Smart College Buyer

Choosing where your kid will attend to college and deciding how to pay for it are two HUGE, potentially life-changing decisions, both for the child and the parents - particularly those from lower-income or first-generation backgrounds, making admissions and financial guidance in this area essential. You shouldn’t have to choose between funding college and having a secure retirement.   Don’t DIY the process simply because you don’t know where to turn for help or are afraid of how much that help may cost! This episode highlights several associations and resources to help ensure you find the right professional for your situation.   Just as not all school counselors or administrators are created equal, neither are financial planners or advisors. When facing cookie-cutter advice about affording college, that should be a red flag for you to pursue guidance from someone closer to your particular issue, situation, school of choice, or financial options.   Navigating College Admissions and Funding: Why Expert Guidance Matters  (00:01:41) Free FAFSA Filing Support Requirements  (00:06:30) Independent Educational Consultants’ Role  (00:11:13) The Limitations of Financial Aid Administrators at Colleges  (00:15:43) Certified College Funding Specialists in Finance  (00:22:20) Strategic College List Building by Financial Experts  (00:24:58) Navigating Student Loan Repayment and Forgiveness  Saving Your Future: Expert Strategies for College Funding and Selection  Financial aid administrators can explain financial aid rules but cannot provide advice on admissions or other areas beyond their scope.  Your typical financial advisor may not fully understand financial aid and college planning, providing generic advice like saving in 529 plans.  Someone helping you with this process should understand student loan repayment options and the intersection of admissions and aid.  Specialized designations like Certified College Funding Specialist (CCFS) are recommended for in-depth knowledge in college planning.  A great episode of the New Money New Problems podcast by fellow Financial Advisor, Brenton Harrison, that explains the value (savings) in paying for guidance with your money: When Paying a Financial Advisor $6,000 is a Bargain Resources to Help Families with the College Admissions Process:     IECA - Independent Educational Consultants Association - https://www.iecaonline.com/  HECA - Higher Education Consultants Association - https://www.hecalive.org/  NACAC - National Association for College Admission Counseling - https://www.nacacnet.org/student/  ACCFS - Accredited Certified College Funding Specialists™ - https://www.hireaccfs.com/  NICCP – National Institute of Certified College Planners - https://account.niccp.com/find-a-ccps/  Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!  Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.     

Are you a veteran or service member trying to figure out how to send your kid to college?   You probably know there are some serious educational benefits available, but perhaps you aren’t sure how to tap into them or whether you can pass them to your kids.   Today, Kate Horrell and Jack Wang discuss VA Education Benefits’ transfer rules, eligible recipients, and service obligations. Kate Horrell is the author of College Finances for Military Families, a comprehensive guide to integrating military and veteran education benefits into your family's college funding plan. A military and veteran pay and benefits expert, she leveraged military-related benefits to help pay for her children's college educations, and she can help your family save money by using these benefits.  Take Charge of Your Family’s Education with VA Benefits  (00:01:17) Unlocking VA Educational Benefits for Military Families  (00:04:21) Common Mistakes in Post 9/11 GI Bill Transfer  (00:15:24) Optimizing VA Benefits Distribution for Multiple Children  (00:19:10) Strategic Allocation of VA Education Benefits  (00:21:16) Optimizing GI Bill Housing Allowance for Veteran Families’ Education  The Full Briefing on Military Educational Benefits & Avoiding Mistakes  Common mistakes with the Post 9/11 GI Bill include not meeting transfer rules, not understanding the benefits before usage, and misconceptions about covered expenses. Splitting VA benefits among children or family members requires careful considerations like eligibility, grad school options, assets, and cash flow planning.  (00:05:14) "So, there are three primary parts to the post 911 GI Bill, one of them is tuition, one of them is a monthly housing allowance, and one of them is a books allowance." - Kate Horrell   Strategic Planning Opportunities to Use Your Military Benefits for The Next Generation  Post 9/11 GI Bill allows service members to transfer education benefits to family members like children and spouses.  Common mistakes with Post 9/11 GI Bill include not meeting transfer rules, not understanding the benefits before usage, and misconceptions about covered expenses.  Strategic planning is important to efficiently allocate VA benefits, considering factors like income changes and tax credits.  Splitting VA benefits among children or family members requires considerations like eligibility, grad school options, assets, and cash flow planning.  Varying housing allowances for Post 9/11 GI Bill recipients impact benefit usage decisions based on school location and cost of living.  Making the Most of Your VA Education Benefits  Apart from the well-known Post 9/11 GI Bill, Kate Horrell also brought attention to lesser-known programs such as DEA Survivors and Dependents Educational Benefits and the Frye Scholarship.  Kate is a Chartered Financial Consultant, Military Qualified Financial Planner, and Accredited Financial Counselor. After 28 years following her now-retired Sailor around the world, she now lives outside of Washington, DC, when she's not sharing her knowledge with audiences across the country. Follow Kate Horrell:  Book:  https://www.amazon.com/College-Finances-Military-Families-Confidently/dp/B0F9NDL54P/ref=tmm_pap_swatch_0  Blog: https://www.KateHorrell.com  Facebook: https://www.facebook.com/KateHorrellFinanceExpert  LinkedIn: https://www.linkedin.com/in/katehorrell/  Instagram: https://www.instagram.com/realkatehorrell/  Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!  Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.   

