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

Much has been said about the rise of robo-advisors in the financial services industry. With tens of billions of dollars being invested in these online platforms, it is undeniable that consumers are craving the speed, efficiency and data that they can provide. While many of us agree that no computer can offer the one-on-one relationship that a client-advisor relationship can, we would be remiss to ignore this growing trend.

Some advisors react to the rise of these platforms by dismissing the trend and lamenting about the good old days when an account application could fit on a postcard. What they should be doing is exploring why robos are so appealing and what aspects of that technology could be incorporated into their practices.

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With heavy financial burdens like student loans, rent, credit card payments and more, starting “adult life” on the right foot can feel impossible for many Millennials and Gen-Zers. These generations often receive conflicting advice about how to achieve financial stability: Some experts urge them to pay off their debts as quickly as possible, while others tell them to start building their retirement nest egg while they’re young.

While both paths are valid, it shouldn’t be one or the other. Instead, it’s important to create a strategic financial plan that addresses both short-term debt and long-term savings. Below, the experts of Forbes Finance Council share their advice for young professionals seeking a healthy balance.

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