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Whether your child is on the way, young, or rapidly approaching high-school graduation while considering options for college, the thought of how you’ll support them financially during this time likely feels daunting. In fact, you may still be paying off your own college loans.
How can you protect your financial health and that of your child(ren) as tuition rates continue to increase?
You may be focused on day-to-day expenses; how is it possible to set money aside for college on top of those? Just as important: where should you even start? Is a Certificate of Deposit best for long-term savings? What about a 529 plan? How do they even work? What if your child chooses not to attend college?
These questions are important. But, you don’t need to worry about them alone.
By working with a team of advisors who keep your best interests in mind at all times, you can be sure your personalized college savings plan will meet the needs of your family both now and in the future.
Saving for college – and starting as early as possible – is more important today than ever before. To illustrate this, consider the following figures from 2019:
Sources:The College BoardNational Center for Education Statistics
These numbers might seem overwhelming, but through savings plans overseen by an experienced team of financial advisors, they can be achievable. Today, regardless of your financial situation, you can begin working toward a better financial future.
As it relates to college savings, compound interest can work in your favor.
Our guide – see below – provides specific examples. However, the key is finding the investments that will help provide the best outcome based on your tolerance for risk and how close your child(ren) is to drawing from your investments.
We can work with you to tailor a strategy that fits your specific needs and goals. You don’t have to go at it alone!
Investments of any kind – including college savings – can cause stress. We do our best to act with integrity and compassion, taking the time to build relationships with our clients that work toward positive growth and financial independence. Along the way we answer questions and provide education, removing unknowns from the investment process.
Our personalized, straightforward approach to building smart college savings strategies that could help your child achieve his or her dreams in the future.
From college savings guides to 529 plans, contact our team today to set up a consultation. We look forward to getting to know you and building a strategy for success.