The average overall cost of a Bachelor’s degree per year is $30,500. Assuming my children are 8 and 6, how much should I start saving today, each month, if my financial advisor has guaranteed an 8% return if I begin with a $10,000 deposit. (assume their birthday is 1/1 and they will begin college the moment they turn 18).
The average overall cost of a Bachelor’s degree per year is $30,500. Assuming my children are 8 and 6, how much should I start saving today, each month, if my financial advisor has guaranteed an 8% return if I begin with a $10,000 deposit. (assume their birthday is 1/1 and they will begin college the moment they turn 18).
Financial planning refers to the practice of putting together a plan for the future of the individual. The future value of the amount includes the amount being deposited and also the amount of interest being accumulated over the period of time. It helps individuals in managing their finances and prepare for all of the potential costs and issues that may arise in the future. The process of financial planning involves evaluating the current financial situation, identifying the goals, and then developing and implementing the relevant recommendations to achieve the desired results.
Step by step
Solved in 3 steps with 2 images
