Isaac Moorhouse, CFP® on LinkedIn: #college #clemson #classof2027 #southcarolina (2024)

Financial Strategies for Back to School SeasonAs summer winds down and back-to-school season approaches, funding a child's post-secondary education becomes top of mind for parents.From the 2022/23 Stats Canada report the average cost of undergraduate degree for a Canadian student is $6,834 per year. In addition there is the cost of textbooks, transportation, housing and general living expenses we’ll estimate to be around $15,000. Combining the two puts the average cost of a four year degree around $87,336. These numbers could be offset in part by scholarships, grants, loans, and bursaries. Additionally, if your child will be contributing their own savings or is planning to work part-time while they attend school, this should be factored into the overall cost.Here are strategies to consider:Registered Education Savings Plans (RESPs) offer significant benefits, including government grants of 20% on contributions up to $2,500 annually. For optimal RESP funding, contribute $16,500 in the first year, followed by $2,500 annually for the next 13 years, and $1,000 in the final year. This approach maximizes funding, captures full grants, and optimizes tax-free growth potential.If you have not maximized the grants in the RESP, you can catchup by contributing $5,000 in a year and getting two years’ worth of grants. Within your RESP, maintain a diversified investment portfolio. Include a mix of equities for higher long-term returns and bonds for stability. As your child approaches college age, gradually shift to more conservative investments to protect accumulated savings.Once the RESP and TFSA’s are maximized, families may explore family trusts as a strategy to split income with children with low or no other income and save tax. Given their complexity, make sure you consult with legal and tax professionals before establishing one.Although there are different strategies to consider, it’s important to establish one that reflects your unique needs. Talk to your tax and legal advisors, and wealth planning team to help ensure you are taking advantage of all the relevant options.Fraser Willson, CFP, CIM | Senior Wealth Advisor CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Fraser is an Investment Advisor with CIBC Wood Gundy in Collingwood. The views of Fraser do not necessarily reflect those of CIBC World Markets Inc. Clients are advised to seek advice regarding their particular circ*mstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.

Most families don’t realize this…But, you can negotiate the offer that colleges make to your student.Just like you can negotiate the price when you buy a house or a car… …you can negotiate when you apply to college.At some schools, you can simply talk to the financial aid office. And other schools will require you to submit a written appeal.There are many different reasons you can submit an appeal:- You can ask the school if they’d match another school’s offer. You could say something like, “We really like your school, but this other school offered us more money. Would you consider improving or matching their offer?” - Maybe a mistake was made with your application, and they’re not factoring something correctly. In that case, you can point out the mistake and ask for it to be corrected. - Maybe your situation has changed since you applied. One of the parents could have lost their job or become disabled. Or maybe something else changed in your family’s financial situation. The key is to be professional and respectful. But, you should ask because you have nothing to lose.If they say “No,” then you’re back at the same place you’re at right now.This is just one of the many different strategies you can use to send your student to college without going broke.Would you like to discover some more of the different strategies available? Then join me TONIGHT on a Free Webinar I’m hosting where I’ll show you my best strategies for winning more Scholarships and Financial AidOn the webinar, I’m going to reveal the following secrets to you: - 7 Ways to decrease the cost of college - 12 Factors that affect whether or not your student will be awarded Scholarships and Financial Aid. - 8 Ways to Assure that your student gets an affordable college degree. - 10 Secrets to find and win scholarships.- Common mistakes that can cost you thousands of dollars on college, and how to avoid them.- Strategies you can use to boost your eligibility for FREE grant money, regardless of your family’s income or assets. - The correct approach to filling out financial aid forms to protect your retirement savings.- The startling truth about 529 plans and why they might be costing you more than they save. - What colleges are looking for in today’s students (it’s not what you think.)- How to get scholarships to your kid’s dream college - even if their test scores aren’t perfect, and regardless of what your income is!- And much, much more.The webinar is going to be live. So, make sure you attend. Save your spot here- https://lnkd.in/g8mnbuiM

