Education and Career Planning
Education and career planning is more challenging than ever. Often, funding education often conflicts with saving for retirement for you, as parents. Additionally, it can leave your children with daunting amounts of debt – right out of the gate. To make matters worse, your investments in education can often be mismatched with the student’s resulting career. So, planning is an important part of having a promising career. After all, the stakes are too high otherwise.
In Education and Career Planning:
- Identify the right program, community college, college or university for the student. As part of this, consider how the planned career outlook aligns with the required investment.
- Estimate the total cost of education. In addition to tuition, room and board, books, living expenses, etc., consider the higher than average rate of inflation.
- Know education savings options. For instance, it may be some combination of planning options (i.e. 529, Coverdell, UGMA, UTMA).
- Know funding pros and cons. In other words, Federal student aid, scholarships, loans or other options all have varying regulations, rates, etc. that must be considered.
- Develop yourself in the right career. For best results in this fast-paced world, be sure the planned career has bright future with a student committed to lifelong learning.
- Understand tax and income planning. For example, the various funding sources have different tax impacts that should be considered.
Plenteous Financial Wellness Wheel
Understand what the wheel is all about and explore the spokes to identify the planning gaps you need to fill.