What goals do you have for your child?

The average cost of college in the United States is $35,720 per student per year. This number has tripled in 20 years! If you hope to send your kids to college, the sooner you have a plan in place to pay that bill the better.

“College is so expensive. Why even try to plan?”

That’s what many parents tell me. I tell them that saving for college is not an “all or none” task.

Here are 3 things I tell parents and grandparents about saving for college.

(I find grandparents LOVE the idea of helping their grandchild go to college):

  1. Having some money set aside for college is absolutely better than zero.
  2. With a 529 Plan or Coverdell Plan you can earn money tax-free to use for college expenses. Tax-free is a significant advantage.
  3. Sometimes they tell me saving money will penalize them with financial aid and FAFSA. That’s not true. When it comes to FAFSA, different types of savings affect the outcome in different ways. You need to get informed so you don’t miss out.”

Don’t let myths hold you back from getting the facts and properly planning for your child’s future.

Want to learn more about the strategies available to help pay for college? Schedule a call today.


12 Common Financial Mistakes to Avoid

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financial mistakes to avoid

Many people spend 10, 20, and 30 years working and end up with very little savings. Don't be one of them!   Avoid these 12 financial mistakes so you can build wealth over your lifetime. Share them with friends, share them with family.

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This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial, LLC.