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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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EP042 Best of Tips for Postsecondary Education

Jul 31, 2018

With the Back-to-School season quickly approaching, many parents and young millionaires-in-the-making are beginning to consider the financial costs associated with postsecondary education. As these young adults and their parents discuss their budget and create a plan to afford this new expense, many important factors are often overlooked.

 

On today’s episode, I share some of the best tips and strategies parents and young adults can use to ensure their financial success while planning for postsecondary education. I share excerpts from previous episodes with Janet MacDonald of MyCampusGPS and Suzanne Tyson of HigherEdPoints.com sharing their advice to parents and students preparing for postsecondary education, tips on when to begin looking for scholarship funding, and how to use loyalty points to help pay tuition and living expenses. I also explain why parents need to adequately educate their children about the financial realities of life as well as provide education on the use of credit cards.


“Scholarships open and close a lot sooner than people realize.” - Janet MacDonald


This Week on Young Money:

 

  • How MyCampusGPS works to help postsecondary students with scholarship preparation.
  • When to begin searching and preparing for scholarships?
  • Strategies for writing a winning essay.
  • Mistakes parents and students should avoid when applying for postsecondary education.
  • How HigherEdPoints.com helps parents and students pay postsecondary tuition, living expenses, and repay student loans.
  • Budgeting for additional and “surprise” expenses.
  • The importance of preparing postsecondary students for the financial realities of life.
  • The importance of parents providing proper education on using credit cards.

 

 

Best Postsecondary Education Tips for Parents and Young Millionaires-in-the-Making:

 

  1. The best time to get funding through a scholarship is in Grade 12. The opportunities come up early.
  2. When writing your essay, share your experiences, explain what you learned from them, and explain how you will implement those lessons to improve yourself and your community.
  3. Plan in advance.
  4. When budgeting for postsecondary education, don’t forget the smaller costs such as bus passes, meals, unexpected medical issues, rent, and other living expenses.
  5. You can use loyalty points to help pay for tuition, meals, and residence fees.
  6. Parents should adequately prepare young adults for the financial realities of life.
  7. Parents need to provide a balanced education regarding the use of credit cards.
  8. Remember: It’s perfectly normal not to be able to afford all of your wants and needs immediately after graduating from postsecondary school.

 

 

Resources Mentioned:

 



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