This is too important to not be vocal about!

Did you have a baby in Maine in the last year? Make sure you sign up for your FREE Harold Alfond Challenge Grant. For just 15 minutes of your time, you can start an education fund for your baby with a grant (FREE MONEY) of $500. This education grant can be used for college, trade school, certificate programs — any type of post-secondary education. It can also be transferred (Say the first kid decides not go to to college, you can transfer that money to your second college-bound kid.)

What does $500 look like in 18 years?

Obviously, markets fluctuate, so it can’t be guaranteed, but here’s how the S&P 500 performed through various points of the last century:

Between 1911-2011 (so that includes a lil’ something known as the Great Depression, along with the recessions of the last few decades) the S&P500 still averaged a return of 9.6% — so if we plug in 500 dollars and let it sit and do NOTHING else, by the time your baby is college age, that number could be $2.603.51. (2603.51 times 4 means you earned 10414.04 an hour for filling out the form.)*

If you look at the last 18 years, if this grant was established for kids born in 1993, they would have $1,942.15 to use for college this fall. (and your hourly rate went down to $7,768.60, oh well.)

Are you convinced yet?

I did this for both my girls, but I will say that the hardest part was filling out the paperwork in between taking care of a new baby, keeping up at work, at home, etc. So, I was THRILLED to learn that you can now enroll online. (Before, you could request info online, but the form had to be filled out with ink. ) When you click that link, choose “Enroll Online now at Merrill Edge” (Or click this link: Enrollment ) and choose “Individual Account.” It takes about 15 minutes to complete, but if you get at least as far as the email address, and something comes up (doesn’t something ALWAYS come up?) they will email you to remind you to complete it. And the good folks at FAME will help you, too, OR you can get information in most Maine bank branches.

You have until your baby’s first birthday to complete the enrollment, and you will need their SSN to complete as well, so if you’re reading this on the way home from the hospital, wait for that Social Security card to arrive and THEN do it right away. (The earlier you do it, the more interest to be earned!)

It’s not a scam, it’s the vision of one of Maine’s most generous philanthropists, Harold Alfond — take the money. He wanted you to.

For these numbers, I used calculators found at http://www.moneychimp.com/

One Response to “Harold Alfond Challenge Grant”
  1. Elizabeth says:

    Thank you for this great post! (GS?)

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