When you’re facing any large purchase, there are two major questions you must answer:   How do I lower the cost?  What’s the best way to pay for it?  While you’ve heard about student loans, 529 plans, and, potentially, other options to help you finance college costs, the best way for YOU to pay for college for your student is likely a unique combination of tools & tax strategies based on your personal situation. **This is why it’s so important to work 1:1 with a financial planner and tax advisor.   College Financing, Debt Freedom, and Wealth Building  529 plans offer flexibility but require consideration of tax implications. While these plans can be a great way to save for college expenses, it's important to understand how they can impact your taxes and overall financial situation. Making informed decisions now can lead to significant savings down the road.  Gifting and income shifting can save on taxes and shift income to family members. By strategically gifting assets or shifting income to family members in lower tax brackets, you can reduce your tax liability and potentially save a significant amount of money. It's all about understanding the rules and making the most of the opportunities available to you.  College Payment Hacks: Smart Ways to Pay for College  (00:03:13) College Tuition Payment Plans Overview  (00:05:58) Tax Benefits and Flexibility of 529 Plans  (00:09:16) Strategies for College Tuition Financing  (00:18:16) Income Shifting and Tax-Saving Strategies  (00:21:47) Funding College While Building Long-Term Wealth  Paying For College Without Taking on a Truckload of Debt  Jack Wang highlights the importance of exploring various financial strategies to fund college education, including payment plans, savings, 529 plans, and loans, to safeguard a family's financial well-being. He highlights colleges offering diverse payment plans and emphasizes advanced financial techniques, such as leveraging tax savings and allowing investments to grow, to minimize the long-term financial burden of college expenses.  This episode answers these questions:   What are some advanced strategies for college financing?  What are the various ways families can pay for college?  How can gifting and income shifting strategies help save on taxes?  What are the tax implications of 529 plans?  How can college financing be turned into an opportunity for building long-term wealth?  Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!  Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.   

Understanding how your credit score works and actively working to improve it can open up doors to better financial opportunities. One of the biggest mistakes college students make when it comes to credit is overspending and not keeping track of their expenses.  My guest today, Brittany Greene, focuses on providing financial education and resources to college students. Through her company, Crown Financial, she offers workshops, online courses, and personalized coaching to help students navigate the complexities of personal finance. From budgeting and credit score management to investing, Crown Financial equips students with the knowledge and tools they need to make informed financial decisions both during college and beyond.  Empowering College Students through Financial Education and Credit Score Building Techniques  (00:05:26) Empowering College Students through Credit Education  (00:05:26) Developing Growth Mindset for Financial Success  (00:06:12) Mindset Shift for Financial Success in Credit  (00:08:00) Credit Empowerment for College Students  (00:15:43) Financial Empowerment through Strategic Money Management  (00:18:33) Credit Score Fluctuations with Velocity Banking  The Impact of a Growth Mindset on Finances  Building a growth mindset is crucial in financial progress. It's all about having the belief that you can learn, grow, and improve your financial situation over time. By adopting a growth mindset, you are more likely to take risks, learn from failures, and persist in the face of challenges - all of which are essential for financial success.  (00:21:56) "The best investment that you can make is in yourself personally. Develop yourself so that you can recognize opportunities, so that you can take advantage and you don't fumble the bag on the opportunities that you have coming up." - Brittany Greene  Tips for Families Preparing to Send a Student to College:   Develop a growth mindset to believe in your ability to progress financially.  Start with building your mindset every day by listening to podcasts, using affirmations, and staying resilient.  Utilize resources like StellarFi and Self to build credit by paying bills on time.  Learn about your credit report using tools like Credit Karma and Experian.com.  Recognize that the best investment you can make is in yourself personally, to recognize and seize opportunities.  Encourage students to transition (and model the transition yourself!) from a fixed mindset to a growth mindset to pave the way for financial success.  Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.    Follow Brittany Greene:   LinkedIn: https://www.linkedin.com/in/brittanygreenecf/  Website: https://www.crownedfinancials.com/    Resources:   https://stellarfi.com/  https://www.self.inc/ 

It used to be that parents and students had the opportunity to finance higher education with almost no limit to the amount they could borrow.     The H.R.1 - One Big Beautiful Bill Act, changes that. It imposes new limits to parent financing and student loans. In particular, capped borrowing for graduate students at $50,000 per year for professional studies and $20,000 for other programs.   With Parent PLUS loans also facing new annual and total caps and credit underwriting criteria, it's even more important for families of high school students to understand these limits, considering they may only have a year or two to plan and establish the funds to cover college.   Private Student Loans: Pros and Cons for Borrowers  While you still have alternative financing options, such as private loans, there's much more of a “math game” to it, because debt-to-income ratios and credit scores become significantly more important.    Understanding New Federal Limits for Loans (for Students and Parents)  (00:01:08) Graduate Student Loans Borrowing Changes  (00:05:38) Parent PLUS Loan Borrowing Limits and Criteria  (00:08:49) Customizable Borrowing Options for Private Student Loans  (00:11:43) Financial Eligibility Based on Debt and Income  (00:17:22) Grad Plus Loan Elimination and Co-signing Risks    (00:21:09) "If you are looking at a school that's $90,000 a year, but you know, realistically, you're not going to get aid for whatever reason, but you don't have the savings to pay $9,000 a year. And now you might not have the ability to borrow $90,000 a year. That school can't be on the list. Right. There's, there's no way it's gonna happen." - Jack Wang    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.       

Student loan debt is a topic that affects millions of people across the country. It's a financial burden that many individuals face as they pursue higher education, and the impact can be long-lasting. Whether you're a recent graduate or have been out of school for years, understanding student loan debt is crucial to managing your finances effectively.  "It wasn't that simple of just drawing up different options for repayment terms." - Travis Hornsby  Understanding student loan repayment goes beyond just basic options and terms. It's a complex process that requires careful consideration and planning.    Expert Insights on Student Loan Strategies  Travis has seen student loan debt can up to $2 million for a couple in some cases, with an average of around $260,000 per person.  Understanding available options for loan forgiveness and income-driven repayment plans is crucial in managing student loan debt effectively.  Leveraging student loans strategically and reframing debt as an investment in education can help individuals navigate financial situations more effectively.  Private student loans differ from federal student loans in terms of tax implications and dischargeability in bankruptcy.  Strategies such as filing taxes separately and increasing retirement contributions can help reduce student loan payments and lower taxable income.  Public Service Loan Forgiveness is a program that allows individuals working in public service to have their student loans forgiven after a certain period of payments.  Viewing student loan debt as a strategic move for education and income potential can help individuals make informed decisions about financing their education.  Strategic Student Loan Usage for Financial Success  00:05:58 Effective Management of Student Loan Debt  00:08:21 Extensive Student Loan Debt Variances  00:12:23 Non-dischargeable Private Student Loan Obligations  00:14:06 Tax Filing and Retirement for Debt Relief  00:17:56 Maximizing forgiveness and minimizing tax payments  00:24:26 Loan Forgiveness for Public Service Workers    Travis Hornsby, a renowned expert in student loan debt and founder of Student Loan Planner, approaches the topic with a unique perspective centered on strategic management and mindset shifts. He believes that student loan debt should be viewed as an investment in education rather than a burden, encouraging borrowers to leverage their debt wisely to enhance their career potential. Hornsby advocates for a thorough understanding of repayment options, including the nuances between federal and private loans, and promotes strategies like filing taxes separately and increasing retirement contributions to manage payments effectively.    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Choosing a college where your student will thrive is about much more than the school’s name, ranking, prestige, or reputation. Research from Purdue University and Gallup highlights that aspects like caring professors, supportive learning environments, and experiential learning opportunities hold more weight in determining a student's college experience.  Finding the Right College Fit for Academic and Social Growth  (00:04:19) Impact of Supportive Learning Environments on College Choice  (00:09:24) Enhancing College Learning Through Real-World Experience  (00:11:09) Enhancing College Experience Through Student Engagement  (00:21:31) Student-Centered College Selection for Success  (00:22:44) Optimizing College Choices for Financial Stability    In making your dollars work best for your kid’s college, a HUGE factor is whether the school selected is a good fit – reducing class skipping, increasing involvement in extracurricular activities, and being more active on campus, simply because they enjoy the school environment.     Reducing Financial Burdens through Strategic College Selection  The wrong school selection can waste money, not to mention creating a distasteful experience for the student and family. Jack Wang, an advocate for this holistic approach, emphasizes that finding a college environment where students can thrive academically, socially, and personally is key.   His perspective is shaped by the belief that true student engagement and workforce preparation come from hands-on experiences such as internships and extracurricular activities, which also aid in personal growth and network building.   