When making financial plans, one of the first go-to items that clients have are for their children’s future. Specifically, their education. College has grown increasingly expensive with each passing year, and it isn’t always enough to simply set aside money for each child throughout eighteen years. We can help to grow, and protect, your children’s future. College may seem like it is a far-off eventuality, but it is much closer than it appears, and the cost is ever-changing. This has prompted many to start setting aside more and more money with each paycheck over the years, so that they have a reasonable amount for tuition. But, it’s not just college that parents are considering these days. With the advent of private schooling, it simply isn’t enough to save for college, when primary and secondary educations need to be considered, too.
First, before you can determine the amount of funds to set aside for your child’s education, there are a few questions that have to be answered. Are you intending on sending your child to a private school or a public school, for their earlier education? What is the current cost of a private education?
What is the current cost of a college education, on average? Historically, what have college inflation rates been like? With these questions answered, there is, of course, the core inquiry – how long will it take, or how long do you have, to save the funds required for a private education and a college education?
There are four primary types of colleges, community colleges, public universities in state, public universities out of state, and private universities. When comparing the types of institutions, you can get a feel for the prices as they stand today, and have stood in the past.
While these questions seem simple and easy to answer, there have been cases of drastic changes in the cost of education over the years. College is a costly endeavor, but for many it is important in order for them to make their way in the world. Registered investment advisors are capable of aiding you in answering these questions and laying out a plan that can benefit you and your children for their educational future. There are several investment plans that can be utilized to prepare for the future, there are savings’ plans that are designed to protect your money in pursuing an education for your child, and there are other options available to help pay for college once there.
When taking these plans into account, it is important to determine how much money you should be setting aside. This is something that can only be settled on when you’ve pinpointed the type of education you are saving for. Certainly, setting aside more money than is necessary can provide a cushion, for changes that occur while in college, but with careful planning that can be mitigated. Saving for college does not need to break the bank. It can be simple and fruitful, and we’re here to help you devise a plan that will secure your children’s educational future.