College. Nowadays, even mentioning that word conjures up horrific images of student debt and soul-crushing loans. At the same time, college is increasingly necessary if your child wants to be successful in America’s competitive job market.
The decision can be tough: Not sending your son or daughter to college could decrease their future opportunities; on the other hand, receiving a degree may shackle both you and your child with heavy financial burdens.
Your College Funding Strategy
When you decide that college is a likely path for your child, creating a college funding strategy will pay dividends down the road. It might not be easy at first to allocate money every month into a college savings plan—after all, you have other bills to pay—but the sooner you begin, the better. Starting early allows interest to accumulate on your savings and you will experience a greater investment return than those families with a shorter investment period.
Resources for Funding a College Education
If you’re unsure about how to pay for college and want to see what options are out there, we offer a few resources to get you started:
- First, take a look at our 529 College Savings Plan Calculator. This calculator can give you a rough idea about potential returns on your investment and help your family create monthly contribution goals.
- Next, take a look at our When to Start Saving for College Calculator, which demonstrates the power of compound interest rates and the benefits of starting early and investing consistently in a savings plan.
- Finally, our firm also offers a free online library where clients can view resources pertaining to a wide variety of financial topics, including college funding strategies. Before you make any final decisions, it's important that you ask your financial advisor which investment options are right for your family.
Questions? Get in touch today!