"We Want to Set Up a College Plan"

Planners Title (planner's focus):
College planning.

Personal Title (client focus):
Can My Kids go to College when it's Time?

Case background:
The couple was an ordinary case where it was very common for them to worry about their children's going to college. They had heard many stories of out of sight costs and felt their children will never get a college education.

What happened in the meeting:
I immediately discussed potential college cost in today's dollars and potential future expense. The clients were overwhelmed as to the potential amount of money they may need. I asked them, "Do you ever wonder where the money goes?" and they replied yes. We immediately opened a Bernie Book and began to go through their monthly living expenses. When we got through, we determined that there was excess cash that was being spent on unnecessary items.

How did it turn out?:
We determined that the parents shall begin a college savings plan by paying themselves first each month. Therefore, these monies will not be available to be spent on unnecessary items because they will have been automatically taken from the checkbook.

Notes to myself on the meeting:
I need to prepare a hypothetical illustration of a investment program that fits their needs.