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Most families don’t realize this…But, you can negotiate the offer that colleges make to your student.Just like you can negotiate the price when you buy a house or a car… …you can negotiate when you apply to college.At some schools, you can simply talk to the financial aid office. And other schools will require you to submit a written appeal.There are many different reasons you can submit an appeal:- You can ask the school if they’d match another school’s offer. You could say something like, “We really like your school, but this other school offered us more money. Would you consider improving or matching their offer?” - Maybe a mistake was made with your application, and they’re not factoring something correctly. In that case, you can point out the mistake and ask for it to be corrected. - Maybe your situation has changed since you applied. One of the parents could have lost their job or become disabled. Or maybe something else changed in your family’s financial situation. The key is to be professional and respectful. But, you should ask because you have nothing to lose.If they say “No,” then you’re back at the same place you’re at right now.This is just one of the many different strategies you can use to send your student to college without going broke.Would you like to discover some more of the different strategies available? Then join me TONIGHT on a Free Webinar I’m hosting where I’ll show you my best strategies for winning more Scholarships and Financial AidOn the webinar, I’m going to reveal the following secrets to you: - 7 Ways to decrease the cost of college - 12 Factors that affect whether or not your student will be awarded Scholarships and Financial Aid. - 8 Ways to Assure that your student gets an affordable college degree. - 10 Secrets to find and win scholarships.- Common mistakes that can cost you thousands of dollars on college, and how to avoid them.- Strategies you can use to boost your eligibility for FREE grant money, regardless of your family’s income or assets. - The correct approach to filling out financial aid forms to protect your retirement savings.- The startling truth about 529 plans and why they might be costing you more than they save. - What colleges are looking for in today’s students (it’s not what you think.)- How to get scholarships to your kid’s dream college - even if their test scores aren’t perfect, and regardless of what your income is!- And much, much more.The webinar is going to be live. So, make sure you attend. Save your spot here- https://lnkd.in/gu-sGtr6

“THE BEST WAY TO PREDICT A CHILD’S FUTURE IS TO CREATE IT THROUGH EDUCATION” – Abraham Lincoln, 16th U.S. PresidentThe Problem: An Uncertain Future For Your Child Without A PlanAbraham Lincoln's words remind us that without proactive steps, our child’s future can remain uncertain. Many parents underestimate the rising costs and the financial burden of higher education. This oversight can leave families unprepared when it’s time to support their child's educational aspirations, putting their future at risk.The Consequences Of InactionImagine your child reaching the end of high school, full of dreams and potential, only to face the harsh reality of unaffordable tuition fees. Without proper planning, you might be forced to dip into retirement savings, accumulate debt, or, worst of all, limit your child’s opportunities. The emotional and financial strain can be immense, affecting both your child's future and your own financial well-being.Solution: Creating A Child Education PlanTo best predict and secure your child’s future, the solution lies in creating a comprehensive child education plan. This plan ensures you start saving early, maximizing the benefits of compounding returns. By understanding the costs and proactively setting aside funds, you can prevent future financial stress and provide your child with the resources they need to succeed.The Importance Of Early Education PlanningStarting early allows you to build a robust financial foundation for your child’s education. A well-structured education plan not only covers tuition fees but also accounts for books, living expenses, and other educational needs. This proactive approach helps avoid the pitfalls of student debt and ensures your child can pursue their dreams without financial constraints.Take Control Of Your Child’s FutureInvesting in a child education plan is the key to creating a brighter, more predictable future for your child. By planning ahead, you empower your child to achieve their full potential and secure a strong start in life. Start your education planning journey today and give your child the best chance for success.❓ At NZ Wealth Planning, we emphasize the significance of broader financial strategies tailored to the needs of both your child and your unique situation. If you have any questions or want to learn more about these matters, we're here to support you. Stay tuned for more valuable content to help you with your child's education and financial planning journey.🌐 For further information, please visit our website at: https://lnkd.in/gGMpEuwN📌 Note, this message is for educational purposes only and should not be considered financial advice.#FinancialPlanning #FinancialAdvice #CashManagement #DebtManagement #Investments #Mortgage #Mortgages #Debt #KiwiSaver #RetirementPlanning #ChildEducationPlanning #Insurance #MoneyManagement

