We strive to help you understand the planning and investing options you have available for funding an education for your children or grandchildren while continuing to plan for other important goals in your life.
.jpg)
.png)
Presumably you will want to or need to retire some day. We warn against jeopardizing your own future financial security to send your child to college. You will not be able to take a loan out for retirement, but your child can take loans out for school. Ask yourself if you can really afford that second mortgage or the name-brand school? This is where it would make sense to work with an advisor to model the potential impact on all your goals, not just sending your kids to college.
In our opinion, we find having open and honest money conversations with your young children or grandchildren is crucial to their education and growth.
We believe children’s brains are sponges and they learn from those closest to them. As grandparents or parents, we spend countless hours helping our children with their homework, helping them succeed as athletes, teaching them the value of respectful behavior and pushing them to be the best they can possibly be. At the end of the day, we all want what’s best for our children and we want to prepare them for life as an adult. It’s because of this that we believe we should begin teaching children about money early in life as this is one of the most fundamental life lessons they will be dealing with forever.
In our experience, we’ve learned that a client’s retirement success in part depends on how financially stable their kids are. We’ve seen too often how a client’s financial plan is stressed if they continually help out their kids money-wise.
Planning to retire? It can be to your benefit to help your children learn how to become financially stable.
