Adding a child to your family is arguably one of the most momentous milestones in life. After months of preparation, a little one arrives and stirs up overwhelming emotions and a great sense of responsibility. But even if you had everything organized and prepared to bring your baby into your life and your home, there are some practical steps that you need to take now that your family has grown. From hospital bills to education, a child can cost half a million dollars, so your financial strategy needs to change to keep up!
The impact of student debt borrowing decisions and how to pay for college, even at the beginning stages, is substantial. For my client, Anne, we are talking about a difference of $94,100. It's why college planning is essential for families with college-bound kids. Especially when your kid wants to pursue a higher cost degree like a doctor, lawyer, veterinarian, or pharmacist. Regardless of career path, the economics of making sound choices, when it comes to paying for college, will have a dramatic impact on your child's adult life.