Impact of Supportive Learning Environments on College Choice  Factors like professors' care for students, creating a supportive learning environment, and experiential learning opportunities matter more than rankings or class size in selecting a college.  Offering hands-on experiences like internships, co-ops, and undergraduate research helps students apply classroom learning in real-world settings and prepare for the workforce.  Student participation in extracurricular activities helps build networks, fosters campus community involvement, and provides valuable growing up experiences.  Understanding and prioritizing student preferences like school environment, social activities, and academic fit are crucial in selecting the right college for overall success and well-being.  Choosing the right school where students can thrive academically and socially can impact the financial aspect of college by reducing costs and avoiding additional years of education.    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Planning for your child's college education can be a daunting task, but utilizing a 529 plan can make it a little easier. These tax-advantaged savings plans are specifically designed to help families save for future education expenses. One option within the 529 plan umbrella is the College Well Private College 529 Plan, which offers its own set of unique advantages.  529 Plans: A Potential Long-Term Solution for Educational Expenses  College Well’s prepaid plan allows you to lock in today's tuition rates at eligible colleges and universities. This can be a great option if you know where your child will be attending school and want to avoid future tuition increases.  "The good news is if you're saving in the plan, not only are you locking in and saving for all of the close to 300 schools in the plan at the same time, if you're actively saving and we happen to add a school, you would also be locked into their tuition and fee rates based on when you were saving." - Jonathan Sparling    Preparing for College Costs: A Family Financial Strategy  (00:03:11) 529 Plans: Locking Tuition vs Investment Options  (00:12:11) Maximizing Benefits: Qualified Expenses in 529 Plans  (00:15:44) Versatile 529 Plan Legislation for Education  (00:21:06) 529 Plan Tax Benefits Across States  (00:29:41) Proactive Financial Strategies for College Success    Jonathan Sparling serves as a knowledgeable advocate for College Well and emphasizes the critical role of early discussions about college planning and costs, urging families to engage children in conversations about the value of higher education and to visit college campuses to demystify college life and financial aspects.   Jonathan highlights the unique benefits of College Well's prepaid 529 plan, which allows families to lock in current tuition rates at nearly 300 private colleges, offering a safeguard against future tuition inflation. He sees College Well as an essential resource for families, particularly those with children in middle or high school, providing them with the necessary tools and knowledge to make informed decisions about college savings and financial aid.    Key Tips on 529 Savings and College Expenses:  Learn the difference (and varying benefits) of state-sponsored 529 plans versus private 529 plans like that at collegewell.com  Determine which savings or prepaid tool is best for your family’s college planning based on your income, which school your child wants to attend, and what specific costs you’ll incur as your child goes to college  529 savings plans involve after-tax contributions and investment options  Qualified expenses in 529 plans include tuition, fees, room and board, and certain travel expenses  The evolving landscape of 529 legislation now includes K-12 expenses, student loan repayment, and apprenticeship programs  State income tax breaks for college savings contributions vary by state    Connect with Jonathan Sparling:   CollegeWell: https://www.collegewell.com/authors/jonathan-sparling/  LinkedIn: https://www.linkedin.com/in/jonathan-sparling-pc529/    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.    Podcast video editing & management provided by podcastabundance.com 

How do factors like major, gender, and ethnicity influence whether your child receives financial aid?  Understanding the typical college business model is crucial. The college financial aid formula is a multifaceted and strategic system that determines how aid is distributed to students. It comprises loans, scholarships, and other forms of gift aid. Highly competitive schools prioritize need-based aid over merit scholarships.   "The more a student helps the college meet its needs, the more aid you generally get." - Jack Wang  This is important to remember when applying to colleges, as demonstrating financial need may be more beneficial than having a high GPA or test scores. Navigating financial aid for college can be like a strategic game, with scholarships, loans, and FAFSA all in play. Understanding the rules and playing smart is key to securing the best aid package for your education journey.    Crack The College Financial Aid Code  Look for scholarships and gift aid to minimize loans  Understand the criteria and requirements for different types of aid  Consider the business model of colleges in the financial aid process  Differentiate between highly competitive schools and smaller schools in terms of aid  Recognize the importance of factors like major, gender, location, and ethnicity in aid distribution    Crucial Insights: Understanding College Financial Aid Dynamics  (00:02:56) Variety of College Financial Assistance Options  (00:05:18) Scholarships: Balancing Merit and Financial Need  (00:10:00) Student Selection Strategies in College Admissions  (00:21:40) Financial Aid Strategy at Competitive vs. Smaller Schools  (00:26:29) Major-based Financial Aid Allocation in Colleges    College Aid Blueprint: Demystifying Merit, Need, and Strategic Allocation  There are various types of financial aid available for college students, with loans being the most common, but scholarships and other forms of gift aid are preferred as they do not require repayment. Scholarships often blend merit-based and need-based elements, and the FAFSA is sometimes essential for eligibility, illustrating the complexity of financial aid.   