Paying for college as an agency owner: Q&A with Stephen Boatman, CFP®, CSLP® (Part 4 of 4)

Office Hours Recording from April 9, 2024

Get advice on paying for college as an agency owner—including how much to save, 529 tips, and more—in the April 2024 episode of Agency Office Hours with Karl Sakas and guest expert Stephen Boatman, CFP®, CSLP® of Flat Fee Financial.

Click the links below, to “jump” directly to the Q&A video segment:

  1. What’s the purpose of going to college… and what are the downsides? [3:19]
  2. How soon should we talk with our kids about their post-high school plans? [5:50]
  3. How much money should our family save per month for college? [8:10]
  4. How should parents prioritize saving for college versus retirement? [9:20]
  5. Why is increasing our income the best way to save more for college? [11:18]
  6. What 529 alternatives might we consider? [12:07]
  7. Is it better to pay out of pocket or from our 529 first? [13:16]
  8. What should we know about the FAFSA versus the detailed CSS profile? [14:36]
  9. What should we do with our finances when they’re early in high school? [15:55]
  10. Why might we stop making 529 contributions as our kids get closer to college? [16:52]
  11. Do I need to use my own state’s 529 plan? If not, what are the best options? [17:59]
  12. If our child isn’t born yet, can we set up a 529 plan without creating tax issues? [20:11]
  13. How might we benefit from advanced tools like a family ‘dynasty’ 529 plan? [21:45]
  14. How do we calculate our business valuation for a CSS form? [24:21]
  15. What income level can we expect to not receive financial aid? [25:30]
  16. Should my spouse consider working for a private school, to get free tuition? [26:12]
  17. How can we get our kids more involved in the decision and financial process? [28:15]
  18. How can we help our kids make better decisions about future careers? [28:55]
  19. What are the alternatives to becoming a doctor? [33:35]
  20. What inflation rate might we assume for future college costs? [35:19]
  21. How might we benefit from a community college ‘guaranteed transfer’ program? [37:34]
  22. What are the pros and cons of living at home for college? [39:40]
  23. How might moderate-income families (couples <$240K, individuals <$160K) save for college? [41:04]
  24. If someone’s getting divorced, how does that factor into paying for college? [42:50]
  25. What client questions come up most often in ‘paying for college’ discussions? [47:23]
  26. Are there any ‘geographic arbitrage’ pitfalls, in moving to a new state before college? [48:53]
  27. What are some common mistakes that families can avoid? [50:26]

Top resources from the April 2024 event:

  1. See Karl’s article series on paying for college as an agency owner.
  2. Book rec: What’s the ‘Right’ Career?: Useful, Real-Life Advice for High School & College Students from 50+ Professionals.
  3. Get detailed data via the College Scorecard.
  4. Estimate whether you’d get financial aid, via the Federal Student Aid Estimator.
  5. Talk to Jonathan Baker at Punctuation if you need an agency valuation.

Register here for future Q&A events (to ask a question, or RSVP to just listen in). Even if you can’t join live, register anyway to get early access to the post-event recording.

Join us for our next LIVE Agency Office Hours

Want free advice to grow your agency? Ask a question when you RSVP and I’ll choose 3-4 agency leaders to receive 10-15 minutes of free consulting advice. 

Don’t have a specific question? That’s OK; most people join in “listen only” mode—you don’t have to be on video.  

We offer Agency Office Hours the second Tuesday of every month!