Navigating life after high school looks a lot different today than it did 20 years ago. With increased academic pressure/competition and higher college application fees, aspiring college students and their families face more stress than ever before. However, many young people are also realizing that a college degree may not be absolutely necessary for a successful career. Modearn™ Advisors Patrice Bening and Kevin Rex discuss how to best support your child through the complex journey of college planning, or even how to prepare them for life after high school should they decide against the traditional college path.
*Here are some key takeaways from their conversation:*
• It is important to start the college planning process early. Try to understand your child’s interests and goals, and if they would prefer to attend a small or large school, close to home or far away, etc.
• While it may be easy to get caught up in the prestige of an institution, it is crucial that parents and students focus more on what each school offers in terms of opportunities, experiences, and overall fit.
• Patrice recommends tools like 529 plans and saving early to maximize compound growth.
• Have open conversations with your children about college and financial costs. Consider other options like community college together. It is important to maintain a balance of being a guiding parent while letting your children make informed decisions for themselves.
• Kevin mentions that he and his wife diversify investments for education through 529 plans, life insurance, and custodial accounts to provide flexibility and options for their children should they choose not to pursue college.
• Patrice shares her positive experience with a college counselor who helped her family navigate the often overwhelming and emotional process of applying to college.
*Keep watching towards the end to catch our “This or That” segment where Kevin and Patrice ask these rapid fire questions to each other:*
• 529s or?
• Private or public school?
• College or no college?
• Hire a college counselor/advisor or do it yourself?
TIMESTAMPS
0:00 Intro
0:56 Reflection on supporting children
4:44 Finding the right college fit
8:35 Considering non-traditional paths like community college
11:57 Financial planning for education
14:50 529 plans
15:47 Other options for saving for education
18:40 This or That
