As I prepare my soon-to-be middle schooler for a new grade level and new school, I reflect on how quickly these last seven years flew by in elementary. I mean, wasn’t it just a couple months ago that I was walking him into kindergarten? With seventh grade upon us, I can’t help but think that as quickly as these seven years went by, the remaining six will go by even faster. As I begin attending meetings in preparation for middle school at a new campus, with new teachers and new policies, I keep hearing talk of choosing the right courses to get him into what he’ll ultimately decide on when he goes off to college. Really?!? College?!?
I can’t say that I’m too surprised. As a parent, making conscientious choices NOW, about my sons future, will give him the freedom to navigate a much easier path as he enters adulthood. But, while I think of his academic career and the impact it will have on his life, I also have to face reality and face the fact that we’re looking at how to fund this next milestone in his life. Not only do I think of his higher education, but also that of his two younger brothers. I’m faced with the task of putting three kids through college (I’ll let that sink in real quick: no matter if you have one child or seven!). And, although they may decide on different paths that perhaps don’t involve higher education, as of right now, this is the plan, and…
If you fail to plan. You plan to fail.
I recently met with Kermit Wade of Your Future Ensured in Dallas, and he walked me through some facts that I hadn’t factored into the plan I have for my children’s future. Some of the questions he initially asked were:
- Are you planning to fund your child(ren)’s higher education?
- Would you like for your child to avoid a mountain of student loan debt?
- Are you in a position to fund your child(ren)’s higher education out of pocket?
To which I replied, “Yes. Yes. No.”
He hit me with the alarming facts that our youth will face when it’s their turn to go to college:
- Tuition has had a 296% increase in the past 20 years.
- There’s been a 157% growth of student loans over the past 11 years.
- 35% of borrowers under the age of 30 are seriously delinquent on their payments.
With the rising costs of education, taxes, and the national debt, PLUS, the added worry about stagnant wages, many parents and families are concerned with helping provide their children viable options to minimize debt or eliminate it completely. One option I hadn’t considered is Cash Value Life Insurance – this flexible, simple, and underutilized financial instrument has been helping families eliminate debt and create generational wealth for hundreds of years.
If those are still not enough to get you to consider even meeting with a college funding consultant from Your Future Ensured, here are a few more things to consider:
- The gains from a cash value life insurance plan are locked in—you cannot lose what you put in (market driven rate of return). There isn’t a market-based college funding plan that can protect your principle (529 Plan, Roth IRA, Mutual Funds, etc.).
- The plan includes a lifetime of protection for the policy holder.
- The plan is flexible…it’s your money…you can use it how you want to use it.
- Some benefits with in a cash value life insurance plan include critical illness, critical injury, chronic illness.
After I picked my jaw off the ground at the some of the statistics potentially facing my children in the future and setting a plan in motion for having a smarter way to fund their higher education, I have no doubt that Your Future Ensured will be the direction we go when starting to put a little aside now to get a lot out later.