The days are getting shorter and the weather is turning cooler, which means students are back to school. This time of year always makes me think about my own children going to college soon, and how I have been saving for their college education. Although the earlier you start, the higher chance of success, it is never too late to start.
Saving for your child’s college education can be a daunting and overwhelming task and many people struggle with how to get started. How much should I save? How much will college cost when my child is of age? What are my options, and the pros/cons to these options? One option is a savings or investment account, but another more tax-efficient option is a 529 College Savings Plan. If you are unfamiliar with how 529 College Savings Plans work, please visit my website at to learn more.
As a Financial Advisor, I work with parents and grandparents to plan for the college educations for their kids and grandkids—it often is a multi-generational plan. I also have worked with my own family to plan for the college educations of my children. Today, as a mother of a high school senior, I go into this school year knowing I have put the time into my own family’s wealth plan, and know the expectations on each of us going forward to ensure education success. It is allowing me to now focus my efforts on attending college campus visits to help hone in on the college education and experience each would like to have. I am confident my senior will pick a school that is both well suited and provides the experience desired.
Please contact us if you would like to discuss how the Krause & Thorpe Wealth Management Team can help you plan for your children’s or grandchildren’s college education. Let us help you evaluate what is best for you and your family. We help busy families build and preserve wealth.
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Heather was named a Forbes Top Wealth Advisor and Working Mother’s Top Wealth Advisor in 2020 & 2021. She is the principal advisor on the multi-generational Krause & Thorpe Wealth Management Team, helping busy families build and preserve wealth