Ballantyne Magazine

FALL 2010

Ballantyne Magazine covers news, events, real estate, restaurants, shopping, health, schools and business in the upscale Ballantyne Area of Charlotte, NC.

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BALLANTYNE | family assets Your Children's College Education By Nan Bauroth Photos by Shane Baskin TROY AND LADONNA ELKINS are blessed with three sons ages 18, 15 and 9. Amy O'Keefe has one daughter three-years- old. Like many Ballantyne families, they share the goal of giving their children the best college education money can buy. But every year that price tag mounts, and in economic uncertainty, the burden of saving for higher education and funding retirement can weigh on any family's finances. To get an idea of what families face, in-state schools run around $18,000 per year, 66 BALLANTYNE MAGAZINE while private universities can set parents back a staggering $40,000 — and that doesn't include cars, clothes, and all those pricey digital devices college students can't live without. The cost of underwriting one sheepskin is daunting enough, but multiply it by three, and you're talking real money. We asked top-notch local experts — an attorney, CPA/ Certified Financial Planner, two insurance providers and a financial advisor from a leading brokerage firm — to provide their best advice to parents. Read on to learn more about the Elkins and O'Keefe families and to see what the advisors have to say about funding college for your children. The Elkins Family Life for Troy and LaDonna Elkins revolves around the athletic pursuits of their sons: Troy Jr., a freshman in college; Kalen, a sophomore at Ardrey Kell High School; and Jadon, a fifth grader at Elon Park Elementary. The CELEBRATING TEN YEARS 2000-2010 devoted parents never miss their boys' football games, basketball games or track meets if they can help it. This fall that means one weeknight they'll be rooting for Kalen at Ardrey Kell, and on Saturday afternoons, watching Troy Jr. on the university gridiron. "It's important for us to be there," LaDonna says. "They want to see Mom and Dad. I would hate for someone to tell me my son made an awesome play and I missed it." Troy Sr. echoes her sentiment. "I played my best games in high school FALL 2010 STRATEGIES Experts Weigh in on Saving for SAVVY

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