Show notes
Joining today is another fellow IBC practitioner Monica Felton who specializes in utilizing your family bank to pay for college. College is getting very expensive causing many families to question the value of it. Tom and Monica are big believers in investing in ourselves and getting education but still need to make smart decisions, especially ones that could impact parents' ability to retire. Tune is as Monica shares with Tom her opinion on the best way to pay for college, the difference between a wealth builder strategy/whole life policy/529 plan, and the biggest mistake families make around paying for college. You’ll learn a better way to fund college. Highlights 00:08 - Who’s today’s guest? 01:21 - Being hugely passionate about college planning. 02:32 - How did she get into the focus of college planning? 07:58 - The expense of college. 15:22 - Filling out a form called the FAFSA. 18:02 - Why traditional financial planning is failing. 18:43 - A 529 plan or a 401k plan aren’t bad. It’s just that people don't completely understand how these programs work. 20:56 - There is so much misinformation and downright lies about financial aid. 21:59 - The government expects families to pay 20 to 30% of their gross income to educate one child. 25:22 - It's really a crisis that we have going on, not only for our parents, but think about how many students don't have parents help. 27:31 - If you're going into STEM, science, technology, engineering, or math, there is no other pathway. You do have to go through college. 31:32 - In our public schools, our college counselors are so burdened and overwhelmed with the issues that they have to deal with that college planning is not really at the top of their list. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Monica Felton https://www.monicafelton.com/ Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify
