CHARLOTTE – Since I’ve been writing articles in this paper, there is one topic that I have not touched on that is very important. College Planning. When I was in high school, planning for college wasn’t the easiest process for my parents and I because we had no one guiding us.
From experience, what I’ve learned is education is an expense that should be planned for. Each college is different when it comes to cost. Did you know that tuition costs may grow faster than your student? Tuition and fees are expected to increase at a rate of 3%-5% annually. This could mean an increase of $265,285 in tuition from the time your student is born until they graduate high school!*
The best thing to do ahead of time is to develop a plan on how you can grow your savings that are specifically set aside for education. This involves assessing your financial health and really looking at money spent vs. money saved. There are many different ways to save for college. Here at Fulcrum, we have a Certified College Planning Specialist in our office with over 20 years of college planning experience. We can provide a roadmap to college planning.
Let us help you find your clarity of purpose!
This article was released by Invesco for use by your local Cambridge Investment Research Financial Advisor.
To discuss further, please contact me at (704) 817-4480 Option 2, or by email at mmiller@fulcrumwealth.com.
* Sources, College Board and Invesco Ltd., 2020.
