Tuition rates have on average have increased 7.5% over the past 60 years. This is even lower than the inflation rate as of late. With tuition rates on the rise it is important to start saving for education early. Time is a powerful tool to have on your side and is extremely beneficial in helping reduce the impact of tuition inflation.
There is a saying, “If you want to make a lot of money, invest early, invest a lot, and let it be there for a long time.” With the power of compounding returns, the earlier you start the greater chance you give your assets to grow which allows you to have more options when it comes to educational institutions. There are a few options when saving for a child’s education which includes an educational IRA or a 529 plan depending on your situation.
We recognize setting you up for financial success means planning for not only your future, but your children’s as well. Schedule an appointment with us to start turning your goals into an actionable plan for success and understand which educational savings option would work best for you. (Schedule Appointment Button)