247: Tame the High Cost of College: Pursue Side Hustles and Entrepreneurial Adventures with Brad Baldridge

Brad Baldridge is a Certified Financial Planner with over 20 years of experience who specializes in college financial planning. Since 2004, he has been a college consultant and founder of "Taming the High Cost of College," a consulting service aimed at helping families navigate college expenses. Brad hosts a podcast under the same name, which features over 100 episodes discussing various aspects of college planning, including test preparation, scholarships, and financial strategies. He offers free resources on his website, including an EFC calculator and a scholarship guide for parents.

Quotes:                                                                                                                                   

“A lot of entrepreneurs' successful business was their sixth try, not their first. And if it's going to take you six tries, the sooner you get the first five done, the sooner you start making money.” – Brad Baldridge

“College planning is a challenge for many families. You can think of planning for college like planning a large family vacation, buying a car, and finding a job for your student all rolled into one.” – Brad Baldridge

“I always tell people there are probably 100 strategies out there or more, and five or ten are going to be right for you. The challenge is figuring out which five or ten those are and getting out there and doing them.” – Brad Baldridge

Takeaways:

03:14 Involving kids in family businesses can be an effective way to fund college expenses while teaching entrepreneurial skills.

09:08 Entrepreneurial strategies for college funding can include side hustles, hiring kids in the family business, and exploring tax-efficient income methods.

13:31 Not every family or student is suited for entrepreneurial approaches, so multiple college funding strategies should be considered.

17:08 College planning is complex and requires early preparation, starting as early as sophomore year of high school.

22:13 Educating yourself about college planning through podcasts, resources, and early research can significantly reduce financial stress.

Resources:

Podcast: Play in new window | Download (Duration: 30:13 — 27.7MB) | Embed

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Filed in: Archive 1: 2012-2016 • Interview • Podcast

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