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PARENTS AND STUDENTS: THIS IS HOW TO SAVE FOR COLLEGE 💴 👩🎓💰 With the rising cost of tuition and living expenses, it's important to have a plan in place to ensure that your educational goals are met without incurring significant debt. ⬇️ 🧑🎓 START EARLYOne popular option for college savings is a 529 plan. It's designed specifically for educational expenses and contributions grow tax-free (and withdrawals are also tax-free when used for qualified educational expenses). Break down your savings goal into monthly or yearly contributions.👩🎓 SET SAVINGS GOALSDetermine how much money you will need to save for college; estimate the total cost of attending college, including tuition, room and board, books and supplies, transportation, and other related expenses. Once you have a rough estimate of the total cost, you can break it down into smaller, more manageable goals. Make your goals specific, measurable, and time-bound. Set a clear target for how much you want to save, how you will measure your progress, and when you hope to achieve your goal. Consider using automatic savings tools, like direct deposit or automatic transfers, to help you stay consistent in your savings efforts.👨🎓 CUT COSTS WHERE YOU CAN💰 Live off-campus: Consider transportation costs, like gas or public transit, when weighing this option.💰 Use library textbooks: Instead of buying expensive textbooks, borrow them from the library or rent them online. Some professors also provide free online versions of the required readings.💰 Apply for fees waivers: Some colleges offer waivers for certain fees, like application fees or fees for using the fitness center. Check with your college's financial aid office to see if you are eligible for any of these waivers.💰 Take advantage of student discounts: Many retailers, restaurants, and entertainment venues offer discounts to students. Be sure to carry your student ID with you and ask if a discount is available.💰 Look for work-study opportunities: Many colleges offer part-time work-study opportunities on campus.💰 Consider community college: Be sure to check with the community college to see which credits will transfer to your desired four-year college.👩🎓 EXPLORE FINANCIAL AID💰 Complete the FAFSA: This form determines your eligibility for federal financial aid programs, including grants, loans, and work-study programs.💰 Check with your college's financial aid office: Many colleges offer their own financial aid programs, including scholarships, grants, and work-study programs. 💰 Look for private loans: Research interest rates, fees, and repayment terms carefully before taking out a private loan.💰 Consider a payment plan: Some colleges offer payment plans that allow you to pay your tuition and fees in installments over the course of the semester or year. Now you just need to graduate! 👩🎓

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As we approach another back-to-school season, families and students alike are preparing for the financial challenges that come with higher education. According to a recent study by the College Board, the average cost of tuition and fees for the 2023-2024 academic year at public colleges is approximately $10,740 for in-state students and $27,560 for out-of-state students. Here are five strategic tips to help you successfully plan for your academic year in college, especially in the context of California's higher cost of living:🎓 Create a Detailed Budget Tailored to College Expenses: Begin by estimating your total expenses for tuition, housing, books, and supplies. According to data from the National Center for Education Statistics, the average cost of books and supplies for college students in the U.S. was $1,240 during the 2021-2022 academic year. Factor in living expenses such as rent, groceries, transportation, and personal items. Use budgeting tools like Mint or YNAB to track your spending and identify areas where you can cut costs.🎓 Explore Financial Aid and Scholarships: Don't overlook the opportunities for financial aid and scholarships. In California, the Cal Grant program provides financial aid to eligible students pursuing higher education. According to the California Student Aid Commission, over 375,000 Cal Grants were awarded in the 2022-2023 academic year, with awards ranging from $1,656 to $12,630 depending on the type and institution. Research local scholarships and grants specific to your field of study or community affiliations.🎓 Utilize Tax Benefits for Education Expenses: Take advantage of tax deductions and credits available for education expenses. For instance, the American Opportunity Tax Credit (AOTC) can provide up to $2,500 per year per eligible student for qualified education expenses. According to the IRS, families claimed over $18 billion in AOTC credits in the 2020 tax year. Keep receipts and documentation of education-related expenses to maximize your tax benefits.🎓 Consider Alternative Housing Options: In California, where housing costs can be high, consider alternative housing options to save money. According to Rent Cafe, the average rent for an apartment in Modesto is $1,406 per month as of July 2024. Explore living arrangements such as renting a room in a shared house or seeking on-campus housing if available. Utilize platforms like Craigslist or local housing groups on social media to find affordable accommodations.By implementing these strategies, you can proactively manage your finances and reduce the financial stress associated with pursuing higher education in California. Remember, thoughtful planning and leveraging available resources can make a significant difference in your academic journey. Wishing you a successful and financially sound school year ahead!#ModestoCalifornia#Modesto#CaliforniaLife#ILoveModesto

