Making That First Step in Investing and Another Setback Strikes
Anyone ever experience issues getting qualified for college grants/scholarships for your kids when you have money saved in the bank for investment properties? I've been working for a couple years now to build a rental property business account with money in it to prepare for a new investment business and our accountant is saying it would count against us since it's cash sitting there. Does anyone know if this is true? If it's sitting in a business account can colleges look at that money as accessible cash a college might see as accessible money which in turn would reduce college grant money allowed. My in-laws also want to help offset cost of college tuition but i don't think the in-laws money and the business account money should be counted against or show a larger pot of money available for college tuition. If so this might finally just push me into getting my first investment property to put the money to use. I obviously want my kids to go to college but I feel like every step toward getting a property the world pushes back.
So Example:
Annual Income - $100k
Rental Property Business Account Cash - $30k
In-Laws - $40K
Would we even qualify for any kind of college grants?
From your experience if you even make over "blank amount of $" then should we even bother trying to get grants?