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Episode 17: Old school vs. new school
On this episode…
For many families, it used to be a given that kids would attend a four-year college or university after high school. But between the rising costs of education and the changing landscape caused by the pandemic, families are reconsidering the norm. Casey, a mother of six children, was set on sending her oldest daughter, Candice, to a traditional four-year college until COVID-19 opened her eyes to alternative paths. With finances in mind, Casey and Candice said goodbye to the old school way of doing things and hello to an unconventional approach.
This episode’s expert is John Bryson, Head of Investment Consulting and Education Savings at John Hancock Investment Management. John shares guidance on how to prioritize saving for college while juggling other financial goals.
Do your research on alternative education options before choosing a path. Consider a gap year or online classes for your child if they can’t have the college experience they are hoping for.
Don’t let college savings compete with your retirement plans. It’s important to prioritize both long-term goals.
Opening a 529 plan is a great way to save for your child’s education. Your tax-free investment can be used towards thousands of eligible institutions, plus things like room and board and computers.
Starting small is better than not starting at all. Contribute a consistent dollar amount automatically each month to make the process more painless.
The views and opinions expressed in this podcast are those of the speakers at the time of recording and are subject to change as market and other conditions warrant. This podcast is for informational purposes only and is not intended to be, nor shall it be interpreted or construed as, a recommendation or providing advice, impartial or otherwise, regarding any specific product or security.
Financial planning and investment advice provided by John Hancock Personal Financial Services, LLC (“JHPFS”), an SEC registered investment adviser. Investments: not FDIC insured – No Bank Guarantee – MayLose Value. Investing involves risk, including loss of principal, and past performance does not guarantee future results. Diversified portfolios and asset allocation do not guarantee profit or protect against loss.Nothing on this site should be construed to be an offer, solicitation of an offer, or recommendation to buy or sell any security. Before investing, consider your investment objectives and JHPFS’s fees. JHPFS does not provide legal or tax advice and investors should consult with their personal legal and tax advisors prior to purchasing a financial plan or making any investment.
Unless otherwise noted, the speakers are not affiliated with John Hancock and they may have been compensated for their time.
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