Preparing For Your Little Scholars

From the moment you find out that you’ll become a parent, plans for the future can alter dramatically – everything from names and baby clothes, to furniture and square footage. These are some of the most precious adventures you can embark on, and can easily become some of the most impactful to your financial future.

Secondary education is a distant dream. Your children may be the latest in a long line to attend your alma mater or the first in the family to attend. Without the immediate need for a college education, it can easily fall to the bottom of a long list of priorities – however, investing even small amounts into the right accounts can increase their impact over time.

With the help of Riegel Financial, the money you budget for your child’s future will be ready for whatever path they choose. We can facilitate deposits of your own, or even set up accounts that allow other family members to contribute – giving everyone the opportunity to invest in your baby’s future and providing your child a head start toward their dreams.

Early Starts Yield The Best Results

The best advice for any financial goal is to start investing early. The earlier you begin to invest, the more opportunity your finances have to accumulate – and it’s no different getting ready for a child to attend college. While scholarships, loans, or grants may be available, they are not nearly as reliable as a sound financial plan. The more resources you can build for your student, the less you have to rely on outside resources to help through these important years. The team at Riegel Financial will guide you to the right investment strategy to prepare for college – without upsetting your present financial obligations.

Always Better Late Than Never

The idea of of higher learning may not occur until your youngsters get to high school – don’t worry, this is a fairly common situation. Even in this shorter window, you can still significantly facilitate dreams of caps and gowns. The team at Riegel Financial has a diverse range of experience, and is certainly no stranger to this exact circumstance. It’s never too late to get a good start – let us put our knowledge and experience to work, and put you in the front row of a graduation ceremony.

If your child plans to attend college within the next year, please visit the Federal Student Aid website for possible scholarships, grants, and available aid.

Which Plan is Right for You?

There are as many ways to fund a college journey as there are choices for colleges to attend. The right saving and investment strategy can greatly influence what resources are available for that journey. The professionals at Riegel Financial can help develop the right strategy for you and maximize your investments.

- 529 Savings Plans
- Coverdell Educational Savings Accounts
- UGMA/UTMA Custodial Accounts

As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or may not perform well enough to cover college costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state.