College Prep?

 

It’s that time of year again, where students are going back to school (this time, for “real”) and another group of young people is beginning their senior year of high school. 

Now, maybe you’ve got a new senior or that’s still years away, but the truth is, college doesn’t HAVE to be the next step. 

In fact, college today might be an incredibly ineffective step on your kid’s path.   

…But how do you help them figure out if college is the correct choice or simply the easiest one? 

Well, your role, as a parent, starts long before theirs does.  How are you going to pay for that education?  Even if you aren’t able (or willing) to pay for school, there are a lot of savings plans out there that can still be used for paying for higher education. 

·       A 529 College Savings Plan

·       An Education Savings Account

·       A whole life insurance policy

·       Any variety of money market accounts

·       An LLC set up in your child’s name

·       …and many more

Make no mistake, paying for college feels like it has to be hard – and it is if a family can’t provide any type of support in the eighteen or so years before a kid goes to school – but there are ways to handle it with some forethought.

That’s not what this email is about, though. 

It’s about asking the simple question: “Does a college education make sense for a young person interested in a given field of endeavor?”

Of course, to a young person, who thinks of college as an excuse to party with little or no accountability for four or five years, college is a “must have” with a low interest rate.  They usually fail to think about the fact that the bill for that “education” is likely going to be six figures. 

In reality, unless a young person is committed to the white collar world or the medical field, they might be better off with a two-year degree earned from a community college.  In fact, I’ve said it more than a few times over the years, if you want to virtually guarantee your child will be a six-figure earner, help them to get involved in the skilled trades – plumbing, nursing, welding, construction, and many others.  Statistically, they’ll have far more control over their lives, far higher income, and those skills are ALWAYS going to be in demand. 

They might not get too far with a sociology degree, but they can find a job anywhere if they’re a nurse.  

Here’s the even better part – when they don’t have to spend all that “college savings” money on a college degree, you may have the option of helping them get started on their own with a nice nest egg you’ve set aside over the years. 

A college education is a great thing, but being able to help your child create a better scenario for themselves later in life is far more important.  Take the time to not only discuss higher education and careers with your kids, but also, don’t hesitate to schedule time to talk to me or the team about how to set up these types of accounts and funds. 

I can’t wait to hear from you-

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