Your Money Minute: The Smart Way to Save for College

Summary

---

Episode Overview

Podcast: The Candy Valentino Show
Episode: Your Money Minute: The Smart Way to Save for College
Release Date: August 29, 2025
Host: Candy Valentino

In this episode's "Money Minute" segment for Financial Friday, Candy Valentino breaks down the daunting challenge of saving for college. She shares compelling data, actionable savings milestones, and two crucial strategies for parents—starting a 529 plan early and setting realistic expectations with their children. Drawing on research and her own observations, Candy offers focused, practical advice for families determined to make smart financial moves for higher education without sacrificing their own future stability.

---

Key Discussion Points & Insights

The Cost Reality of College Savings

• T. Rowe Price Report: Recent findings estimate that parents will need about $105,000 by the time a child turns 18—and that's just to cover half the cost of in-state tuition.
  • Quote [01:18]:

    “Global investment firm T. Rowe Price just released a college savings roadmap and I think it's definitely a reality check we need to address.”

• Broken Down Milestones (Savings recommendations):
  • By age 5: $36,000 saved
  • By age 10: $66,000 saved
  • By age 13: $81,000 saved
  • Quote [01:36]:

    “By the time your child turns 5, they recommend having $36,000 saved—by age 10, $66,000, and by 13, $81,000.”

Overcoming Overwhelm—What Parents Can Do

• Start a 529 Plan Early

  • You can open a 529 college savings plan even before your child is born—in your own name—and later change the beneficiary.
  • The 529's tax-free growth means every dollar is working harder for your child's future.
  • Quote [01:51]:

    “First, consider starting a 529 plan even before you have a baby. You can set this up in your name and then change the beneficiary once they're born. The best part is that money is going to grow tax free, so every dollar you invest now is going to work harder for their future.”

• Set Clear Expectations with Your Children

  • Communicate early about what the family can contribute, and what the child may need to cover themselves.
  • Parents often feel guilty and sacrifice their own financial security for college expenses.
    • Quote [02:11]:

      “Let your kids know what you can help with and what they may need to pay for or cover themselves. I have watched parents drain their savings or delay retirement not necessarily because they had to, but because they felt like they should.”

Building Resilience Through Financial Contribution

• Giving children everything may be counterproductive; making them contribute builds essential perseverance.
  • Quote [02:23]:

    “It is okay to want to help your kids with college, but giving them everything—well, that actually robs them of one thing they need to build on their own: resilience. Once they develop that muscle, they can tackle anything that life throws their way.”

---

Notable Quotes & Memorable Moments

| Timestamp | Quote | Speaker | |-----------|-------|---------| | 01:18 | “Global investment firm T. Rowe Price just released a college savings roadmap ... definitely a reality check we need to address.” | Candy Valentino | | 01:36 | “By the time your child turns 5, they recommend having $36,000 saved—by age 10, $66,000, and by 13, $81,000.” | Candy Valentino | | 01:51 | “First, consider starting a 529 plan even before you have a baby ... that money is going to grow tax free, so every dollar you invest now is going to work harder for their future.” | Candy Valentino | | 02:11 | “Let your kids know what you can help with and what they may need to pay for or cover themselves. I have watched parents drain their savings or delay retirement... because they felt like they should.” | Candy Valentino | | 02:23 | “...giving them everything—well, that actually robs them of one thing they need to build on their own: resilience.” | Candy Valentino |

---

Important Timestamps

• 00:56 – Episode Start / Main Content
• 01:18 – College Savings Data & Reality Check
• 01:36 – Milestones for College Savings
• 01:51 – 529 Plan Advice
• 02:11 – Setting Expectations with Kids
• 02:23 – Resilience & The Value of Contribution
• 02:38 – Segment Wrap

---

Episode Tone & Closing Notes

Candy’s tone throughout is warm, direct, and empowering, blending hard numbers with reassurance. She encourages action while acknowledging the emotional complexities of saving for college and parenting choices.

“That's all for today's Money Minute. I'm Candy Valentino.” [02:38]

This brief but information-packed mini-episode is ideal for busy families seeking actionable strategies, making the daunting prospect of college savings easier to navigate—without neglecting important life lessons along the way.

Transcript

[A]

Wouldn't it be great to manage your portfolio on one platform? Well, now you can trade all in one place on Robinhood. That means you can trade individual stocks and ETFs and also buy and sell crypto using seriously powerful and intuitive tools at one of the lowest costs on average without needing to manage multiple apps. Robinhood makes withdrawing and depositing crypto seamless. Send crypto to your Robinhood account or send crypto from your Robinhood account to other wallets without deposit or withdrawal fees from Robinhood. Trade all in one place. Get started now on Robinhood Trading. Crypto involves significant risk. Crypto trading is offered through an account with Robinhood Crypto llc. Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Crypto held through Robinhood Crypto is not FDIC insured or SIPC Protected network fees may apply to crypto transfers. Crypto transfers may not be available to all customers. Investing involves risk, including loss of principal securities trading is offered through an account with Robinhood Financial LLC member sipc, a registered broker dealer.

[B]

Hey guys, today is Financial Friday. Here's your money minute on the Candy Valentino Show. Look, paying for college is a big financial challenge that many families will face. Global investment firm T. Rowe Price just released a college savings roadmap and I think it's definitely a reality check we need to address. They estimate that you will need approximately $105,000 by the time your child turns 18 and get this just to cover half of the cost of in state tuition. So, so let's break that down. By the time your child turns 5, they recommend having $36,000 saved by age 10, $66,000 and by 13, $81,000. Now I know those numbers can feel overwhelming. So what can we do? Well, first, consider starting a 529 plan even before you have a baby. You can set this up in your name and then change the beneficiary to reflect your child's name or once they're born. The best part is that money is going to grow tax free, so every dollar that you invest now is going to work harder for their future. And second, this is an important one. Set clear expectations early. Let your kids know what you can help with and what they may need to pay for or cover themselves. I have watched parents drain their savings or delay retirement not necessarily because they had to, but because they felt like they should. It is okay to want to help your kids with college, but giving them everything, well, that actually robs them of one thing that they need to build on their own resilience. Once they develop that muscle, they can tackle anything that life throws their way. That's all for today's yous Money Minute. I'm Candy Valentino.

[C]

I am Michael Rosenbaum. I am Tom Welling. Welcome to Talk Ville where it's fun to talk about Smallville. We're going to be talking to sometimes guest stars. Are you liking the direction Lois is going in?

[B]

Yeah, because I'm getting more screen time.

[C]

Good. Mostly it's just me and Tom remembering. I think we all feel like there was a scene missing here. You got me, Tom. Let's revisit it. Let's look at it. See what we remember. See what we remember. I had never been around anything like that before. I mean, it was so fun. Talk Ville. Talk, Bill. I just had a flashback. Follow and listen on your favorite platform. Let's get into it.