When you become a parent, you fall down the list of priorities. There was once a time where looking out for number one was the most critical thing, the most important concept, the only thing worth concerning yourself with. But with every child you have, you fall down the pecking order one more time.
You have a responsibility for your children, both the present and the future, and that can be so daunting it is often accidentally ignored. This is despite the fact more than 90% of parents want to help their children financially in the future. But without a plan, this is an unrealistic expectation. As the experts at https://www.carnegieinvest.com/our-services/wealth-management-and-financial-planning/ quite rightly state, when planning for the future, whether it be yours or your children’s, it is important that you tie all these events together and come up with a big picture game plan.
As such, and in order to help both parents and guardians alike, we have come up with a list of top tips and practical advice to help you plan ahead, and help you better secure your child’s future with you there to help.
Higher, Higher Education
It may not seem like a lot, but nearly 20% of parents want their child to sail through further education, and college, and take on a post-graduate degree. The reason for this more and more people are attending college, which means the only real safeguard to a better job is to achieve the highest qualifications possible. What this means financially, though, is that your child will remain a student for longer, which means loans will increase dramatically. As such, it could be important that you have a plan in place to help ease these costs and help reduce the amount of debt they will have when they leave their post-grad course.
Always Ask for Advice
The majority of parents who actually follow this advice, who proactively seek advice about their children’s educational wants and needs, whether it be from the university itself or from a financial institute, are surprised by the possibilities. So many of them don’t realize what advice is out there and what options can be considered. This can include overlooking certain complications that need to be addressed. As such, we recommend that you speak to your bank and see what help or advice you can get regarding your child’s educational options and opportunities.
Start As Early As Possible
A lot of the time, parents want their children to succeed at school, then succeed at college and then get a successful career, and they are willing to help out financial when it comes to college. According to http://www.bankrate.com/finance/savings/ a popular approach is to set money aside and putting it into a college fund. But one of the best ways to plan for your child’s future is to invest in extra tuition from the outset. If you can help them develop from the earliest stages then you are increasing their chances of a better future, of getting a scholarship, of getting the grades and results necessary to make it into a top-tier college. Yes, financial help will be fantastic later on but don’t forget to do all you can now as well.