5 Things to Ask Yourself Before Picking Up the Tab for Your Child’s College Education

It’s human nature to address challenges based on their most pervasive effects, rather than dissect their causes. Take the ongoing discussion about the need for diversity in wealth management as an example. Endless articles have been written about the need to have more women, more people of color and more age diversity in the industry. As one of the white males who too often exemplifies the status quo, I couldn’t agree more with the impulse: the future of financial advice must be more female, more ethnic and age diversified than it is today.

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If you’re planning a wedding, this conversation is a must.

Having debt is nothing to be ashamed of. In fact, according to CNBC, 70 percent of college students graduate with student loan debt (the most common type of debt faced by newlyweds).

But if you do have debt (or your partner does), the one thing you need to do—no matter how uncomfortable or awkward it feels—is discuss it with each other.

“It’s important you’re transparent, for better or worse,” says Jeff Motske, president and CEO of Trilogy Financial and author of The Couple’s Guide to Financial Compatibility. “Get it out on the table now, because there’s nothing worse than statements showing up in the mail or online and all of a sudden, you realize you’re both liable for paying off the debt.”

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