Education Planning
Education Planning
An education is a key that unlocks the world. An education can help expand the mind. It can also broaden horizons and ensure financial security. Are you a parent, grandparent or guardian? One of the most important things that you can do for your children is providing them with the opportunity to receive an excellent education.
Receiving a good education can be quite costly. On average, colleges and universities charge a rate of about $20 thousand dollars per year. Most undergraduate degrees take four years to complete. Do the math, and it is easy to see just how costly an education can be. Unless you are independently wealthy, it can be hard to come by that type of money without a plan. That is where education planning comes into play.
If you want to make sure that a loved one has the opportunity to receive an education, create an education plan. Don’t know how to go about creating such a plan? If you live on Long Island, the experts at Investment Insight Wealth Management can help you create such a plan.
Please keep on reading to find out more about education planning and how it can benefit you.
What is Education Planning
Education planning refers to creating a plan for funding an education. Education can be quite expensive. Creating such a plan will ensure that the goal of receiving an education will be reached. Several elements are involved in education planning. These elements include:
- Determining how much money you will need to set aside for an education
- Creating a plan that will allow you to successfully put money aside so that you can reach your goal
- Setting up a specialized education account (a 529 plan, UTMA account, etc.)
- Determine where you should invest the funds you will set aside for the plan
This type of plan should be detailed and well outlined. Once the plan is created, it should be stuck to. It is important to put the specified amount of money aside. This can be done on a weekly, bi-weekly or monthly basis. You can put the money aside periodically yourself, or you can have the money automatically withdrawn from your account and put it into a specialized education account.
What are the Benefits of Education Planning?
The benefit of education planning is quite obvious. An education is expensive, it will allow you to ensure your loved ones have the funds to receive an education. With an education plan in place, you will already have money put aside. It will help you avoid financial strain and stress by allowing you to begin paying the tuition bill now. Historically, the long-term growth of the capital and tax advantages have helped to lower the overall amount you need to take out of pocket.
An education can have a huge impact on a person’s success. An educated mind can help your child make better life choices and increase their chance of financial security. Help your children receive a proper education by setting up an education plan. If you live in the Massapequa area of Long Island, Investment Insight Wealth Management can assist you with your education planning needs. Set your loved ones on the road to success with a well thought out education plan.
A 529 college fund is a popular choice for people looking to save for college expenses down the road.529 College Funds A 529 college fund is a popular choice for people looking to save for college expenses down the road.
A UTMA, or Uniform Transfers to Minor Act, allows the account holder to transfer money into a minor's name.