Jan 09, 2024
My guest this week is Brad Baldridge. Brad is the founder of Baldridge Wealth Management and offers nearly 20 years of financial planning experience. He specializes in working with individuals and business owners to reach their personal and financial goals. He is a Certified Financial Planner professional and a member of the local and national chapters of the Financial Planning Association. Brad is well-known in his community where he conducts many workshops on college funding planning and how it impacts retirement. He is a co-author of a book written to educate business owners on financial topics. His articles have also appeared in newsletters for local chambers of commerce and other business owner groups.
In this episode, we delve into the complex world of college education and financing. They explore the crucial aspects of planning for a child's college education, including when to start and the associated costs. The discussion navigates the factors influencing scholarship pricing, the evolving relevance of college in today's society, and traditional investment options. They also consider the balance between saving for college and retirement, offering insights into the average costs of college in 2023. The conversation touches on the distinctions between merit-based and need-based scholarships, the evolving preferences of educational institutions, and the intricacies of tax deductions related to education expenses.
00:00 - Ashish introduces the guest, Brad Baldridge
01:34 - As parents, how and when should we start thinking of our children’s college education
07:17 - Discussion on the cost of college education
10:38 - Factors affecting the pricing of scholarships
11:56 - Does college still have a place in society and when does it no longer become worth it
19:40 - Traditional investment for college from the perspective of business owners (529 plan)
25:48 - Reasonable percentage or amount to save for college or retirement
28:29 - Average cost of college in 2023 for State and Private colleges
30:58 - Merit-based vs need based cost for scholarships
34:08 - What today’s modern-day institutions are wanting to see in students that impacts acceptance rates
38:57 - Why are education expenses not tax deductible?
41:04 - Are there tax deductions for education expenditures?
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