With the cost of college increasing at a rate of upwards of 10-percent a year, families are struggling to keep up financially.
That’s where Rob Shampine, a Certified College Planning Specialist, can help out.
Shampine is an investment advisor with Innovative Wealth Strategies, LLC, here in Orion, but offers a free service as Regional Director of the Tuition Rx Financial Education Association.
A link to that program can be found at www.innovativewealthstrategies.com.
‘It’s like a one-stop shop,? Shampine said. ‘It helps with scholarship searches and things like that.?
‘It’s a consortium of sorts of people that have pooled their resources together,? he added. ‘I try to do all of that stuff to educate people before they come in.?
As part of his duties with the non-profit organization, Shampine will be hosting a complimentary seminar next Tuesday (Nov. 13) from 5:30-7 p.m. at the Orion Township Public Library.
If you can’t attend that presentation, titled ‘How to Save Thousands on Your College Costs & Retire Early,? then you might want to check out one of the ‘webinars? that Shampine offers through his site.
‘There are a lot of investment advisors out there, but not many have that college planning specialization,? he said. ‘That’s what separates me from the pack.?
‘It’s about helping people afford the cost of college and reduce the costs,? he added.
Shampine said the schools, particularly Orion, have done a good job of preparing their students for college from the academic aspect. However, he noted that the academic side is really only half of the battle.
‘I work in conjunction with what the schools do,? he said. ‘The academic side and the money side are two different things.?
While parents want the best possible education for their child, the money aspect often plays a role in the decision, and can linger well beyond the college years.
‘If you’re taking on more debt, that’s going to affect you today and down the road,? Shampine said, noting college parents today are closer to retirement age than ever before.
Shampine said there are ways to practice good cost recovery, which may involve certain tax strategies, creative ways of using cash flow, knowing how to borrow correctly and simply organizing your money.
‘Everybody is different,? Shampine said. ‘We’re not a cookie cutter operation. You have to be individually analyzed.?
There are plenty tricks of the trade that Shampine offers and he encourages interested parents to see for themselves through his website or seminars.
‘Often times, when you engage in a private school, you can get those costs under the costs of some public schools,? he said, offering up just one tidbit.
But the biggest tip he can give is a relatively simple one.
‘The earlier the better,? Shampine advised.
‘Most families will come to me when their student is a senior because that’s when it is top-of-mind.?
Among other things Shampine serves the community as Treasurer of Love, INC and is a member of the Lake Orion Sunrise Rotary Club.
He attended high school in Ortonville and opened his office in Orion (33 Hiram Street, Suite 300) last year.
Shampine will periodically offer some of his financial wisdom in a column in The Review, so keep your eyes open.
For more information, visit his website or call (248)391-8399.