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Financial Strategies for Back to School SeasonAs summer winds down and back-to-school season approaches, funding a child's post-secondary education becomes top of mind for parents.From the 2022/23 Stats Canada report the average cost of undergraduate degree for a Canadian student is $6,834 per year. In addition there is the cost of textbooks, transportation, housing and general living expenses we’ll estimate to be around $15,000. Combining the two puts the average cost of a four year degree around $87,336. These numbers could be offset in part by scholarships, grants, loans, and bursaries. Additionally, if your child will be contributing their own savings or is planning to work part-time while they attend school, this should be factored into the overall cost.Here are strategies to consider:Registered Education Savings Plans (RESPs) offer significant benefits, including government grants of 20% on contributions up to $2,500 annually. For optimal RESP funding, contribute $16,500 in the first year, followed by $2,500 annually for the next 13 years, and $1,000 in the final year. This approach maximizes funding, captures full grants, and optimizes tax-free growth potential.If you have not maximized the grants in the RESP, you can catchup by contributing $5,000 in a year and getting two years’ worth of grants. Within your RESP, maintain a diversified investment portfolio. Include a mix of equities for higher long-term returns and bonds for stability. As your child approaches college age, gradually shift to more conservative investments to protect accumulated savings.Once the RESP and TFSA’s are maximized, families may explore family trusts as a strategy to split income with children with low or no other income and save tax. Given their complexity, make sure you consult with legal and tax professionals before establishing one.Although there are different strategies to consider, it’s important to establish one that reflects your unique needs. Talk to your tax and legal advisors, and wealth planning team to help ensure you are taking advantage of all the relevant options.CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Fraser is an Investment Advisor with CIBC Wood Gundy in Collingwood. The views of Fraser do not necessarily reflect those of CIBC World Markets Inc. Clients are advised to seek advice regarding their particular circ*mstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.

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Education costs are currently rising at twice the rate of inflation, so it’s more important than ever to plan ahead for the investment you’re making in your child.Grandparents paying some of the school costs is becoming increasingly common with 29% of grandparents wanting to draw down on their super to pay school fees. The actual cost of your child’s (or grandchild’s) education will depend largely on whether they are enrolled in a public, systemic (e.g. Catholic) or an independent private school.The ASG survey found that the cost of private education in metro areas P–12 ranged between $360k and $550k (WOW!). Private schools in regional areas are slightly more affordable (time for a tree change?).Melbourne public schools sit 12% above the national metro average, only setting you back around $75k. Regional areas, again, cost less on average at $50k. These estimates include the ‘voluntary contributions’ in lieu of fees that most public schools ask for.Of course, fees aren’t the only cost you need to budget for. There are the traditional outgoings of uniforms, books and extracurricular activities, plus a laptop or tablet. Families spend an average of $2k on these ‘extras’ per child every year. These costs typically increase as the student aged.Let’s not forget the cost of uni/TAFE. An undergraduate degree currently costs between $6k and $10k each year, depending on the course.Students can defer payment via a HECS-HELP loan, but more and more families are looking to pay some or all fees upfront to avoid a large student debt.Where students live away from home, parents may also need to factor in the cost of student accommodation and other living expenses.Explore your savings optionsLike any major investment, the sooner you start saving the more options you will have. You could open a dedicated savings account, but the interest rate is unlikely to keep pace with inflation. Here are some popular strategies for long-term education savings:💲Education Funds. These are specifically designed to lock money away for your child’s education. They offer some attractive tax concessions, but there are restrictions and fees to consider.💲Term deposits. Are simple and virtually risk free, but interest rates may not keep pace with inflation.💲Managed Funds. You don’t need much money to get started, you can make regular contributions and you get the benefits of diversification and professional management.💲Insurance Bonds. These offer a diversified investment menu but with additional tax advantages. Earnings are taxed inside the bond at the company rate. If you withdraw your money after 10 years, all investment earnings are tax free.Investing in a child’s education is a long-term commitment, but the satisfaction that comes from knowing you have given them the best possible start in life is priceless. Let me know if you would like to discuss an education savings strategy for your child or grandchild.https://lnkd.in/gWQKSr3A

