00:00My question is, given how much Wellesley or Cornell costs right now, 529 plans are meant
00:05to help people save to pay up for that. Do we need the 529 plans to do much more than
00:09what
00:09they're currently built to do? No, I think if you're doing it the right way, I think...
00:15What's the right way? The right way is starting as early as possible, right? And so that's the
00:19problem is, is that most people just avoid it. And look, the also problem is life is expensive
00:25and it's hard to balance all these things. Retirement, saving for emergency, saving for
00:29college. But if you start early and save often, you can do it. But the issue is people don't
00:37start early enough. They don't actually save and invest early enough. So I do think that
00:43they can help you get there for sure. I think the responsibility of parents, though, is also
00:49being realistic. Know what you can afford. Not everybody has to go to Wellesley. Not everybody
00:55has to go to the fancy schools. Exactly. There's plenty of options.
00:58What's the average school cost if we're talking about the drama of $100,000 to NYU Wellesley?
01:03What's the average cost in America? So average private school today, they say, is $65,000.
01:08$65,000. That's assuming somebody's getting aid. Okay.
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