Send Your Kids to College, Keep Your Money at Home
From College to College Planning How I Began Helping Families Afford College
When I started college, I had no idea that I’d end up becoming a college financial planner years later. At the time, I didn’t take college seriously. My parents weren’t around, and I thought, “No parents? Let’s party!” Sounds familiar, right? By the end of the year, my parents rightfully said, “We’re not doing that again.” To finish school, I joined the Navy and ended up working for the U.S. Embassy in Moscow for two years. My first taste of the financial planning business was working for my father. From prior experience, I knew how to run a small business and I had some financial acumen. But at 36, not a lot of multimillionaires were looking to me for financial advice, so my dad would get the older clients and I would get their kids. These “kids” would tell me, “My kid is going to college, and I want to pull money out of my 401(k) to pay for it.” After hearing this same story over and over again, I knew I had to find a better way. In earnest, I started looking into education tax codes and researching alternative ways for families to finance a college education that didn’t involve dipping into retirement accounts — or taking a yearly $40,000 hit to the finances. Eventually, I ran into a college financial planner and bought his half of a company that he ran with his brother. After the company moved to a different town, though, I sold my half to the brother and started College Money Guys. Like many of my clients, I have multiple kids going to school around the same time. My oldest son, Nicholas, is a junior at Stevens Institute of Technology. My daughter, Valerie, is a senior in high school who will be entering college in the fall, and my youngest, Anthony, is a sophomore in high school. “Stevens Institute of Technology is $64,000 a year, but by following the same steps we take with all of our clients at College Money Guys, my son and I ended up paying $18,000 a year instead — that’s a 60 percent discount!”
Stevens Institute of Technology is $64,000 a year, but by following the same steps we take with all of our clients at College Money Guys, my son and I ended up paying $18,000 a year instead — that’s a 60 percent discount! Stevens is a great fit for my son. He does well in a small-school environment and currently has a 3.9 GPA to show for it. Given that beginning mechanical engineers make around $70K, there was no way that either one of us could afford paying $64,000 a year for his degree!
There are so many families out there facing this same
sticker shock. One family that I work with has three daughters all going to college at the same
time. Let’s say that, hypothetically, they went to Texas A&M, which is $30,000 a year. That’s a $300,000 total over four years! That’s highway robbery.
It’s situations like these that we alleviate at College Money Guys every day. Our lobby
walls are covered with framed awards from our clients. Right now, we have two million dollars’ worth of free money on that wall alone.
If you have a son or daughter planning to attend college, it’s never too early to start planning. Just as my son and I made Stevens Institute of Technology affordable for our family, I look forward to helping you save as much money on your child’s college education as possible.
– Bra nnon Lloyd
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