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Financial Strategies for Back to School SeasonAs summer winds down and back-to-school season approaches, funding a child's post-secondary education becomes top of mind for parents.From the 2022/23 Stats Canada report the average cost of undergraduate degree for a Canadian student is $6,834 per year. In addition there is the cost of textbooks, transportation, housing and general living expenses we’ll estimate to be around $15,000. Combining the two puts the average cost of a four year degree around $87,336. These numbers could be offset in part by scholarships, grants, loans, and bursaries. Additionally, if your child will be contributing their own savings or is planning to work part-time while they attend school, this should be factored into the overall cost.Here are strategies to consider:Registered Education Savings Plans (RESPs) offer significant benefits, including government grants of 20% on contributions up to $2,500 annually. For optimal RESP funding, contribute $16,500 in the first year, followed by $2,500 annually for the next 13 years, and $1,000 in the final year. This approach maximizes funding, captures full grants, and optimizes tax-free growth potential.If you have not maximized the grants in the RESP, you can catchup by contributing $5,000 in a year and getting two years’ worth of grants. Within your RESP, maintain a diversified investment portfolio. Include a mix of equities for higher long-term returns and bonds for stability. As your child approaches college age, gradually shift to more conservative investments to protect accumulated savings.Once the RESP and TFSA’s are maximized, families may explore family trusts as a strategy to split income with children with low or no other income and save tax. Given their complexity, make sure you consult with legal and tax professionals before establishing one.Although there are different strategies to consider, it’s important to establish one that reflects your unique needs. Talk to your tax and legal advisors, and wealth planning team to help ensure you are taking advantage of all the relevant options.CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Fraser is an Investment Advisor with CIBC Wood Gundy in Collingwood. The views of Fraser do not necessarily reflect those of CIBC World Markets Inc. Clients are advised to seek advice regarding their particular circ*mstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.

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SECURING YOUR CHILDREN'S FUTURE: THE POWER OF EARLY PLANNINGAre you a parent with dreams of providing the best education and opportunities for your children? Do you want to shield them from the burden of soaring future school fees? The time to act is now. When parents invest in their children's future, they not only secure a brighter path for them but also ensure a stress-free life for themselves.Picture this: parents purchasing land in the name of their 5 to 10-year-old children. I have encountered some of these people in my real estate journey.These forward-thinking individuals deserve applause because they are paving the way for a prosperous future. As we peer into the crystal ball of education costs, it's evident that planning ahead is the key to avoiding heartbreaking financial struggles.The reality is that many children are denied access to education not because of a lack of willingness but due to their parents' financial constraints. Relying solely on a salary is often insufficient to cover the exorbitant costs of education in the modern world. To bridge this gap, you need an exponential income platform – a strategy to accumulate wealth over time.The quality of education your children receive is intricately linked to your financial capacity. Parents who wisely invest in their children's education can afford to provide them with the best opportunities, whether it's attending prestigious institutions or pursuing education abroad.Fortunately, I have seen some parents find themselves selling plots of land they bought years ago to fund their children's education abroad as part of their land banking options to cater for the future of their children.It's a testament to their commitment to the betterment of the family.Salary or that tiny business money need not be a last-resort dependency because it won't solve it.I recall having to repeat my primary 6, not due to academic failure, but because my parents couldn't afford the school fees for me to advance to Junior Secondary School. This was because they needed to allocate funds from their tiny income for my brother's WAEC exams at that time.Thus, I had to make the sacrifice of staying in the same class for another year. It's important to note that this situation isn't unique to my family; many others continue to face similar challenges.The burden of bills can strangle financial freedom, leaving many parents working tirelessly with little to show for it. However, there is a solution – financial literacy. Understanding how to manage your finances, make informed investments, and plan for the future is the antidote to financial stress.

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