While I’m certain that all three of my children will be gifted athletes and fall in the 1% of kids that earn full athletic scholarships to the school of their choice, I’m also thinking I may need a back up plan. You know, just in case. I don’t know what’s more troubling, the fact that kids with 4.6 GPA’s can’t get into colleges or that they are being saddled with massive amounts of debt once they do. According to Forbes, the cost of tuition is increasing at 8 times the rate of wages. I was not a math major, but I don’ think that pencils out well. It’s no wonder that as a nation, we are now facing 1.4 billion in student loan debt.. Yikes. I am also not a financial expert. I am mom with three little ones that we hope will attend college one day. This makes me invested. Pun intended. Unless you are uber wealthy or have a college-paying fairy up your sleeve, most people will need the time value of money to work it’s compound-interest-magic in order to keep up. Also know as: saving.
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For many, thinking about finances can be a BUZZ kill. Talking about finances with a spouse can be even more difficult. ‘Divide and conquer’ seems to be a popular mantra these days in many marriages. When it comes to long-term financial planning, it’s okay if one person takes the logistical lead, but both parties need be involved in the decision making and both parties definitely need to be in the know.
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You know how to kill a conversation at cocktail party? Start talking long term disability Insurance. It’s not exciting. In fact it’s a buzz kill. But it’s a way bigger buzz kill if you need it and don’t have it. And the chances of you or your spouse needing it, are, unfortunately much higher than you’d think.
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