posted on August 14, 2019 by Peggy Doviak

Ask Peggy How to Pay for Education Costs

Can you believe how quickly the summer is coming to an end? It seems like just last week, my family and I were watching 4th of July fireworks, and making homemade ice cream!

Now, back to school activities are top priority in everyone’s mind. Here in Norman, OK, heading back to school reminds us that OU football is just around the corner. Boomer Sooner!! If you aren’t a star quarterback, however, college can be insanely expensive. Here are a few funding ideas to help lower the costs.

First, scholarships and grants can help lower the burden of paying for college. Take time to research opportunities carefully. Pay particular attention to unique talents, interests, and characteristics of your child, as these might provide benefit opportunities.

Remember, too, that good grades in high school may be worth more money than a minimum wage job in a fast food restaurant. Further, participating in school activities could lead to a scholarship.

Have your children take SAT and ACT exam review classes and practice tests to help them raise their scores. Unfortunately, college entrance has become something of a contact sport, so performing very well on these exams is more important than ever.

Of course, saving money prior to college is a great strategy for paying the bills, but be careful with out-of-state 529 plans and the potential pcosts and commissions associated with them. Look first at your state’s 529 plan for tax-favored college savings AND a potential state income tax deduction.

Finally, start saving for college early, but not at the expense of your own retirement funding. Your financial stability should be your first financial planning goal. Besides, your emotional support could be more valuable than your money.

So good luck to all the students headed back to class, activities, and homework! As their caregiver, your homework is to research education funding strategies in more detail, talking to your financial team about what would work best for your family. Creating a strategy now for paying for college provides benefits for years to come—long after the fireworks fade, and the ice cream melts!

If you have a question for me, submit it on, and I’ll try to address it in the future!

Be Prosperous!

Peggy Doviak

Peggy Doviak

Peggy Doviak

When Peggy Doviak’s mother got taken to the cleaners by an unscrupulous stock broker, Peggy got mad. She was so angry that she changed careers from corporate training to financial planning because she wanted to ensure that what happened to her mother never happened to anyone else. She has been committed to putting her clients first through a fiduciary relationship from the first day, not even knowing then that her position was optional and unpopular to many so-called financial advisers. But she’s learned a lot. She earned her CERTIFIED FINANCIAL PLANNERTM practitioner designation and went on to earn a Master’s in Finance with an emphasis in Financial Analysis even though she already had a Ph.D. in education. Active in her profession, Peggy works with financial literacy organizations, hosts a Knowledge Circle for the Financial Planning Association, writes a column for the Journal of Financial Planning, and is a member of the Women in Finance (WIN) Initiative of the CFP Board. She is a consumer advocate for fair financial practices both locally and nationally through her membership on the Legislative and Regulatory Issues Committee of FPA, and she enjoys meeting with lawmakers in Washington, DC. However, perhaps Peggy’s greatest shaping of the profession has come through staying in education. She has taught literally thousands of financial advisers in classes covering advanced certifications, the preparatory curriculum for the CFP exam, and master’s level courses in financial planning. Although Peggy Doviak can’t keep every consumer safe, she keeps trying.

Peggy Doviak Contest

Peggy Doviak is giving away a copy of her award-winning, #1 bestselling book, 52 WEEKS TO PROSPERITY: ASK PEGGY DOVIAK. Reading one short chapter a week and completing the activities will help you plan your prosperity in a year!

Enter Here

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