Edvest sat down with Mr. and Mrs. Cuong Truong of Milwaukee, Wis. on December 3, 2013 to discuss their experiences with planning for the cost of college.
Although their children are only three and four years-old, Mr. and Mrs. Cuong Truong have big dreams for them, including having the financial resources to help each of them attend the college of their choice.
“I was able to attend college through a combination of scholarships, grants, loans and assistance from my parents,” said Mr. Truong. “However, I’m concerned that my children will not have the same scholarships and grants available to them.”
Recognizing this possible reality, the Truong’s decided start planning early for their children’s higher education needs. They opened an Edvest 529 college savings plan for each of their children when they were born.
“As a Wisconsin resident, investing in Edvest’s program just made sense to me because it provides additional tax benefits that I would not get if I chose a different plan. I started building their accounts with birthday and holiday gift money from family and friends. Then, I added automatic monthly contributions.”
Now, as their children prepare to enter kindergarten, the Truong’s are well on their way to helping their children afford a higher education someday – no matter what careers they choose. Truong’s oldest son says he wants to be either a fireman or an engineer. When it comes to selecting which college to attend, his dad may already have something in mind.
“It’s still kind of early for my children to know where they want to go. But, my wife and I are both proud alumni of Marquette University.”
Their advice for parents trying to save for college?
“Get started early and use the power of compounding interest.”