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College is an investment for a lifetime - the gift of a college education can open the door to a world of opportunity for your child or grandchild. Saving, even a little at a time, can make a big difference down the road. With the cost of a college education continuing to increase, the key is to start saving early and regularly.
According to the College Board, the average cost for tuition and fees at four-year public institutions has increased nearly 51% over the last 10 years (after adjusting for inflation), and these costs will almost certainly continue to rise. Saving for college can help with the increasing cost of a college education and help you be financially prepared when your children are ready for college.
No matter how much you save, even a little can make a difference.
Saving for your child's college education is an investment in their future. The savings you make today pay off in an increased earnings potential in the future. According to the U.S. Census Bureau, college graduates earn an average of $1 million more than high school graduates during their careers. The value of your investment in a college education will continue to grow for a lifetime. It will pay for itself both personally and professionally.
- Among men, median earnings of four-year college graduates were 63 percent higher than median earnings of high school graduates in 2005.
- Among women, median earnings of four-year college graduates were 70 percent higher than median earnings of high school graduates in 2005.
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