Affording the Education

The most difficult thing for a family to do in many instances is to financially support a student in college, especially if they have multiple students.  By using a Philadelphia financial planner, a New Jersey wealth management firm, or an NJ private wealth management group, college can be planned for.  Some mistakes that are often made by families include:

“ What is the result of poor college planning and judgment?

Debt. And a lot of it.

While the Bachelors Degree has always been associated with four years and most parents think about it in that regard, the reality is the Bachelors Degree is now taking more like five to six years to finish.

But planning for only four years of college expenses rather then five or six is not the major crime here.

It’s the lack of preparation, organization, and other costly mistakes parents make about their children’s future.

So how can you avoid these seven major mistakes, avoid the debt, and other college issues?

Well first you must understand the seven mistakes parents make with college planning.

Nettleton lists the mistakes as 1) parents and students late start on the planning process, 2) parents not positioning the child correctly, 3) too much or little done in the application process, 4) lack of understanding regarding loans, 5) parents and students relying too much on the advice of the student counselor, 6) poor consideration in regard to the social environment, and 7) parents too afraid to just say “no.””

Learning to deal with these miscues and prevent as many as possible will only ease the process.  Getting financial planning help is certainly a great way to begin planning, even if it is only in the form of a financial planning guide.

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Posted by Jay McGrath | Leave a comment