There are many areas to consider when planning for the future and challenges you may face along the way. Your licensed WFG associate will ask you about your goals, and help you build a strategy that can help address your concerns as well as any obstacles that can get in the way of your financial security.
Credit Card Debt & Poor Savings
Credit card debt is a concern for many families. In 2015, the average amount of credit card debt per household, including those households who carry no debt, totaled $5,883. If you remove the households that carry no debt from the equation, this number increases dramatically to nearly $15,762.2 Is this type of debt a concern to you?
Meanwhile, the personal savings rate, which is personal savings as a percentage of disposable personal income, has risen slightly over the last few months, from 5.5% in December 2015 to 5.8 percent in February 2016.3
Cost of College
The cost of college has continued to rise and, without proper planning and preparation, paying for a higher education can put a strain on savings.
According to the College Board:
- The average published tuition and fees for in-state students at public four-year colleges and universities increased from $9,145 in 2014-15 to $9,410 in 2015-16, a 2.9 percent increase
- Out-of-state students pay even higher prices, with the average tuition and fees for these full-time students rising 3.4%, from $23,107 in 2014-15 to $23,893 in 2015-164
Therefore, if you currently have a 1-year-old child, and the of cost college increases by 4% each year, when he/she reaches college age it could cost $158,210 to send them to a 4-year program at an in-state public college or university
No matter your goals, take control of your money now and make it work for you.