Farm Progress

Step one: Start saving sooner rather than later.

Rich Dunn 1, Blogger

July 11, 2016

1 Min Read

Often, part of the family business transition is sending the aspiring successor away to university to get some education and training. These days this is no small commitment. And, it's easy to mess things up. Here are some thoughts on tightening up your process.

The first thing about paying for college is that you should start planning sooner than later. If you start saving when the baby is born, then a few hundred dollars a month will go a long way. Even if you do that, you still want to begin an active planning process with your college student when they start high school. This gives everybody plenty of time to make good choices.

In general, a good process is shown in this illustration:

-Subscribe to tools that help the student assess their talents and interest and identify careers that are a good fit for them;

-Help the student identify the short list of careers to research;

-Identify college majors that provide the training to enter those careers;

-Select schools that offer ALL those college majors;

-Prioritize ALL the schools based on your students situation: Academic achievement, financial constraints, and geographical preferences;

-Process ALL the correct financial aid forms ON TIME;

-Get the BEST DEAL before you commit to the school; and

-Manage financial and tax strategy to pay the balance for the college expenses.

A fee-only fiduciary financial planner is a great resource for all aspects of this process.

If this blog has got you thinking about your own situation, get in touch with my office ([email protected]).

The opinions of the author are not necessarily those of Farm Futures or Penton Agriculture.

About the Author(s)

Rich Dunn 1

Blogger

Rich Dunn is co-owner of Dunncreek advisors, a fee-only Minnesota-based financial planning firm focused on preserving and managing wealth. A veteran financial planner, Rich’s experience is informed by a lifetime in the agricultural industry and a 15-year career working with food and agriculture businesses and farmers. He grew up on an Illinois farm and earned a bachelor's degree in Ag Education and Ag Communications at University of Illinois. Because Rich is a fee-only, independent advisor, he strives to place clients’ interests ahead of his own. Farms in Transition is written to help you with your farm estate plan. Contact Rich at [email protected]. Information about Rich’s business practices is found here: www.dunncreekadvisors.com.

Advisory services offered through AdvisorNet Wealth Management Inc. an SEC registered investment advisor, 701 Fourth Avenue South, Suite 1500, Minneapolis, MN 55415, (612) 347-8600, [email protected].  AdvisorNet Wealth Management Inc. and Dunncreek Advisors are separate entities. These articles are for informational purposes only. While designed to provide accurate information on the subjects covered, they are not intended to provide specific legal, tax, or other professional advice. For a comprehensive review or specific personal assistance, always consult with an appropriate professional. Dunncreek Advisors does not provide legal or tax advice.

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