As the summer is drawing to a close, many of us are probably thinking about the upcoming school year. While it’s easy to put our heads down as we focus on the tasks of packing lunches, getting kids to soccer practice, and keeping the family operations afloat, do not forget about the importance of planning for your kid’s education after high school (if that is something important to you).
Here are a few reasons why college planning is important:
- It gives them the chance to excel and get the tools he/she needs to do well in the world
- It lets you benefit from the power of compounding earnings (i.e. 529 plan)
- It helps you stay ahead of inflation
- It sets a good example for your children to follow when they become parents
- It helps teach your children about prioritizing various expenditures
To sum it up, education planning is crucial and plays a significant role in your child’s life. The earlier you start planning, the better!