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All of us who have gone to the University remember our time in high school and university, as the best stage, to build friendships and acquire a series of basic knowledge that will last a lifetime. During this period, the obligations are greater, but it does not compare with the fun in class, the meetings with friends, the escapes to the beach,
the first love, the first outings to the discs. It lives in pink. Our parents would say: “your only obligation is to study” and it is true, but apart from this trite phrase, a good advice for young people is to guide them on how to prepare to go out into the real world, where they will face multiple financial decisions, for example: where to work , which car to buy and how to finance it, whether they want to continue their studies, go on an exchange or work and study at the same time, choose an investment fund, buy a house or save for retirement. All of these decisions involve planning and, in the end, allocating or obtaining an expected monetary value.
Who prepares and where do children and young people prepare to make these decisions? Who transmits to them the importance of planning their future? The truth is that few people are “born savers” and they do it because they see it at home, with their parents, with their grandparents; however, these people tend to make precarious decisions, that is, they save but do not invest or diversify adequately. In other words, they grow up earning little: if they had planned to buy a house from the first job, they would have bought a more adequate one; if they had planned retirement from the first job and saved voluntarily, they would have a more comfortable life in old age.
Now, let's think about the peace of mind, the emotional tranquility that it generates for father and children, knowing that we are planning and setting aside monthly money for their university goals. Have you heard about the financial options to separate that money that will be used so that your children can get to the University without problems, and without the challenge of not being able to achieve their goals? In Puerto Rico and the US; Do you know about 529 plans?
The cost of a college education has increased to the point that it is difficult to afford. And what about college loans that can follow a graduate into old age? 529 plans are commonly used to finance the university education of your children, and not have the headache, when the boy goes to the University of not being able to support him in his goals, or of getting abysmally indebted in university loans.
529 Plans are being established across almost every state, if not every state in the nation, and are used specifically to help establish funding for education. Do you know what is the most important of all this information?
Undoubtedly, the emotional tranquility and peace of mind that it gives you, knowing that when that time comes, you already have the money set aside and planned to support your boys, your children, and you will not have to work too hard, or make imbalances in your budget. Definitely mental and emotional peace.
To the extent that the younger population is prepared to make informed and adequate financial decisions, the culture and financial education of the population in general will improve; because the best transfer of knowledge occurs at home, with habit and example. Likewise, the most vulnerable socioeconomic levels will have better capacities to face the crisis, build assets and improve their quality of life. The education of children and young people is everyone's task: society, academia, companies and the government, as well as organized civil society.
Would you like to learn more about this topic? Healthy Minds works hand in hand with Elías Gautier, an authorized representative in the insurance industry. Click on the following link for more information related to this topic. It has a form which you fill out and schedule your complementary consultation to begin evaluating the best way to build your children's educational background. Don't wait any longer and act now. The important thing is to start.