#046 How to Recession Proof Your College Bound Journey
Today’s uncertain financial atmosphere likely has you nervous about the future. From higher prices at the gas pump and in the grocery stores to a rapidly fluctuating stock market, families all over the country are having to make tough financial choices. Today, I am joined by two good friends of mine who work closely with college-bound families, Beth Walker, a Registered Financial Advisor, and Beatrice Schultz, a Certified Financial Planner, to discuss why college should remain on the table, and how families can help their college-bound students succeed in these challenging times.
Are we in a recession? I’m not a financial expert, so I honestly don’t know.
I do know that these uncertain financial times we are currently living in are having a massive impact on the families of the college-bound students that I work with and as a mother, I know what it feels like to navigate the process of paying for my child’s college education without knowing for certain what the future might hold.
In today’s episode, I am sitting down for a conversation with two of my close friends, Beth Walker, of Center for College Solutions who is a Registered Financial Advisor, and Beatrice Schultz, of Westface College Planning who is a Certified Financial Planner. Together, we give you a better understanding of the current state of the economy, what that means for us as Americans, and most importantly what that means for college-bound students and their families as they make those big decisions about where to go to school, what course of study to pursue, and of course how they are going to pay for it all.
In addition to talking about the current uncertain state of the financial markets, and what that means for your 529 savings accounts and other college financial savings options. We take a look at what your best, and safest options are for investing in your student’s future, and when is the right time to start thinking about changing the plan.
We’ll also explore the different pathways you can take to achieve the desired outcome, a four-year degree, and why it is so important to not give up on pursuing higher education even in the face of uncertain times.
You may consider your student taking a gap year, and we’ll provide you with insights on how to use that time in the most productive way if your student does choose to go that route. Your student will also want to consider the potential long-term costs of attempting to attend college part-time versus diving in and committing to working full-time toward their degree.
Join us as we discuss the importance of higher education, the multiple paths you and your student can take to help get them to the goalposts, and the long-term benefits of including your child in these financial and future planning discussions.
We all agree that there is no better way to ensure your child’s future success than to help them earn a college degree or attend a trade school. We will show you how careful planning can help you recession-proof your college planning.
- What the recession means to the plan for going to and paying for college
- How to think outside the box on your student’s path to success
- Ideas for lowering the cost of college
- Why those with college degrees fare better in down economic times
Meet Our Guests
Founder, Center For College Solutions
As a financial planner and a Certified College Planning Specialist, Beth Walker is trained in the complex strategies suitable for reducing a family’s out-of-pocket college expenses. In 2017, Walker launched the Center for College Solutions, a collaborative coalition of professionals committed to making college affordable. She is the author of two books, An Employee’s Guide to Stock Options and Never Pay Retail for College.
Beatrice Schultz is the Principle and CEO of Westface College Planning, Westface Financial & Insurance Services, and MoneyTrax North America.
She has over 35 years of experience in personal financial services and international corporate business.
As Principal of Westface Financial & Insurance Services, and Westface College Planning, I strive to offer our clients independent, practical, and honest financial planning, investment advice, and insurance strategies.
As CEO of MoneyTrax Inc., I’m committed to providing the most effective training and software tools to our thousands of Financial Adviser Members across the US and Canada.
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Links mentioned in this episode
Paying for College Episodes:
[4:00] Are we on our way to a recession? What is a recession anyway?
[6:24] If you truly have a plan, the shifting markets will not catch you off guard
[10:14] People who hold degrees fare better in a recession
[10:55] Don’t take college off the table in a recession
[11:46] It’s okay as a family to be financially responsible, not only socially responsible.
[13:06] The marketplace changed, so we need to see how we should change our plan.
[14:00] A college degree is the first big adult experience kids have
[18:57] If there’s a financial concern. It’s good to have a plan that financially is not going to put your family at risk.
[23:00] Financial aid is real. There is money out there that can help.
[24:43] We should finance the kid’s future so that we can fund our future.