Saving for college – that dilemma challenges many parents in today’s unpredictable economy. How soon should we start? How much will we need to save? Which plan is best? What if our child chooses not to go to college?
Such questions can become overwhelming without sound financial advice. According to Brian Diffily and Brian Hartmann, co-owners of Granite Bridge Wealth, it is always prudent to start saving sooner rather than later. However, instead of focusing on a single goal, such as college planning, they recommend a more holistic strategy that includes acknowledging all the family’s objectives.
Addressing a mix of retirement, college and other goals provides a family with peace of mind that they have prepared for everyone’s future. For Brian Diffily, each time his wife has announced they were expecting, he has immediately set up another savings account. The account allows for regular, systematic deposits and can even include funding from other family members who may want to contribute to a child’s or grandchild’s future education expenses. As with any financial goal, starting early reduces considerable burden and anxiety.
Although not every family can begin saving so quickly, those who do find the process less intimidating and easier than waiting for college expenses to start accumulating down the road. Diffily pictures saving for his boys, “like knocking on the door of the future and gifting your children with the best chances for their life success.”
Certified financial planners can explain a variety of ways to save for your child’s future. For example, typical savings options can include the popular 529 Education Savings Plan, a prepaid tuition plan, a custodial account, a Roth IRA, a savings account, a health savings account, a cash-value life insurance policy or an investment account ear-marked for the child.
If a young adult chooses a path other than college, the proper savings account can also help launch a first business, plan a wedding or buy a car or home. Brian Hartmann encourages parents of minors to sit down and define their goals before allocating money to different accounts. His vision of empathetic and holistic family planning is embedded in the foundations of Granite Bridge Wealth.
This might seem like a novel approach for a financial planning company. The “Brians,” as they have come to be called by their clients, are adamant that this industry can do better. Assisting people in organizing their own goals and tactically deploying their money to support those goals is key.
“We give tremendous credit to those who bring themselves to the table freely. They want their money and their future to communicate together with careful intent. We get that. Our unbiased, independent methodology encourages families to get all their financial concerns handled under one roof,” stressed Hartmann. “We now look forward to offering Charleston-area families the same elevated personal experience we are already providing clients across the country.”
For more information about Granite Bridge Wealth, visit the website at www.granitebridgewealth.com, or call the office at 843-400-4050.