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Parent Trap

Hosted by: Laura Hawley Special guest: Dana Hurley

May 15, 2019

Host
Laura Hawley – CFP®, President at Allen & Company

Co-Host
Dana Hurley – Financial Advisor at Allen & Company

In this episode, we discuss the burden of student loans and how to avoid getting caught up in the “Parent Trap.” We also take a deep dive into issues such as how much parents need to save as they plan towards paying for their children’s College and smarter strategies (like the 529 and Pre-Paid Tuition Plans) that they could adopt. Lastly, we talk about Post-College Support and how parents can help their adult children without harming their own retirement plans or their children’s independence.

In this episode we cover:

  • Recap of last week’s discussion (1:31)
  • Smarter strategies. (6:15)
  • Is going to a full 4-year school the best option to getting a good College education? (10:40)
  • How much we need to save and how to save for College: 529 Plans. (11:53)
  • Pre-paid College Tuition plans (16:38)
  • Pros and cons of other types of plans (23:40)
  • Supporting adult children after college (28:19)

Links From the Show:

Tweetable Topics:

Many times, parents do not involve their children in financial discussions. – Dana Hurley – Financial Advisor at Allen & Company

Unfortunately, many kids are in that situation; they have an unrealistic view of the lifestyle they’re going to have immediately out of school. – Dana Hurley – Financial Advisor at Allen & Company

Unfortunately, we’ve continued to see dramatic rise in tuition. – Dana Hurley – Financial Advisor at Allen & Company

Financial support isn’t just bad for retirees, it can hurt their children as well. – Laura Hawley – CFP®, President at Allen & Company

There becomes a point in time where you have to give them that independence. – Dana Hurley – Financial Advisor at Allen & Company

Connect with:

Laura Hawley – CFP®, President at Allen & Company
Allen & Company – Laura Hawley

Dana Hurley – Financial Advisor at Allen & Company
Allen & Company – Dana Hurley
LinkedIn – Dana Hurley

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