Education planning is a key piece of any financial plan. Whether you’re a parent, a student, or a grandparent, there are a number of variables that come into play when determining how to approach education.
As long as these costs continue to rise, having a plan in place will be a key component to accomplishing your goals.
We found there are three main keys to an effective education plan.
3 Keys to An Effective Education Plan
First, what are your goals? Secondly, when do you execute on them? And last but not least, how do you execute on them? When you identify your goals, think about where you are in life. Are you a parent planning for your child’s education? Are you a grandparent or another family member who wants to leave a legacy for the next generation? Do you value a college degree or traditional trades?
All of these factors impact the different approaches you might take. As with all planning, getting started sooner is always better, but there are key differences in approaches and strategies depending on the goals you choose to focus on.
Finally the how. New legislation has added additional flexibility to vehicles like 529 plans, but there are several different approaches that may also work for you. As always, working with a trusted advisor to build and execute a detailed financial plan designed to fit your unique circumstances will allow you to move forward with confidence.
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