Colleges, functioning like businesses, strategically distribute aid to attract students who align with their institutional goals, similar to an NFL draft, which influences the financial aid process. Additionally, factors like major, gender, and ethnicity play a role in financial aid decisions, with colleges investing in specific programs or facilities to attract desired student demographics, underscoring the importance of understanding these dynamics in securing aid.    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Financial education in youth sets the stage for a lifetime of financial responsibility.  Teaching teens to save for emergencies is vital for unexpected costs. Unfortunately, most teens don’t want to listen to their parents...that’s where a financial coach who specializes in budgeting for teens and young adults comes in.   Colleen Salchow of Salchow Coaching patiently works with teenagers to set aside money for unexpected expenses can help them develop a safety net for emergencies and learn the importance of being financially prepared for the unexpected.  Setting Up Teens for Financial Success in the Future  (00:04:15) Early Financial Empowerment for Teens  (00:09:36) Building Financial Safety Nets for Teens  (00:15:15) Empowering Teens Through Intentional Financial Planning  (00:18:04) Instilling Responsible Money Attitudes in Children  (00:19:12) Financial Literacy Through Teen Budgeting Apps  (00:26:14) Financial Management Foundation for Students    Financial Management Foundation for Students  Colleen Salchow is an accredited financial counselor dedicated to improving financial literacy among teenagers and young adults. After graduating from Western Michigan University in 2007 with a degree in special education, Colleen witnessed firsthand the financial struggles faced by families during her time as a middle school special education teacher in Detroit.   Her personal experiences with financial challenges after moving to North Carolina further fueled her passion for financial literacy. In 2019, she launched her business as a financial coach, focusing on helping teens develop sound financial habits and understand critical financial concepts. Colleen leverages her teaching background to effectively communicate and engage with young people, empowering them to make informed financial decisions for a secure future.  Instilling Responsible Money Attitudes in Children  Start conversations about financial literacy early on to instill valuable money management skills  Encourage teens to save at least 20% of their income for various purposes such as emergency funds or specific goals  Guide teenagers in creating a plan to save for emergencies by identifying key expenses they rely on the most  Teach children to save, donate, and spend wisely to develop healthy money habits  Introduce budgeting to children by giving them an allowance and guiding them on how to allocate portions for different purposes  Start high schoolers and college students with one savings account to understand its rules before considering multiple accounts    (00:02:58) "I saw at my own kitchen table the importance of paying off debt and learning how to talk to my spouse about finances." - Colleen Salchow    Follow Colleen Salchow:  LinkedIn: https://www.linkedin.com/in/colleensalchow/  Salchow Coaching: https://salchowcoaching.com/  Instagram: https://www.instagram.com/csalchow1/      Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.    Podcast video editing & management provided by podcastabundance.com 

Paying for college extends beyond the simple calculation of tuition and fees, encompassing a range of hidden expenses that many prospective students and their families often overlook. Jack Wang offers a nuanced perspective on this topic by highlighting the often-ignored costs such as taxes, interest, and opportunity costs, which can significantly inflate the overall financial burden of obtaining a college degree.   (00:23:56) "The question is not about right or wrong. The question is, do you want to do better and do you want to pay for college in a way that can help support the rest of your finances?" - Jack Wang  Drawing from his analysis, Jack advocates for strategic financial planning to navigate these hidden costs, emphasizing tax-aware strategies and the importance of considering long-term financial implications.     Optimizing Financial Decisions for College Funding  Identify the total amount of gross income you need to cover college tuition  Explore income tax saving strategies for your tax bracket  Consider owning a business or being self-employed for tax advantages  Understand opportunity cost in spending decisions  Minimize taxes, interest costs, and opportunity costs when paying for college  Use debt strategically for major purchases    The Real Price of a College Education  (00:02:57) Hidden Costs in College Financing  (00:06:34) Tax Savings for College Financial Planning  (00:13:25) Compound Interest Impact on Financial Decisions  (00:16:53) Optimizing Financial Decisions for College Funding  (00:21:35) Opportunity Cost in Strategic Debt Usage    Getting Creative About How to Afford College for Your Student  With insights into innovative approaches like Merrimack College's fixed-cost model for humanities majors, Jack Wang encourages a more intentional and strategic management of college expenses to enhance financial well-being both during and after the college years.    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

