It’s never too early to start planning for your child or grandchild’s college fund.
However, as with other types of financial planning, bear in mind that your child’s college funding plan requires a disciplined approach that emphasizes consistency with your overall goals and objectives.
Here is where planning comes in: Work with a financial advisor to establish a goal and determine how much you need to (and can) save for your child’s tuition. More than simple saving, this often means creating an investment plan, a strategy, and the right vehicle so that you can increase growth potential and steadily accumulate more for college.
Your biggest advantage for achieving this goal outweighs even the size of your paycheck: time. The sooner you start saving, the more time you have to grow your college fund through long-term compounding. Even the smallest contributions make a difference over many years.
In addition to starting early, remember that selecting the right investment vehicle is also significant.
College Savings Vehicles:
- 529 Plans
- Roth IRAs
- Coverdell Education Savings Accounts
- Regular Savings Accounts
- Trusts/UTMAs/UGMAs
For more information on Education Funding Plans and resources call us at 570.296.5525 to talk with one of our Wealth Advisors.
