It’s Never too Soon to Start Planning
Whether the child in your life is 13 years old, 10 months old, or due any day, it’s never too soon to start planning. Thinking about the costs involved in a child’s education can be overwhelming, but the earlier you begin saving, the longer your money can work for you. Making prudent investment decisions can also make a big difference.
Help Make College Dreams a Reality
Once upon a time, college was a dream some parents had for their children and a goal youngsters might have for their future. That was then. Today, college isn’t just a dream; it’s practically a requirement. A bachelor’s degree can mean an income as much as 70% higher than that of someone with only a high school diploma, an advantage that Money magazine estimates translates to an additional $1 million in lifetime earnings.
Unfortunately, this greater earning potential is coming with an ever-increasing price tag. Today, the four-year cost of many private colleges is well over $100,000, according to the College Board, and by the year 2020, the cost of a four-year education could be more than $210,000 for a private school and almost $160,000 for a public school.
A college education for your child or grandchild is still attainable, but it is not automatic. The good news is that there are strategies that can help make it happen. The most important thing you can do is to start planning today. Your financial consultant knows the questions to ask and has the answers you need.