Do You REALLY Need to Save For College?
In this episode of Beyond the Paycheck, we are joined Jasper Smith, also known as Mr. Build Wealth, to talk about the complexities of managing financial goals for both parents and children. Our discussion centers on the challenge of saving for our children's college education while also balancing our personal financial aspirations. Jasper emphasizes the importance of considering whether our child truly needs to go to college, highlighting that higher education isn't the only path to success. He encourages us to have candid conversations with our children about their aspirations and to question whether college aligns with their goals. Our dialogue then transitions to exploring various financial tools, such as education-specific accounts and regular investment and savings accounts, that we can utilize to save for our child's future. Jasper emphasizes the significance of early discussions to determine the most suitable solution, with a nod to the SECURE 2.0 act and its implications for saving. Our conversation touches on the option of using funds for alternate purposes if our child chooses not to attend college, illustrating this through anecdotes and suggesting that flexibility and communication are key.
We also delve into the balancing act of financial priorities between education savings and our personal goals, such as retirement and home ownership. We stress the importance of prioritization and decision-making, while considering our individual situations and timeframes. The skyrocketing costs of higher education and the shifting landscape towards trade schools and community colleges are explored as factors affecting the college-versus-trade education decision. The pandemic and its impact on perceptions of formalized education are also discussed. Our discussion continues with reflections on career choices, potential income, and the value of education in various fields, recognizing the need for a solid financial foundation regardless of the chosen path.
Jasper firmly believes in a "village" for financial planning and education. We discuss strategies for harnessing support from family and friends, encouraging them to contribute to financial goals rather than gifting material possessions. Our conversation touches on the delicate balance between providing for our children and instilling a sense of financial responsibility, acknowledging that different households may have distinct approaches.
More from Jasper Smith, "Mr. Build Wealth" and the Build Wealth Movement, here: https://www.thebuildwealthmovement.com/
Find Paula Christine at PaulaChristine.com or via email at paula@paulachristine.com.
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Reach Paula at paula@paulachristine.com or through her website, paulachristine.com.