Get advice on paying for college as an agency owner—including how much to save, 529 tips, and more—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:
- What’s the purpose of going to college… and what are the downsides? [3:19]
- How soon should we talk with our kids about their post-high school plans? [5:50]
- How much money should our family save per month for college? [8:10]
- How should parents prioritize saving for college versus retirement? [9:20]
- Why is increasing our income the best way to save more for college? [11:18]
- What 529 alternatives might we consider? [12:07]
- Is it better to pay out of pocket or from our 529 first? [13:16]
- What should we know about the FAFSA versus the detailed CSS profile? [14:36]
- What should we do with our finances when they’re early in high school? [15:55]
- Why might we stop making 529 contributions as our kids get closer to college? [16:52]
- Do I need to use my own state’s 529 plan? If not, what are the best options? [17:59]
- If our child isn’t born yet, can we set up a 529 plan without creating tax issues? [20:11]
- How might we benefit from advanced tools like a family ‘dynasty’ 529 plan? [21:45]
- How do we calculate our business valuation for a CSS form? [24:21]
- What income level can we expect to not receive financial aid? [25:30]
- Should my spouse consider working for a private school, to get free tuition? [26:12]
- How can we get our kids more involved in the decision and financial process? [28:15]
- How can we help our kids make better decisions about future careers? [28:55]
- What are the alternatives to becoming a doctor? [33:35]
- What inflation rate might we assume for future college costs? [35:19]
- How might we benefit from a community college ‘guaranteed transfer’ program? [37:34]
- What are the pros and cons of living at home for college? [39:40]
- How might moderate-income families (couples <$240K, individuals <$160K) save for college? [41:04]
- If someone’s getting divorced, how does that factor into paying for college? [42:50]
- What client questions come up most often in ‘paying for college’ discussions? [47:23]
- Are there any ‘geographic arbitrage’ pitfalls, in moving to a new state before college? [48:53]
- What are some common mistakes that families can avoid? [50:26]
Top resources from the April 2024 event:
- See Karl’s article series on paying for college as an agency owner.
- Book rec: What’s the ‘Right’ Career?: Useful, Real-Life Advice for High School & College Students from 50+ Professionals.
- Get detailed data via the College Scorecard.
- Estimate whether you’d get financial aid, via the Federal Student Aid Estimator.
- Talk to Jonathan Baker at Punctuation if you need an agency valuation.
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