With the right strategies and early preparation, you can maximize your child’s chances of getting into your (or their) dream school and securing scholarships. Students should begin preparing for standardized tests like the SAT or ACT well in advance, paying special attention to their grades even as a Freshman in High School. This will allow you and your student to have time to review content, practice test-taking strategies, get tutoring, and improve scores.   Strategic Test Prep: Leveraging Individual Strengths  (00:01:02) Empowering Students for Bright Academic Futures Through Test Prep  (00:09:16) Strategic Approach to GPA and AP Courses  (00:13:07) Testing Policies Impacting College Admissions Success  (00:15:20) College Fit Importance in Avoiding Overmatching  (00:21:33) Strategic Test Prep: Leveraging Individual Strengths  (00:25:46) Mock Test Analysis for College Admissions Success  (00:28:30) Financial Opportunities Based on Academic Performance    Test-Blind, Test-Mandatory, Test-Optional: Understanding College Policies  When applying to colleges, research their admissions policies and consider your own strengths and weaknesses to determine the best approach for your application.   Test-blind colleges do not consider standardized test scores as part of their admissions process, focusing instead on other aspects of your application like GPA, extracurricular activities, and essays.   Test-mandatory colleges require students to submit standardized test scores as part of their application, and these scores play a significant role in the admissions decision.   Test-optional colleges give students the choice of whether or not to submit test scores, allowing them to showcase their strengths in other areas if they believe their scores do not accurately reflect their abilities.   Empowering Students for Bright Academic Futures Through Test Prep  - Finding the right college fit based on major, academic stats, and overall student success helps prevent overmatching and financial burdens in the future.  - Choosing between the SAT and ACT based on individual strengths, taking mock tests early, and excelling in one test rather than both are key strategies for standardized test preparation.  - Strategic planning when taking college admissions tests, identifying strengths and weaknesses early on, and prioritizing the PSAT for National Merit Scholarship consideration are important factors in academic success.  - Using the Merit Aid Grids website can help students understand college funding opportunities based on GPA and test scores, providing valuable information on financial assistance for college.              "Our mental mindset of what a 3.5 meant in 1994 is unrelated to a 3.5 in 2024. It just really is so different." - Brian Eufinger    Follow Brian Eufinger:   His Test Prep Business: https://edisonprep.com/start/  His summer passion project: https://meritaidgrids.com/  LinkedIn: https://www.linkedin.com/in/eufinger/      Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Do your college funding goals entail covering private tuition or a portion of in-state tuition? The answer could be the key to your “best” saving strategy.   "You can save using almost anything. There is the easy option and then there is the right or best option for your family." - Jack Wang (00:19:53)  There are various opportunities for tax-sheltered college savings account like 529 plans and IRAs, plus unconventional options like real estate investments. For families aiming to balance the financial demands of higher education with other long-term financial goals, college savings can be a daunting task. In this episode, you’ll learn about the types of savings accounts & funds, what to look for in a plan for college savings, and some options other families have found useful.  Intentional Financial Planning for College Savings and Long-Term Goals  Tailoring college savings strategies to specific financial goals is crucial, such as covering private college costs or in-state tuition.  College savings should be versatile to be used for other purposes like retirement without facing unnecessary taxes or penalties.  Consider tax implications when saving for college, as different accounts have varying penalties and restrictions on fund usage.  Balancing funding college savings with retirement savings is a challenge for many families, highlighting the need for strategic financial planning.  Jack Wang shares insight on the potential tax benefits of saving in a child's name and warns against the pitfalls of overly rigid savings strategies, drawing from experiences where families have found themselves constrained by overfunded accounts. He advocates for intentional and flexible planning to ensure that families can meet their educational financial goals without sacrificing their future financial security.  Maximizing Savings: Innovative Approaches to College Funding  (00:02:10) Tailoring College Savings to Specific Financial Goals  (00:04:28) Multi-purpose College Savings Strategies  (00:07:47) Savings Strategy: Minimizing Taxes for College  (00:12:50) Balancing College and Retirement Savings Strategically  Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *Be sure to send a connection request with a message saying Hello!  Navigate college funding with me at www.smartcollegebuyer.com  The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.   

