Thinking Differently About Other College Costs | Ep 7

Paying for college extends beyond the simple calculation of tuition and fees, encompassing a range of hidden expenses that many prospective students and their families often overlook. Jack Wang offers a nuanced perspective on this topic by highlighting the often-ignored costs such as taxes, interest, and opportunity costs, which can significantly inflate the overall financial burden of obtaining a college degree.  

(00:23:56) "The question is not about right or wrong. The question is, do you want to do better and do you want to pay for college in a way that can help support the rest of your finances?" - Jack Wang 

Drawing from his analysis, Jack advocates for strategic financial planning to navigate these hidden costs, emphasizing tax-aware strategies and the importance of considering long-term financial implications.  

 

Optimizing Financial Decisions for College Funding 

• Identify the total amount of gross income you need to cover college tuition 
• Explore income tax saving strategies for your tax bracket 
• Consider owning a business or being self-employed for tax advantages 
• Understand opportunity cost in spending decisions 
• Minimize taxes, interest costs, and opportunity costs when paying for college 
• Use debt strategically for major purchases 

 

The Real Price of a College Education 

(00:02:57) Hidden Costs in College Financing 

(00:06:34) Tax Savings for College Financial Planning 

(00:13:25) Compound Interest Impact on Financial Decisions 

(00:16:53) Optimizing Financial Decisions for College Funding 

(00:21:35) Opportunity Cost in Strategic Debt Usage 

 

Getting Creative About How to Afford College for Your Student 

With insights into innovative approaches like Merrimack College's fixed-cost model for humanities majors, Jack Wang encourages a more intentional and strategic management of college expenses to enhance financial well-being both during and after the college years. 

 

Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 

*be sure to send a connection request with a message saying Hello! 

 

Navigate college funding with me at www.smartcollegebuyer.com 

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