College - Investing in the Future for College & What if your Financial Plan Doesn't Work?

Saving for college is investing in the future. You will have to pay for a future liability (e.g., college) – whether that be saving for it today or paying off a loan tomorrow.

Families have different values when it comes to paying for a college education. In some families the parents pay and in others the parents believe that the children should work and pay for it. Parents who try to do good and borrow to pay for children’s college expenses need to ensure that they have cashflow to handle that debt or their financial plan may not work. 

What do you do if your financial plan doesn’t work? If you are in or near retirement, there are small things that you can do that may make a difference. These things include cutting spending, going back to work, starting retirement later, helping others less, etc., or a combination of things. Just get started towards making positive progress right away.

Every person/family should have: 1) A cash flow statement or budget to make sure your money is going where you want it to go, and 2) A balance sheet or net worth statement to see how much money/assets you have in aggregate. 

If you need help with your financial plan, contact us at (866) 771-8901. To learn more about Asset Management Resources, visit AMRfinancial.com. 

Recorded August 10, 2023.