Did you know there are over 80 student loan forgiveness programs in the US?   While student loan forgiveness programs are great, it’s imperative to understand the eligibility requirements and have open discussions about the costs and value of higher education expenses. Federal and Private student loans should be treated differently, and all student loans should be treated differently than other consumer, car, or home debt.   Robert Farrington, the founder of the College Investor, is recognized as America's millennial money and student loan debt expert. His platform, born from personal tribulations with student loan servicers, has become a beacon for those grappling with college investing and student loan issues.  Our conversation underscores the necessity of open, transparent conversations about the financial realities of higher education, emphasizing the importance of strategic management of student loans, savings, and investments to ensure long-term financial stability. By advocating for decisions based on return on investment and net present value, you're empowered to make informed choices and navigate the complexities of college financing to secure the best, wealthiest future financial picture possible.  *All statements are accurate at the time of this recording – September 2024    Financial Empowerment: Strategies for Funding Education  (00:02:49) Navigating Student Loans for College Wealth  (00:09:39) Public Service Loan Forgiveness Incentives  (00:19:51) Parent Plus Loan Interest Rates Influence Borrowing  (00:22:57) ROI-Focused Approaches to Student Loan Decisions  (00:27:00) Empowering Financial Discussions for Educational Choices  (00:27:30) College Investment Decision-Making    Tackling Student Loan Debt: Practical Tips for Families  - Start investing early to leverage the power of compounding over time  - Evaluate college choices based on ROI to avoid overpaying for education  - Have open discussions about the financial aspects of education choices  - Consider net present value and ROI of college expenses for informed decisions  - Understand loan forgiveness options for student loans  - Avoid overextending financially by making informed decisions about private student loans    "The biggest enemy of long-term investing is time. It's also the biggest ally of long-term investing." - Robert Farrington    Follow Robert Farrington:  His website: www.robertfarrington.com  LinkedIn: https://www.linkedin.com/in/robertfarringtonmba/  His work on Forbes: https://www.forbes.com/sites/robertfarrington/      Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!  Navigate college funding with me at www.smartcollegebuyer.com    The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

The topic of college affordability has become increasingly pressing as tuition costs continue to rise, leaving many families grappling with the challenge of financing higher education.  The best thing you can do for your college-bound teen is plan for college expenses using 3 critical financial figures:   What colleges expect you to pay  What you can realistically afford  What you are willing to spend    "The reason these three numbers are important because after all, for most people, money doesn't grow on trees." - Jack Wang  Distinguishing Affordability vs. Willingness to Pay: A Guide to College Costs  Learn the critical numbers for college planning: what college thinks you can afford, what you can afford, and what you are willing to pay  Distinguish between what a family can afford and what they are willing to pay for college education costs  Emphasize budgeting, savings allocation, and trade-offs when planning for college expenses  Consider college financial aid when applying to dream schools to avoid financial constraints  Set clear financial goals and understand how colleges calculate family contributions  Looming college tuition expenses can be the scariest thing you’ve faced as a parent OR the entire college admissions experience can become the parenting milestone you’re most proud of. A clear budget and long-term strategic planning prevent the emotional and financial strain that often accompanies the college decision-making process, allowing you to truly enjoy the last few years your child is still home.    Budgeting for College: Striking a Balance for Success  (00:02:11) Critical Numbers for Successful College Planning  (00:05:02) Navigating Costs: Understanding College Affordability Complexities  (00:09:45) Balancing College Costs with Financial Goals  (00:12:05) Strategic Budgeting for College Financial Success  (00:19:46) Dream School Financial Aid Awareness    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com    The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

Don’t JUST rely on your child’s high school counselor for advice on college admissions and financial aid.   Planning for college should begin early, ideally in the freshman year of high school, with a focus on understanding the financial aspects that influence financial aid eligibility. Junior year is a pivotal time for taking the PSAT and exploring college options, while senior year is dedicated to completing applications and financial aid forms.   Financial decisions, such as selling assets or managing income levels, significantly impact aid eligibility, emphasizing the need for strategic planning well before the base year. Learn about the strategic use of debt, like student loans, to maintain financial stability while managing income for aid eligibility.   Additionally, transferring assets to a child's name can help with gift tax exclusions and aid eligibility, though it requires careful, long-term planning, with the help of a financial professional.    The Importance of Early College Financial Planning  (00:02:36) Strategic Planning for College Success Timeline  (00:09:54) Strategic Financial Planning for College Transition  (00:13:52) Strategic Timing for Financial Aid Eligibility  (00:16:10) Strategic Debt Management for Financial Stability  (00:17:21) Strategic Asset Gifting for Financial Planning    College Preparation Timeline for Completing Applications and Financial Aid Forms  Planning for college should start early, ideally during freshman year of high school.  