If you’re a parent, you want the best for your children. In today’s society, young adults are expected to attend college or a trade school to have the best possible education. Whatever career choices your children decide, you want them to have a good start in life. This undoubtedly means giving them the tools necessary to craft that life. Planning for college is perhaps the most important family financial decision you will ever make. Sadly, many families are making it all wrong.
Sure, there are various tax advantages and college savings plans that have been designed and marketed to the public. However, many of these plans have the same pitfalls as other tax advantaged plans. These plans are specifically designed and designated for college expenses and therefore have only one function. That means your money is only working for you in one capacity and you’re not taking advantage of any multiplier effects of growing money.
In essence, you’re locking your money away. While locking up money for the sole purpose of providing your children college funds is admirable, this leads to many lost opportunities and ultimately higher costs. What if there was a way you could save and pay for college, and get all your money back?
At Maximum Wealth, we believe you should begin preparing for college early in your child’s life, but do not tie up money and keep it in one place for one use. People fail to realize the lost opportunities of doing this because they have been taught to focus on the need for funds rather that the most efficient use of their money.