In our latest episode of “Retirement Readiness,” hosts Tim Regan and Katie Umland unpack the College Planning process and how to set your college aged kids up for success.
This week’s episode explores a crucial aspect of financial readiness: how to build strong financial foundations through effective college planning and money management strategies. Hosts Tim Regan and Katie Umland tackle real-world issues associated with preparing for college costs, including financial conversations, planning timelines, and teaching kids about money management at an early age.
“Set a clear budget early to inform your college search and avoid unnecessary disappointments,” emphasizes Tim Regan, highlighting the need for thorough planning to prevent financial pitfalls.
Listeners will gain insights on how to align both parents on financial commitments before engaging children in discussions, the importance of exploring colleges within budget constraints, and practical advice on involving financial advisors. Tim and Katie also share their family experiences, such as using real-life responsibilities to teach credit management and employing tools to match college choices with individual interests.
Tune in to uncover more about setting your child up for success as they take their first step towards higher education, and explore the steps you can take now to ease future financial burdens.
Click play to learn more, or schedule a complimentary consultation with a member of the PrairieView team to get started.
Chapters
• 00:00:00 – Back to school season.
• 00:04:45 – College planning starts as a Freshman in High School while scheduling your classes.
• 00:09:00 – Advanced Placement Classes.
• 00:13:45 – Begin college visits and start applications Junior year of High School.
• 00:15:20 – Building credit and money management tips with your kids.
• 00:20:20 – Discuss financial situation & expectations with your kids prior to applying for colleges.
• 00:27:40 – Select school and finalize plans and details Spring of Senior year of high school.
• 00:30:20 – For more information and resources about college planning, read our college planning e-book.
3 Key Takeaways
1. Begin financial discussions early in your child’s junior year to set realistic expectations and establish a budget.
2. Parents need to align on financial contributions to avoid sending mixed messages to their child about funding college education.
3. Introduce money management techniques and responsibilities early to help your child build a strong financial foundation before heading to college.
Get Started with a Custom Financial Plan
Our team guides you through each step of the financial planning process, so you can feel confident in your wealth. Click here to schedule a free consultation with PrairieView today.
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