u/whipprsnappr

So my wife and I met with a planner. We were told a lot of what we already knew, viz., because of our income and assets ($220k/year and 529s, savings, and brokerage accounts - about $150k per kid) we will be expected to pay the entirety of our kids’ college educations. Even with maxing out Federal loans, we are looking at about $30k in private loans to cover the remainder for a four year education at a UC school, putting our combined loan total at approximately $50k.

We understand our choices (community college, local UC, etc.) that will eliminate our need for loans, and the planner laid them out in their own words, validating the research and planning that we had done on our own. However, we were given some additional advice which seemed kind of off: start a small business for the tax advantages, which the planner say could save us between $5000-7000 in taxes per year. Of course, it would cost us a one time $2000 fee for their guidance, but it would pay for itself after just one year, or that’s how it was being sold to us.

There’s no way this can be true.