for money for what is universally considered to be a good cause, my children can shamelessly beg (or their parents rather) for money for education which is no doubt considered to be a good cause by an even greater portion of the population.
Ok. I'm not really begging for money, BUT if you're swimming in hundred dollar bills and you can't find enough places to put them, you can now click on our children's profile pictures on the left of our blog and it will take you to the Utah Education Savings Plan website on how to contribute. The real reason that I'm making this post is to tell everyone that Utah has one of, if not THE, best education savings plans in the nation. Almost every state has one, but Utah's has been hailed as exceptional and ANYONE can create an account even if they do not live in Utah. It was easy to set up an account and we're hoping that this is a great way to start out our kids' college career.
Of course, money that you spend on education is always tax advantaged, but through this plan your money can be making money in the stock/bond market which has traditionally been a much higher rate of return (around 10% historically) than what you can get in a savings account (less than 0.5% the last time I checked). At the moment, we are only making our children contribute to the account; we have not put any of our own money in, just the money they have been gifted. We have contributed 20% of their income to college in this plan, 20% to mission, and 10% to tithing. That still leaves them 50% of their money to waste on snow cones and slingshots.