Understanding how financial decisions affect aid eligibility is crucial.  Taking on debt strategically can act as a bridge to manage income levels and aid eligibility.  Certain financial decisions, such as selling stocks to pay for college, can inadvertently impact financial aid eligibility.  Intentionally gifting assets, like stocks, to children's names can help manage gift tax exclusion limits and financial aid eligibility.    "What I'm trying to point out here is that in most of the timelines that you might get from, again, your guidance counselor or see online is they don't talk about the financial aspect till typically about senior year...” - Jack Wang    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com    The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

Financial aid formulas can often feel like a daunting and mysterious process when applying for college. With terms like FAFSA, CSS, and need-based aid eligibility floating around, it's easy to feel overwhelmed. However, understanding how these formulas work is crucial for securing the financial assistance you need to pursue higher education.  Jack Wang advocates for early and strategic financial planning, emphasizing the importance of understanding these formulas to optimize aid reception. His perspective, shaped by a deep awareness of financial strategies, underlines the necessity of making informed financial decisions to either maintain eligibility for need-based aid or leverage the flexibility of not qualifying for it, thereby maximizing financial options during the college planning process.    Strategic Financial Decisions: A Guide to College Planning  (00:02:18) Financial Aid Calculation and Eligibility Factors  (00:06:48) Financial Aid Determined by Cost and Assistance  (00:12:44) Impact of Asset Treatment on Financial Aid  (00:15:33) Financial Aid Eligibility Factors: Income vs. Assets  (00:20:12) Strategic Financial Decisions for Maximizing Financial Aid    Optimizing Aid Eligibility: The Importance of Strategic Planning for College Admissions  Financial aid forms are crucial to demonstrate need for colleges to determine institutional aid.  Colleges calculate need-based financial aid eligibility by considering cost of attendance and subtracting the Student Aid Index or expected family contribution.  FAFSA and CSS treat assets differently, impacting financial aid eligibility and amount.  Income and assets play a crucial role in determining eligibility for need-based financial aid.  Strategic financial decisions are important to maintain or increase eligibility for need-based financial aid.    Navigating the college admissions process is like playing a strategic game, where you need to have a well-thought-out plan to succeed. Understanding the intricacies and complexities involved can help you make informed decisions and increase your chances of admission.  "If you don't qualify for need based aid, it actually gives you the most financial flexibility." - Jack Wang    Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!    Navigate college funding with me at www.smartcollegebuyer.com    The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

With tuition costs skyrocketing and student debt becoming a major concern, it's more important than ever to have a game plan when it comes to funding your education.   Through firsthand experiences visiting colleges and engaging with admissions and financial aid officials, Jack Wang underscores the importance of being proactive and informed in securing financial assistance effectively.   As a student or parent, you may be feeling overwhelmed by the prospect of paying for college. However, by implementing some smart financial aid strategies, you can make the process more manageable and alleviate some of the stress associated with funding higher education.  Approaching college admissions and financial aid strategically is crucial in order to secure the best financial package possible. By carefully researching and understanding the financial aid process, you can identify opportunities for scholarships, grants, and other forms of aid that can help reduce your out-of-pocket expenses.  Navigating college financial aid doesn't have to be a daunting experience. As Jack Wang aptly puts it, "It doesn't have to be you." This simple yet powerful statement serves as a reminder that with the right knowledge and approach, families can effectively manage their financial aid journey.    Three essential tips to help families navigate the college financial aid landscape:  Understand the Rules: College admissions and financial aid operate within a structured framework of rules and guidelines. By familiarizing yourself with these rules, you can develop strategic approaches to maximize your financial aid opportunities. Be Intentional: Approach the college admissions and financial aid process with intentionality. Every step of the journey offers an opportunity to employ strategic decisions that can positively impact the outcome of your financial aid package. Seek Information: Stay informed and seek insights from professionals in the field. Engaging with college admissions and financial aid staff, as well as utilizing resources like this podcast, can provide valuable perspectives and strategies to optimize your financial aid prospects.   While the basic financial aid formula may be public knowledge, colleges have significant leeway in determining aid packages, highlighting the need for a strategic and well-informed approach.  By understanding the rules to college financial aid, being intentional in their approach, and seeking relevant information, families can enhance their chances of securing the financial aid needed to make college more accessible and affordable.    Connect with Jack Wang: https://www.linkedin.com/in/thejackwang/  *be sure to send a connection request with a message saying Hello!  www.smartcollegebuyer.com    The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.