In order to have a shot at providing decent financial support for you and or a family, continuing education at the collegiate level is mostly nonnegotiable. Entry level positions are not sufficient enough to support the financial demands of the average size family. Parents begin planting the seed of college education early in their child’s life with phrases like, “When you grow up and go to college.” However, one could conclude that minimal preparation is performed by parents to pay for the expense by the 1.2 trillion dollar college debt that is outstanding in our country today. Many parents are unable to sponsor their child’s college education due to remaining debt of their own. College debt becomes a vicious cycle in families finances from generation to generation.
Saving for college cost should begin when the child is born. Contributions to a monthly savings plan over 18 years with returns outpacing inflation could provide sizable funds for college. Partnering those funds with a college planning program for your child could be a recipe for success. Such programs can assist in helping determine the proper career path for your child, the top colleges that specialize in that career and funding sources to assist in paying for it.
The alternative is not attractive. Parents are sacrificing their retirement to pay for college cost and college graduates are forfeiting saving for retirement due to overwhelming college debt.
College education is coming at a very expensive price tag and that price tag is increasing annually. Therefore, parents should not wait until their child’s later years of basic education to address this very serious topic. High School Guidance Counselors cannot be expected to perform financial miracles for our kids. They are not properly equipped with all of the necessary tools, resources and time to do so.
As a Certified Financial Educator and Licensed Financial Professional, I strongly suggest attending a College Planning Workshop and scheduling an appointment with a Licensed Professional to complete a “Personal Financial Strategy.” Both are necessary steps in preparing for your college planning journey. Please contact us at 1-844-700-HHOF (4463) or firstname.lastname@example.org for information regarding complimentary College Planning Workshops and to schedule an appointment for a complimentary “Personal Financial Strategy.”
About the Author: LaShonda Johnson is a licensed certified financial educator. She is also a founder of Hou$ton Hou$ewives of Finance where, “Our clients mean the world to us! To be able to change a life financially is a very rewarding mission. Each principle here at HHF started like everyone else, letting our finances manage our lives. We all knew how to work hard for money and how to spend money. As we embraced the powerful impact of learning how to manage our finances, we each realized that we wanted to teach others how to accomplish what we have – a solid financial foundation!” Please visit our website at: Hou$ton Hou$ewives of Finance.