College costs continue to rise and many parents find themselves wondering what are the actions they can take today to be financially prepared in the future?
Parenting Expo speaker Diane M. Pearson, wealth advisor, says:
- Estimate the cost of college – Factors that are needed to calculate future college costs include; cost in today’s dollars, how many years until the funds are needed, how many years of school you wish to save for, estimated inflation rate and estimated earnings on your savings. If you are not a financial wizard, the website www.savingforcollege.com has a great calculator to help calculate your costs.
- Save early and wisely – This means establishing a savings plan early and understanding the different tools available, such as 529 Plans, Coverdell Education Savings Accounts, Traditional and Roth IRAs, Savings Bonds and Uniform Transfers to Minors Act (UTMA) accounts.
- Review your savings plans each year – Now that your savings strategy is in place, it is very important to review it at least annually to stay on target. Each year you should recalculate your needs based on all the factors originally used to calculate the college cost. As your children get older, you may have a better understanding of what type of college they may attend. This can change your strategy.
Frequently recognized by Worth magazine as one of “The Top 250 Wealth Advisors” in the country, Diane is a Personal Chief Financial Officer (CFO) and Shareholder with Legend Financial Advisors, Inc.® (Legend) and EmergingWealth Investment Management, Inc., as well as a partner of the Smart Divorce Institute, LLC. She has been selected four times by Medical Economics magazine as one of “The 150 Best Financial Advisors for Doctors in America” and selected by Pittsburgh Magazine three times as one of the Pittsburgh area’s FIVE STAR Wealth Managers, a list that represents the most elite financial advisors in Pittsburgh.
Diane holds the following designations: Certified Financial Planner (CFP®), Professional Plan Consultant (PPC™), and Certified Divorce Financial Analyst™ (CDFA™). As a CDFA™, she is qualified to serve as a financial expert on divorce cases, present data to support an argument, and educate clients on the short- and long-term financial implications of different divorce settlement proposals.
To learn more parenting tips from Diane and other leading parenting experts, visit Parenting Expo Pittsburgh http://www.parentingexpo.com/pittsburgh/ March 8 -9 at the Monroeville Convention Center. Parenting Expo is the one event that is all about parenting. A two-day family-friendly event, parents, grandparents, caregivers and educators will have an opportunity to receive up-to-date information on what’s important to them right now – from prenatal care to raising teens. In addition, attendees will walk away with meaningful coupons, giveaways, goody bags full of products from exhibitors, and opportunities to win prizes throughout the expo. In addition to Pittsburgh, Parenting Expo is slated for 4 additional cities in 2014:
- Cleveland: April 26 – 27, 2014 International Exposition (IX) Center
- Columbus: August 16 – 17, 2014 The Greater Columbus Convention Center
- Cincinnati: September 20 – 21, 2014 The Duke Energy Convention Center
- Indianapolis: October 25 – 26, 2014 Indiana Convention Center