Why Your Choice of School Matters

December 12, 2014

I read this article about parents shouldering a massive burden for student loan debts for their children.This is currently a huge problem in the middle class. Lower income families receive significant financial aid. Higher income families can support the cost of college out of cash flow. It’s the middle class that is getting hammered with this and it’s creating some ripple effects into other areas of life. I have talked with countless couples who are delaying retirement for 5-10 years in order to pay down student loan debt. They all hope that their employers keep them around that long and that they don’t get caught up in a downsizing or have serious medical bills like the family in the article. Continue reading “Why Your Choice of School Matters”

How to Make College More Affordable

November 26, 2014

We all know that education is a key element in achieving the financial hopes and dreams that we all have, but is it possible that college education is getting too expensive? One of my colleagues calculated that when he started college at a public university in 1988, a student would have to work 34 hours a week at minimum wage to pay for a year of college. At that same school today, a student would have to work 53 hours a week to pay their way. Continue reading “How to Make College More Affordable”

Student Loan Debt a Major Threat

August 15, 2014

I read this article about student loan debt resulting in a portion of a man’s Social Security income being garnished. In the article, not only is the garnishment discussed but also discussed is the growing trend of older Americans still having outstanding student loan debt. If that debt is not repaid prior to retirement, Social Security payments may be impacted and the retirement lifestyle that you’re expecting may come up short. It reminded me of a couple of situations I’ve encountered in coaching sessions recently where student loan debt became a central part of the conversation. Continue reading “Student Loan Debt a Major Threat”

Is A Degree Worth It? How It Can Impact Your Career

June 15, 2014

With the cost of an education rising year after year, is it still worth it to get your college degree? Although it may not seem worth spending $50,000, there are real benefits to doing so. With all of the grants and financial aid available, the cost is often not as high as you would expect either. Here are some benefits to getting a college degree or going back to school for even more education: Continue reading “Is A Degree Worth It? How It Can Impact Your Career”

You Are Not Your College Major

May 30, 2013

In this blog post, my colleague Michael Smith writes about his daughter going to college next year and the big decision she’ll have to make about what to major in. But I’m not sure that I agree that it’s as big a decision as he thinks it is. As you’re probably aware, some of the most financially successful people like Bill Gates and Mark Zuckerberg didn’t even graduate from college at all. Continue reading “You Are Not Your College Major”

A Major Decision

May 24, 2013

It seems that lately my personal life has been dominated by questions about “next year,” “next phase of life,” “what do you plan to do after….” Actually, not so much my life, but my kids. All 3 are in the last year of their respective schools right now. Continue reading “A Major Decision”

Talking to a Teenager Now May Save Them Tens of Thousands of Dollars Later

February 15, 2013

I like to write about the things I see in my daily life as well as some of the things going on in my family, and right now the family conversations have a very common theme. My daughter is a senior in high school and recently was accepted to all of the colleges to which she applied. Now, it becomes a matter of preference, location, and atmosphere and of course, the financial aid packages offered will factor into the decision as well. She has known since she was 4 years old that she wants to be a teacher, so paying $60,000/year to go to an elite private school was not going to be an option for her. Continue reading “Talking to a Teenager Now May Save Them Tens of Thousands of Dollars Later”

Financial Advice for an 18-Year Old

February 14, 2013

There’s a lot of financial information out there for people at various stages in life. But what about for those just starting out in adulthood? How can they get off on the right financial foot? Continue reading “Financial Advice for an 18-Year Old”

Should You Pay Your Mortgage Off Early?

September 21, 2012

A topic that comes up all the time in my conversations with people looking for guidance is the usefulness of paying off a mortgage vs. keeping it. This article talks about three homeowners who developed plans to pay off their mortgages in order to reach goals that are important to them. One wanted to have his mortgage paid off prior to retiring so that his cost of living in retirement was very manageable. It’s easier to retire comfortably if your biggest cash outflow item (for nearly everyone I talk to their mortgage or rent payment is by far their largest monthly obligation) disappears. Imagine how little you would need to live on if you didn’t have to pay rent or a mortgage! Another homeowner wanted to pay off the mortgage prior to their children going to college so that their monthly income could be used to fund education for the kids and the kids wouldn’t be saddled with massive student loan debt upon graduation. The last one wanted to aggressively pay additional principal on their mortgage in a bigger house while they had kids at home and after the kids were gone, they downsized and used the equity in the big house to fully pay for a much smaller, empty nest house. These homeowners all had goals and reached them. Continue reading “Should You Pay Your Mortgage Off Early?”

I Don’t Want My Kids to be Crushed by Student Loans. Do You?

June 08, 2012

I read this article titled “This Bright-Eyed Young Man Was Utterly Demolished by Student Loans” about (can you guess?) a guy who has experienced significant financial, personal and emotional hardship because of the financial responsibility that he took on with significant student loan debt. I wish this were an isolated incident, but based on some meetings I’ve had with young people recently, I’d be lying if I said this isn’t becoming increasingly more common. Maybe not to the extreme that Nick is experiencing, but there is a growing number of young people who may not be finished with paying off student loans until they are closer to Social Security than college. Continue reading “I Don’t Want My Kids to be Crushed by Student Loans. Do You?”

How to Get Tax Relief for College Expenses

May 30, 2012

We’ve been talking for the last few months about the challenges of sending a child to college. First comes the choice of savings vehicles from the hundreds of options: state-sponsored 529s, private plans, Coverdell accounts, and self-managed investments. Then comes the crash course in financial aid, where parents and students have to figure out their eligibility for grants, scholarships, and government and private loans. Continue reading “How to Get Tax Relief for College Expenses”

Getting Smart About College Costs

February 29, 2012

Just about every parent thinks about the day when his or her child leaves home with a blend of pride and sadness. Today’s parents with college-bound children probably add a measure of financial anxiety into the emotional mix. Not only are these kids emptying all their stuff from the upstairs bedroom, they may also be emptying their parent’s bank accounts and hopes for a secure retirement. Continue reading “Getting Smart About College Costs”