EDUCATION
A wise man once said, education is not the learning of facts but the training of the mind to think.
Regardless of what your belief is relating to higher education, traditional schooling, college or universities, the implementation of education is the only thing that will allow you to succeed. Read that sentence again. The most important thing to notice in the sentence is implementation. He seen history in society has taught us that knowledge is power and other cliché statements, but that statement is absolutely wrong. Knowledge is not power. The implementation of knowledge is power. Think about it if you have all the information, all the resources, and all the knowledge and you do nothing with it, then the knowledge is absolutely useless. If this is your first time hearing it from this standpoint, think about it for a while. I'll even give you an example, and it might even offend some people. If a person has the knowledge that it is better not to smoke cigarettes, yet continues to do so. How is that knowledge power? Right, it's not. The same with anything else.
So, among all the information and education we provide here, the implementation of it is the most vital. Knowing that you might need to plan financially for future education will offer some ideas on how to plan for future knowledge.
When planning for college, university or other forms of higher education there are so many different ways to go about it. There is not one single way that is better than the other. Every way that you can plan for college education is truly independent to ever individual's goals and objectives. For example, if your child wants to be an actor or musician, there are different forms of higher education that can get them there. Or if your grandchild desires to be a banker or a physician. There are also different ways of financial planning to get there. Therefore, rather than give you five tips to plan for college or the best college savings to cliché I encourage you to be mindful that you might get there in the most unconventional way. However you choose to plan for retirement college education is important for you to do that or implement that, plan. Planning for long-term education is more important than wishing for a scholarship or hoping for the best.
Here are a few major questions that you should ask yourself at his you begin to plan for higher education either for yourself or someone you care about.
How to Save for College?
There's no one best way to plan for college education. Today's most popular option is the college 529 plan, but there are still other ways to accomplish it such as the traditional UTMA or the old school college Roth IRA. The point I'm making here is that there are a variety of ways to achieve an objective. The most important thing is that you should be thinking about and asking yourself as you plan for college with your financial professional are:
Does my child even want to go to college or is he or she required to go to college? After you start here, you can then begin to evaluate the potential yearly cost of that school they desire. Then you simply go into our reverse engineering idea to have a strategic plan to fund college. Example the total cost for four years will be $80,000. Which is a plus or minus $20,000 a year for four years. How and where can I save and invest to achieve this potential goal, and what can I do now, monthly, and yearly, in order to achieve this goal while simultaneously accomplishing my other financial objectives. This is how you should be thinking about planning for higher education. Not hopes and dreams and wishes.
Another question to evaluate when making your decision to plan for college is taxes. Yes, taxes! Are there any beneficial tools or resources that can give you favorable tax advantages while planning for college? This is the question that you need to be asking in order to hit your financial college goals in the most efficient way.
What are the most important aspects of my life that I should desire to plan for is another question to dive deep into. This is not to say that your children are on their own when it comes to higher education, but it is a question to think about when considering a holistic financial plan. Holistic financial planning is vital to the happiness of life. If you are successful financially in some areas but not in others, it may compromise the true enjoyment of the successful areas.
Again, planning for higher education is a personal evaluation and the answer is different for every person. I challenge you to look at the education planning aspect from a variety of different lenses rather than your own opinion of what financial education planning should look like.
Should I Save for College or
Save for Retirement?
The simple answer to this question is both. However, I understand where this question comes from. Should I be investing and saving towards paying for my children's education or investing and saving more towards my retirement goals? Well, that's the answer that you will eventually have to answer for yourself with your financial professional. But, with the intent of providing value and answering genuine questions that you might have. I encourage you to look at it this way. What's more important to you? Having a good education for your child or grandchild so that they can provide and take care of you in the future? Or is it better for you to be in a financial position to care for yourself while allowing your children or grandchildren to live their own dreams?
However you answer this question, there is no right or wrong to the answer to these questions, it is just important for you to think about them and frame them according to the desires in your life. If you are here exploring ways to better your financial life, it is clear that you want to control your life rather than leave it in the hands of someone else.
Another way to think about this question is the options that are available to you at both stages, college and retirement. Although I'm not one to promote debt, I do believe that there are different types of debt which can be used as leverage to accomplish greater success in the long term. Now, think about a person entering college and a person entering retirement. What options do each of these people have to find their desired goal? Yes, most of us now know that higher education tuition options are almost readily available. But have you ever heard someone saying I'm getting ready to retire I would like to get a loan? Probably not. So think about it this way as you evaluate what you should invest more in retirement or college education?
For a more detailed look at your personal situation and how we may be able to assist you in all areas, contact us for complementary consultation.
Remember, knowledge without implementation is simply useless. Don't be left behind.
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