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Novi financial planners can be a great resource for Michigan families hoping to pay for their children's education, whether the goal is to see them attend a MI university or parents want to invest in private education from grade school to graduate school. The sooner you start to start saving for your children's future, the more realistic these goals can be. A Novi financial planner can help you develop a strategy that takes all your education goals into consideration so you can feel prepared and financially confident in your children's future. Even if you have a basic account set up for your kids, professional advice from certified financial planners can help you get the most out of your hard-earned dollars.

Savings Accounts for Infants

Many Michigan parents have realized that education savings starts when a child is first born. Many accounts are available, from trust funds that are untouchable until your kids reach adulthood to emergency funds that protect your children should anything happen to your or your spouse. Knowing which accounts to open specifically for education can be difficult. Working with a certified Novi financial planner can make the process easier by showing you which accounts best suit your income and long-term goals.

One of the most recommended educational accounts is a 529 Plan. Michigan Financial planners recommend this plan for a number of reasons. Firstly, all states sponsor a 529 Plan, so your account is easily managed even if you move away from Michigan before your children graduate from grade school. Secondly, these accounts can grow tax free as long as the funds are used for college. They can be used for any qualified college or university nationwide, not just MI universities. Finally, 529 Plans are easy to set up no matter what your income is. You can contribute as little as $25 a month or as much as $250,000 a year.

Savings Accounts for Teenagers

Another option that Novi financial planners often recommend a Coverdell Education Savings Account, which planners once called an Education IRA. A Coverdell account is designed to help parents save for all kinds of expenses related to college, including tuition, books, room and board, and approved supplies. You can contribute up to $2,000 a year with a Coverdell account. Planners often recommend this as a supplement to your 529 Plan when your kids get older if you begin to feel like you have under-saved.

If you have underestimated the savings needed to put your kids through college, or if you realize you will probably need to pay for graduate school afterward, a Novi financial planner can help you come up with a plan to make the most of the last few years before your child enters school. Financial planners can explain your options regarding education tax credits and help you apply for student loans. Personal finance advisors in Novi can even rearrange your assets if you need to take those steps. Working with a Novi financial advisor that you know and trust can help you take advantage of any local opportunities as well, including Novi scholarships or area-specific education funds.

Education Expenses beyond College

If your education savings needs extend beyond college expenses to private MI pre-schools or grade schools, a Novi financial planner can help you come up with a plan that fits your budget while keeping you on track with other important aspects of your finances, like your health care savings and retirement plan. A Novi financial advisor can explain any tax credits for which you might qualify, and also help you determine the best Novi schools for your desires and budget.

If your children do need to take out student loans during college or graduate school, your Novi financial advisor can work with both you and your kids to develop a smart plan for paying of those loans quickly. It's also a good idea to introduce Novi financial planners to your teenage kids before they leave for college so they can understand the importance of paying of debt and developing good spending and saving habits. With so many credit card options available to young adults, having the advice of a certified professional can ensure that your children start off on the right foot.

Novi financial planners can be an excellent resource for many reasons, including retirement planning, investment research, and of course, planning your children's educational future. A Novi financial planner can walk you through each step of saving for your kids' school expenses, from private grade school tuition if you choose to a good college that can prepare them for a great career. Researching finance planners online can help you compare all the options in your area so you can choose one that best suits your family's needs.

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Financial Planners in Novi

Matt Woryn
Matt Woryn
39775 Traditions Drive
Suite D-800
Northville, MI 48168

Christopher Mollan
Christopher Mollan
31731 Northwestern Hwy.
Suite 151W
Farmington Hills, MI 48334

Amanda Scull
Amanda Scull
900 Victors Way
Suite 100
Ann Arbor, MI 48108

Dennis Prost
Dennis Prost
100 East Big Beaver
Suite 840
Troy, MI 48083

Kristie Gheysens
Kristie Gheysens
39425 Garfield Rd
Suite 25
Clinton Township, MI 48038

This website provides information related to the subjects covered. Before making any financial or legal decisions, a professional should be consulted.