As we enter graduation season, you may be thinking about your own children’s future. One of the best ways to ensure a strong start for your children is through education planning. We’ve compiled four tips to help you get started.
1. Start Early: Begin saving for education as soon as you can to take advantage of compound interest and long-term growth potential. Be sure to research options that can provide tax savings, such as 529 plans or Education Savings Accounts (ESAs).
2. Set Clear Goals: Determine the type of education you envision for your child and estimate the associated costs. This will help you set realistic savings goals and investment strategies.
3. Review and Adjust Regularly: Financial planning for education should include regular check ins. Monitor your education savings plan periodically and make adjustments as needed based on changing circumstances such as investment performance, family income, or educational goals.
4. Partner with a CERTIFIED FINANCIAL PLANNER™ Practitioner: A CFP® practitioner who specializes in education planning will develop a personalized strategy aligned with your needs and objectives. As your financial advisor, they can provide insights on tax implications, investment strategies, diversification, asset allocation, financial aid options, and savings optimization strategies.
Kassouf Wealth Advisors’ team of experts is uniquely suited to help you develop education planning strategies. Contact us to get started.