Episode 5

Launch Your Teens Podcast EPISODE 5

Title: 5 Ways Teens Can Save Earnings—Without Damaging Future Financial Aid

(14 min)

Your daughter’s 15 or older, and she’s earning and saving her own money. Whooo hoo! But wait—just a minute. Could the money she’s saving in her own name end up sabotaging future college financial aid awards?

Learn the sobering answer here—along with 5 safe, legal ways your kids can keep their own money under their own control during the college years.

In this episode, you’ll learn:

1. Why it’s important to think carefully about student earnings after December 31st of the 10th grade year

2. Why January 1st of the sophomore year of college is liberation day, the day no parent or student financial decisions can hurt undergraduate financial aid ever again

3. Why putting the cash your family hopes to save for college into a grandparent-owned 529 college savings plan can be a brilliant idea

4. Which kinds of student income never hurt college financial aid awards

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If you’ve got kids ages 12–26, you need to listen to the Launch Your Teens podcast. Lots of help for getting your kids through college debt-free and into jobs they love afterward. Listen or watch here: bit.ly/launchyourteenspodcast.

Links and resources mentioned in this episode:

Jeannie Burlowski’s article Urgent Info For Parents of 9th Graders

Why grandparent-owned 529 college savings plans are a brilliant idea (This article includes a free downloadable info sheet that explains the idea to Grandma.)

Learn about co-op college programs on pages 161-165 of LAUNCH: How to Get Your Kids Through College Debt-Free and Into Jobs They Love Afterward

The income cut-off mentioned in this podcast episode is $6,570.00 per calendar year after taxes, which is (approximately) $7,162.00 per calendar year before federal, FICA, and state taxes are taken out.

Before you fill out any FAFSA forms, be sure to download Jeannie Burlowski’s free resource 30+ Common FAFSA Mistakes and How to Avoid Them

Learn from Jeannie why every teen needs a part-time job (and how to make your teen eager to apply for one) either by listening to Jeannie here or by reading what Jeannie’s written here

Purchase LAUNCH on Amazon at: bit.ly/burlowski

Prefer to read this content? There’s a Jeannie Burlowski article on this same subject here

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Learn how to add Jeannie’s email updates to your “safe senders” list here.

Find hundreds more debt-free college articles, all beautifully categorized, at: JeannieBurlowski.com

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Support this program at: Patreon.com/debtfreecollege

Follow Jeannie Burlowski on Twitter at: Twitter.com/JBurlowski

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What is the Launch Your Teens podcast?

At Launch Your Teens, parents of kids ages 12–26 learn how to set their kids up to graduate college completely debt-free, ready to jump directly into careers they excel at and love—even if they don’t get a single scholarship. If you’re new to Launch Your Teens, be sure to listen to all of episode 1 as soon as you can. It’s just 23 minutes long, and it gives you all the most important foundation you need for this journey.

Who is Jeannie Burlowski?

Jeannie is a full-time academic strategist, speaker, and podcast host, and she is the author of the book LAUNCH: How to Get Your Kids Through College Debt-Free and Into Jobs They Love Afterward. Her speaking, podcasting, and writing help parents set their kids up to graduate college debt-free and move directly into careers they excel at and love. Her work has been featured in publications such as The Huffington Post, USA Today, NerdWallet, and US News and World Report, and on CBS News.

Jeannie also helps students apply to law, medical, business, and grad school at GetIntoMedSchool.com. You can follow her on Twitter @JBurlowski.

This episode is sponsored by Signature Orthodontics in St. Paul and White Bear Lake, Minnesota. Online at SignatureSmilesMN.com.