What to Start Thinking About.
When planning to open a CollegeInvest savings plan there is a lot to consider. So, start here with these four primary considerations:
1. Define your savings goals.
The fastest way to get somewhere is to know where you’re going! How much will college cost by the time your child or grandchild is ready to go. How much do you need to save or accumulate to reach your specific goal?
2. What is your time horizon?
Diapers or diplomas? Most children enter college around age 18. Depending on how old your child is today, you may have more or less time to reach your goals. Determining how long you have to save will likely influence how much you save and the best savings solutions for you.
3. Determine how much can you can save.
A very critical question. How much you can save now? How much can you save in the future? Can you save the same amount each month, or will it fluctuate? Do you have a windfall you can invest?
By determining how much you’d like to save, you can plan the best way to save.
4. Assess your risk tolerance.
Do you want help making investment decisions, or make your own choices? Are you conservative with your money? Do you consider yourself an aggressive investor? No idea?
By figuring out your risk tolerance, you can better determine the right savings plan and the right asset allocation that’s right for you.
Take this survey to help you determine your investor temperament and risk tolerance.
OK. Have most, if not all, of your answers for these questions?
Ready to move on?
Next, follow these five steps to learn about each of our plans, the benefits they can offer you, and the enrollment process.
Go to the five steps to get you started today!