Even if your child’s college years are far off, planning for their education expenses can make you feel overwhelmed.
As you begin the financial planning process for your child’s college education, there are a few things to think about to reach those goals. Those who start financial planning for their child’s education early are better prepared when the time arrives. With a financial advisor from Bloom Rally Investments we will help you develop a personalized financial plan to reach this goal, while also balancing it with other financial priorities.
Understand the value and cost of a college education
Though the cost of higher education keeps rising, it continues to offer a significant return on investment
The real cost of college
The average cost of college has increased significantly over the past several decades, with expenses generally growing faster than the rate of inflation.
Consider your other retirement goals and priorities
The largest single source of college funding for most families still comes from income and savings, followed by scholarships and grants and borrowing.
Estimate your savings goal
Education savings accounts, such as a 529 plan, can go a long way toward helping to reach your financial planning goals.
Keep in mind, the earlier you start, the better. Education savings accounts, such as a 529 plan, can go a long way toward helping to reach your financial planning goals.
