Most families could do a lot more with a lot less with a bit of financial know-how and discipline, and that’s why Brad is passionate about personal finance. A big goal of parents is sending their kids to college. College kids basically can’t work their way through anymore. Parents can start saving generally and later earmark that savings for college. Lauren asks about having to choose between saving for college and your own retirement. On the bright side, as evidenced by packed college campuses, most people figure it out. Brad shares a concrete example about a father who planned for 4 kids to go to college successfully. The two also discuss lifestyle inflation and the importance of auditing your income and expenses. Then, they transition to a discussion around estate planning. Brad shares a sad story about a mistake that cost a family $100,000. Brad encourages us all to have conversations with our spouse about college planning for the kids sooner than later. Problems can arise when parents don’t agree. Also, be careful what you commit to for college in front of your kids. Saying “we’ll figure it out” was easier 15-20 years ago. You could be committing to hundreds of thousands of dollars. Brad ends by reminding us to get started now.

If you liked this episode, you’ll also like episode 175 about student loans and 33 about estate planning.

About Brad:

Brad Baldridge, CFP, is founder of Baldridge Wealth Management. He specializes in working with individuals and business owners to reach their personal and financial goals. Brad received a Bachelor of Science degree from the University of Wisconsin – Platteville in 1990. He is a Certified Financial Planner professional and a member of the local and national chapters of the Financial Planning Association. Brad is well-known in his community where he conducts many workshops on college funding planning and how it impacts retirement. He is a co-author of a book written to educate business owners on financial topics. His articles have also appeared in newsletters for local chambers of commerce and other business owner groups. Connect with Brad:

https://tamingthehighcostofcollege.com/

https://baldridgewealthmanagement.com/

Connect with Lauren: https://twitter.com/AdultingIsEasy https://www.realadultingiseasy.com/ https://www.instagram.com/adultingiseasyreal/