After love and self-esteem, the next best thing you can give a child is an education
We understand that as you look upon the faces of your children and grandchildren, visions of dreams, promise and hope for their lives fill your mind. You are seeing your most important job as you hold their small hands, and your largest accomplishment is seeing the legacy you have created. The endless possibility of the mark your children and grandchildren will leave on this world is forefront not only in your mind, but in your heart.
The Prosperity Consulting Group is passionate about supporting your dreams to help you empower loved ones through education. We know that you want a great life, excellence, happiness and opportunity for your children and grandchildren. As the world becomes more competitive, a college education is becoming increasingly important. The rapidly rising cost of college makes this difficult. With proper planning, we can help you make the gift of education a reality.
When planning for college education, we believe in the following principals:
- Make sure you are saving for retirement first. There are loans for college, not for retirement.
- Begin saving for education early and consistently. A modest monthly investment will add up to a big difference.
- College savings accounts should be separate from a general use savings accounts, checking accounts, investment accounts and retirement accounts.
- Asset allocation and diversification are crucial.
Planning for higher education expenses does not have to be confusing. We help make the process clear and simple for our clients. The tools clients can utilize to help save and finance college include:
- Money grows tax free, so long as it is used for higher education expenses. The funds may be used for any qualified college or higher education expense, including tuition, room, board, fees, books, supplies, and equipment.
Coverdell Education Saving Plans
- Money grows tax free for use on qualified elementary, secondary and higher education expenses.
Uniform Gift to Minors Act/Uniform Transfer to Minor Act Accounts
- These accounts can be set up to allow contributions to a custodial account in a minor’s name. Once the minor reaches legal age, the assets are then transferred to their individual name.