Are you saving money for your children's college fund, or are your extra dollars going towards their makeup and skincare routines?
All jokes aside, Robyn and Erin dive into how to prepare financially for college. Erin compares it to estate planning: overwhelming at first, but much easier when you have a system and process. And though it may feel like a big lift, Robyn suggests that having a strategy in place helps you rest easier.
She also explains that while not everyone can throw a large chunk of money into a 529 plan (an educational savings plan), there are multiple approaches families can take to stay on track. Even without a ton of cash to invest, a 529 may still be right for you, as it can offer a tax-free way to save for school.
Erin shares how her daughters are on the cusp of college, while Robyn's daughter is still years away. Robyn highlights how educational funding comes in thirds, including cash flow/home equity lines of credit, private and government loans, and a 529 savings plan. Of course, the best plan is to meet with your financial advisor to ensure you're making the smartest financial decisions for your situation.
And beyond the dollars and cents, Robyn and Erin also discuss how you can help your college student navigate adulthood: by implementing healthcare directives, powers of attorney, and recognizing that once someone turns 18, they are legally an adult.
If you're curious to hear more, you can listen here. Law and Financial Order - Podcast - Apple Podcasts
*Erin Duques is not affiliated with Warner Wealth or LPL Financial.
**Robyn Wolcott, Warner Wealth and LPL Financial do not provide legal advice or services. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation