Send Your Kids to College, Keep Your Money at Home
The College Money Guys Process Finding the Best Option for Both Parents and Students
When a new family comes to us seeking financial help for college, we start by getting a snapshot of their current financial picture. Unfortunately, the FAFSA only takes into account one aspect of your finances: what you have right now. It doesn’t see that you were laid off and are now dependent on savings, the expenses for your small business, or that you regularly send money to family abroad. We ask, “What does the government say about your finances, and what is actually going on?” That way, we can alter your finances in your favor. We also figure out what your budget is. If your budget is $20,000 a year on college, we look to see if you have $80,000 lying around. If not, we ask, “How can we get the $80,000 we need?” During this time, we also take a social analysis of the student to figure out their interests and determine if they are ready for college. If the student enjoys working with their hands, for example, taking up a trade like welding or plumbing can be a better fit than going to school right away. Or, if it’s clear that the student is only interested in partying, taking a gap year to work makes more sense. Once we know that the student is ready to succeed in college, we work with the students to figure out what the job market is like in their field of interest. Sometimes, a student will come in wanting to major in architecture, but after researching their field’s job market on Careerbuilder, a career-researching website, they’ll realize that there are only four jobs open. Then we’ll ask them, “Are you still interested in architecture?” We always want the kids to arrive to that decision on their own, though. It doesn’t matter how much a parent wants their kid to major in pre-med or accounting; if the kid isn’t interested on their own, it won’t happen.
forget that I’m dealing with two of the most stress-inducing things for parents — kids and money. They are entrusting me with their children and money, which is extremely humbling and a huge honor. The reality is that people will spend more money on college than they spend on their first house, but they’ll only have four years to pay it off instead of 30. Our goal is to give families the groundwork to make sure that they not only have enough money to pay for college, but that college will be a good investment for what their child wants to do.
At College Money Guys, there are definitely times when we have to play a mediator role between parents and the student. But I never
The reality is that people will spend more money on college than they spend on their first house, but they’ll only have four years to pay it off instead of 30.
– Bra nnon Lloyd
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