Wishes Can Come True – If You Make Them Actionable
By: Tom Kirk
It has been said there are two kinds of people: those who set goals for themselves and those who do not. While setting goals is certainly a good first step to creating the future you desire, accomplishing them is how you turn an idea into your reality.
For a goal to be more than a wish, it must have a measureable result and time frame. That way you can objectively determine if it has been accomplished or not. When helping facilitate The Goals Clarification Experience, the third step of The WealthCare Solution, we discuss two more parameters of your tangible financial goals: How much will it cost? How will you feel when it is accomplished?
Here is an idea we often hear: The desire to fund all or part of a child’s (or grandchild’s) college education. Answers to the following questions are necessary to turn this wish into an actionable goal:
- Time Frame
- How many years before the child starts college?
- How many years of college do you think they will attend?
- What type of college will they attend (State, middle-private, high-private)?
- How much of this cost do you want to fund and have set aside when they start?
- How will you feel when they graduate with a college education that you helped make possible?
Your answers as to time frame and cost will allow you to work through the myriad of options you have to help assure the money is set aside when it is needed. Your choices include:
- Prepaid tuition programs, 529 savings accounts, Uniform Transfers to Minors Accounts or some combination of these
- Fund this cost with a lump sum up-front or over time
- Appropriate investing for growth early and stability later on
While these choices can be somewhat technical and complicated, your WealthCoach can walk you through the pros and cons of each one and help you develop and implement a plan specifically tailored to what you want to accomplish.
The real payoff is when your child can pursue the education they desire at the college best suited to provide it, and the funds are available to make that happen because of the actions you took to make this wish come true.
Get a plan in place to start saving for your child’s college education. Contact us to schedule a complimentary consultation with one of our WealthCoaches. Please call our wealth services firm in Satellite Beach, FL – Melbourne/Brevard area at (321) 773-7773 or visit us at www.firstwavefinancial.com.