One of the heftiest costs continuing to skyrocketed in our society is college. Higher education is often a requirement for many careers and provides important learning opportunities for students, so in spite of the high costs, people continue to shell out thousands of dollars every year in order to attend college.
If you have children who are planning to head to college soon, you’re already aware of how costs can be a blow to even the most meticulous budget. According to the Journal of Financial Planning, 31 percent of parents lose sleep wondering how their children will afford college and 39 percent plan to use retirement savings to fund their children’s college expenses.
At Ambassador Advisors, we understand that affording college is a considerable source of anxiety for many of our clients. That’s why we believe it’s important to inform you about a few key mistakes that those saving for college sometimes make. In so doing, you can enable assets to keep growing, investment options, and have low-cost alternatives to explore.
65% of people have not consulted with their financial adviser about their college savings investments, and 76% say that they are not counting on their adviser to help reach college savings goals.
And even more staggering – 43% of families used their family savings and income to pay for college during the 2018-19 year.
We want you to be confident in your college savings decisions and experience financial growth in the future, in spite of saving for college payments.
Ambassador Advisors is pleased to partner with you, on developing a well-designed 529 college savings plan to help you put your worries to rest, and prepare for the future costs of college.
At Ambassador Advisors, we know that you are passionate about and committed to providing your children with a quality education and a solid foundation as they embark on their career paths.
That’s why we firmly believe in sharing with you the amount of financial and investment opportunities that still exist, in spite of your savings plan. Rather than fretting about the future college bills you will pay, and the impact it will have on your budget, we hope to help you gain peace of mind and confidence in your college savings plan.
Our primary goal is to help you view your finances as resources that God entrusted to you, to use for the good of others and ultimately for His glory.
We believe that through eliminating taxes on college savings income, expanding financial aid award potential, and placing money where it will accrue, you can actually grow your finances rather than experiencing a deficit.
Source: Journal of Financial Planning, FPAJournal.org “6 Steps Students Should Take Before Choosing a School” January 2020
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
Potential investors of 529 plans may get more favorable tax benefits from 529 plans sponsored by their own state. Consult your tax professional for how 529 tax treatments and account fees would apply to your particular situation. To determine which college saving option is right for you, please consult your tax and accounting advisors. Neither APFS nor its affiliates or financial professionals provide tax, legal or accounting advice. Please carefully consider investment objectives, risks, charges, and expenses before investing. For this and other information about municipal fund securities, please obtain an offering statement and read it carefully before you invest. Investments in 529 college savings plans are neither FDIC insured nor guaranteed and may lose value.