E561 - Brad Baldridge - How to Achieve the Perfect Balance Between College Planning and Retirement Security

Hacks and Hobbies - Passion to Profit Stories

In this episode, we dive into the world of college planning and financial futures with our guest, Brad. He shares his journey from being an engineer to a college planning expert, offering valuable insights into the challenges parents face when preparing for their children's education and ensuring their retirement security.

Brad explains his holistic approach to college funding, emphasizing the importance of finding the right fit for your child's education and aligning it with your long-term financial goals. Discover how to strike the perfect balance between investing in higher education and safeguarding your retirement. Tune in for actionable advice and a fresh perspective on college planning.

Our Guest

https://tamingthehighcostofcollege.com

https://www.facebook.com/TamingTheHighCostOfCollege

https://www.linkedin.com/company/taming-the-high-cost-of-college/

Hacks to take away:

1. Start Early: Begin college planning early, ideally in the junior year of high school. Create a school list, consider test scores, and start thinking about scholarships. Planning early will help streamline the process in the senior year.

2. Understand the Finances: Gain a clear understanding of your financial situation. Determine your budget and whether you qualify for need-based or merit-based aid. Decide whether you'll navigate the process on your own, take a course, or hire an expert.

3. Embrace Flexibility: College planning is a dynamic process. Be prepared to adjust your plan based on new information and your student's changing preferences. College visits and experiences may lead to shifts in your approach.

4. Test Optional Isn't Always the Best Option: While some colleges offer test-optional admissions, carefully consider whether this is the right choice for your student. Test scores can still be important for admissions and scholarships at some institutions.

5. Recognize That Many Students Are Undecided: Understand that many students, especially high school juniors, may not have a clear career path or college preference. It's normal for them to explore options, so be flexible and open to adjusting your plan as they gain more clarity.

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