This sounds like a perfectly logical approach, but there are details of borrowing that I’m sure I’m unaware of. I should probably consider adding a college financing professional to my team. |
As a financial professional, I believe the proper approach is nearly the opposite of the typical approach. And it’s as simple as A B C. First, apply for financial aid. Don’t make assumptions of qualification. Instead, KNOW what you will qualify for and if it makes sense, pursue it sooner rather than later. Second, this is arguably one of the most expensive periods of your life. It is critical to become as cash flow efficient as possible. Almost every family I meet with has what we refer to as wealth leakage in their financial habits. These are areas where you are transferring wealth unknowingly and unnecessarily. Third, there is no doubt that college may be more expensive than you had anticipated and because of that, we may have to borrow in order to cover some of the costs for college. But in order to borrow smart, it’s crucial to understand the borrowing opportunities and their individual risks and rewards. Finally, we deplete assets. Maintaining control of your assets is your key to financial success. Spending your assets as a last resort instead of a first course of action, will keep you in control of your finances longer. If in working together, we were able to help you develop a plan that would follow this sequence, is that something that makes sense to you and that you would want to pursue with us? |
No math presented on this screen. |