Today on our program my guest is Joe Flinner. This week we look at ROI (Return on Investment): How to get a smart return on your college investment. Joe is the lead wealth advisor for Landing Point Financial Group in Avon Ohio. He earned a finance degree from Bowling Green University and is a Certified Financial Planner and a Certified Kingdom Advisor.
Some quick tips on getting a smart return on a college investment:
- College is expensive. Start early planning for college. Have small incremental conversations with your student regarding about how much money you can reasonably invest for college without burdening them with exorbitant debt.
- A good rule of thumb is for every $10,000 in student loan debt, there will be about $110 a month in payment. So for a $40,000 loan, there will be about $440 a month in principle and interest payment on a standard 10 year loan.
- Look up what a starting salary is for the major. If the starting salary is $36,000 a year, don’t put yourself in a position where you owe $90,000 in college debt when you graduate.
- Have a conversation with a third party to determine what you want your contribution to the college plan to be. Do this before you have that conversation with your children. Its a really good opportunity to understand your financial balance sheet and to understand what you can reasonably contribute to their education.
Joe Flinner can be reached through http://www.landingpointfinancialgroup.com or by calling 440-361-7227. And, if you’re unsure about your career direction and want help on completing a degree debt free you can reach me Janet Maltbie at http://www.noloanzone.com/contact. Janet meets with students and adults in transition so they can reach their career goals.