Recently we introduced The Money Management Tool to help clients better organize their financial lives. The tool has lots of features and we will occasional explain how some of the features are being used by our clients (or should be used) to help them reach their financial goals.
This post will deal with a client who is trying to save for college.
Situation: A client recently had a child and wanted to start saving for her college education. He is a hands-on client who likes to dig into the numbers himself and run multiple scenarios. His concern was: “If I fund my child’s education, how will it impact my retirement plans?”
Problem: He didn’t have a framework to think through the various scenarios. All the calculators he found online were too simple and lacking the detail he needed.
Solution: The Money Management Tool provides a suite of workshops to help people just like my client. There is a specific workshop to help clients plan for college. He was able quickly enter his assumptions to see what the outcome would be for him. From there, it offered some options to help him reach his goal. Once he was satisfied with his plan, he was able to pull me into the process to make sure it made sense.
