Tips for Your College Education Fund
No one disputes the fact that the cost of
a college education is high. For the 2004-05 school year, the
average annual cost of a four-year public university is $14,640
and for a four-year private university is $30,295 (Source: Trends
in College Pricing, 2004). While those prices are sure to
increase in the future, that doesn't mean you should just give
up and ignore the entire subject. There are a number of strategies
to help you fund that college education.
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Withdrawing College Funds
Once your child starts college, you'll want
to use funds set aside for college to maximize tax advantages
as well as your financial aid awards. Which investments should
you withdraw first - money from personal savings, Section 529
plan assets, or funds from Coverdell education savings accounts
(ESAs)? How will those withdrawals affect education deductions
and credits for tax purposes? And then, what impact will all of
this have on your financial aid award?
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Coping with the Financial Aid Process
Almost $122 billion of financial aid was
distributed during the 2003-04 school year, with an average award
of $10,472 per full-time student. Of that total, approximately
56% was loans and 38% was grants (Source: Trends in Student
Aid, 2004). With so much money at stake, you should understand
the financial aid process.
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Financial Steps for New Graduates
Graduating from college is often viewed
as the start of your adult life. The financial decisions you make
as you start this new stage of life can significantly impact your
finances for your entire life. Habits formed early are often difficult
to change. To make sure you develop good financial habits, consider
these tips.
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Time to Rebalance
With an asset allocation strategy, you can't
just allocate assets in your portfolio once and then forget about
your portfolio. Over time, your actual asset allocation will stray
from your desired allocation because different investments in
your portfolio will experience different rates of return. At least
annually, review your portfolio to see if changes are needed to
bring your allocation back in line. Some factors to consider include.
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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