What’s your child’s future and what are you doing to influence it?Fiscal Fitness Clubs of America
Anybody who has a child has had at least a flashing thought about their future after high school. It’s easy for it to flash through and then think…oh, but first I need to…STOP!
First, you need to put a time on your calendar to start addressing this issue within the next 2 weeks. Set aside an hour this month to explore the topic and start discussions with your child. Many years ago I was working on an education class, my 6-year-old son was sitting with me, and I thought I’d do a reality check. I turned to him and said, “Have you thought about going to college?” And without missing a beat, he responded, “Yes, Barnes business college…it’s a better college faster.” That was the ad that had been playing on TV. It shook me. His views were already being formed and not by me or my values. The TV forms lots of our kids’ views including the expectation that they will get to go off to college, be able to party, take vacations to places like Vail or Florida for spring break and have parents pay for everything. Oh yeah, they will occasionally go to class! Doing college right can create a very bright future and a sustainable lifestyle. Doing it wrong can result in both crippling parent and child debt and a struggling future.
We’ve got an Education Discussion sheet to get you started thinking about school – your expectations for your child, funding issues, living at home vs. dorms, etc.
Our Funding A Future – Education planning class is now pre-recorded and can be found in our online classroom for all club members. The class covers:
- Family Financing: Did you know that you could fund a 529 plan and also be the beneficiary? Did you also know that there just happens to be an outward bound program and a European history cruise that would qualify for any funds, if your child gets too snotty?!
- Student Work and Savings: If adults need to save 15- 20% of what they make to fund their future retirement, then why not make it a requirement that children save 15-20% of gifts, earnings etc. for their future education?
- Cost Containment: Living at home for the first two years, completing college credits during high school and during summers online, attending a community college for part or all of the education, managing assets for the FAFSA application all can make a difference in the total cost of school.
- Student & Parent Loans: There may be cheaper options for using credit than student loans, but be aware of all the rules about student loans and other types. There can be some nasty surprises!
- Scholarships: These can be nice additions and there are a ton out there, but they require advance planning by you and your child. Find out about some cool programs in our resources page in the online classroom.
We also have a wonderful list of resources in the online classroom with amazing websites such as Money College Planner (ranks colleges for financial success), www.scholarship.com (shows a variety of scholarships and how to qualify), and www.studentaid.ed.gov (covers what to do at what age to prepare for college through managing student loans in easy to understand language).
Club members can then get help in creating a projection of post high school education costs and what the family and student needs to save to realistically fund a future. After that, it will be easy to make a plan and get started funding their education. Even if you start out small, it’s important to get started…besides, you may be funding a cruise for yourself, if you start early enough!
We also have a program for funding accumulation goals, and offer help in quantifying and creating a plan for achieving them. Just ask your coach.
If you have a choice, start the education conversation before the teenager thinks they know everything!
You can also attend our monthly Coaching Hours to talk through these or any other issues on July 20th from 5 p.m.- 6:30 p.m. MT / 7 p.m. – 8:30 p.m. ET. The video link is available in your member calendar.
What’s next? If you’re a club member, ask your coach for access to our financial planning software, so you can begin to plan ahead for your child(ren)’s future and view different scenarios for getting there faster! If you’re not a club member, but are interested in learning more about our services, follow this link to schedule your complimentary call today and find out if we are a good fit!