We provide up to three free consultations for financial planning around athletics, college, retirement and more.
For new clients interested in paying for college planning, we first assess the family’s retirement readiness. This allows us to get a basic idea of whether current assets and income can be diverted to paying for college, or if retirement savings should be the focus. Next, we look at the five sources of college funding for each family:
We create a four-year college budget. Similar to a home-buyer getting pre-approved for a mortgage, this four-year spending target for college keeps your student safe from a debt burden out of line with his or her earnings potential.
We act as a buffer between the business side of American universities and your family. This saves relationships and minimizes heartache for parents and students alike.
Mike and Kate came to us having just turned 50. They had enrolled both of their sons in a local private high school that aligned with their values and goals for their sons. However, high school tuition cost more than they’d expected; their sensible money habits left them ineligible for much aid there. Now the money they’d set aside from the sale of a rental property was being depleted, and the boys hadn’t even started college yet!
Fortunately, Mike and his employers had been contributing to his 401k plans for three decades, and it showed. The couple realized they could ease up on their retirement savings for the next six to eight years without jeopardizing their financial security. They navigated the FAFSA (Free Application for Federal Student Aid), then started adjusting their family balance sheet in tax-efficient and aid-favorable ways. We helped them establish accounts in alignment with their goals. We also encouraged the family to keep an open mind about the schools on their son’s list, once he’d been accepted.
They were able to appeal the financial award from their son’s dream school, which came back with a better offer. Initially dismissed as ‘too expensive,’ that school’s additional financial awards brought it within their family’s four-year college budget. Off he goes … We’re almost as excited as Mike and Kate!