HOUSTON - When it comes to college, the price for an education continues to soar annually.
Not having a financial plan for your chilld's higher education can possibly ruin your retirement.
Private wealth advisor Trevor Shakiba with Ameriprise Financial shares his financial tips to make sure your kiddos don't leave your wallet empty.
When it comes to education, there are a lot of different things you can do. You can get loans, work-study and work. When it comes to retirement, you are either working longer or reducing your lifestyle, this is why this a critical topic we are talking about. -Trevor Shakiba
How Your Kids Can Ruin Your Retirement—and How to Make Sure they Don’t!
- The Facts
- 4 Year Private College is $48,500 per year on average
- Nearly 80% of parents give some financial support to their children
- $500 billion to be exact which is 2 times the total retirement savings
- Start saving early with any amount
- 529’s are a great education savings/investment vehicle
- Any savings is preferable to nothing!
- $50 per month or $100 per month makes a big difference
- Set education goals and stick to them
- Starts with a discussion and a plan
- What percentage are you willing to cover? How many years? Public/Private?
- Do not deviate!!!
- Don’t be afraid of some tough love
- These are difficult conversations
- You are not and cannot be their bank
- They cannot live in your house rent free forever
- What’s the return on investment (ROI)
- Approach college and financial support like this and it will change your perspective
- Look at cost vs major and projected year 1 income
- Down payment on a home is great, for them! Not so much for you.
For more information or to request a complimentary consultation with The Shakiba Group, call 281-724-9917 or visit, www.theshakibagroup.com.
The initial consultation provides an overview of financial planning concepts. You will not receive written analysis and/or recommendations.
This article is sponsored by The Shakiba Group.
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