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Last week, I was contacted by a financial advisor who was trying to help her clients make the best possible decisions about funding college. She realized that she did not know enough to help her clients make the best decision, so she contacted me for some professional advice.
When it was time for me to head off to college, my mom presented me with an ornate tin tied with a ribbon. Upon presenting it to me, she told me it had been sitting open in our kitchen for the last few months. She put the lid on and tied it up with a ribbon so that I would take it with me to school. It was a way for me to take a little bit of home and our family with me wherever I went.
One of the big mistakes I see with paying for college is parents diverting funds from retirement to pay for college. Why is this a problem? The short answer is that there are no loans for retirement.
Most college preparation is focused on grades, standardized tests and applications. And while those are important, it does nothing to solve a big problem: only 59% of students pursuing a bachelor’s degree graduate within six years.