Every parent wants to provide a higher education for their children, but many don't know where to start. And with the multitude of information and various college savings plans available today, it can be both time consuming and confusing. Here are a few things to consider before you get started.
1. Research the different types of plans: Before you jump into a savings plan, do your research. There are many different types of plans, such as 529 accounts, Roth IRAs, Coverdell ESAs, etc., with varying tax consequences and performance variables. Knowing your options will help you identify the plan that best fits your family's needs.
- MoneyGeek.com recently interviewed two nationally known college savings experts, FinAid.org founder Mark Kantrowitz and financial advisor Stacy Francis, to contribute to a guide to college savings plans. Check out the guide today to start your research!
2. Start early: The cost of tuition is increasing with each passing year, and when you factor in room & board, books and other costs, the total amount needed to help your child attend college can certainly be daunting. The earlier you start saving, the better off you'll be!
3. Speak to a trusted professional: Set up a meeting with your financial advisor when you're ready to start talking college plans. A professional can answer any questions you may have about saving for college, and can advise you on which plan would be best for you and your family.
You can count on Telhio to help you navigate through all of the features and benefits of college savings plans. Telhio's Investment Team can give you personalized, one-on-one advice on the best options for your specific needs!
