News & Press

College Budgeting: A Different Kind of Orientation – South Florida Business Journal

August 28, 2023

By Elizabeth Zabludoff – Principal and Family Office Services Leader, Anchin

There are some themes in life that are simply universal. Regardless of a person’s background, history or financial situation, certain things unite us all in a shared passion. A parent’s desire to equip their children with the skills, tools and mindset required to achieve their version of success is one such theme.

In my work with high-net-worth individuals and families, I have seen it all when it comes to this transfer of wisdom. Some choose to start quite early, bringing children into financial decisions when they are very young. Others carry concerns (such as those related to general readiness or to a child’s motivation), and wait a bit before allowing them to exercise power over money. One of the teaching opportunities most agree on, however, is college.

Oftentimes, college is the first time a young person is overseeing their own spending. I was inspired to share some insight that I have learned in this piece for the South Florida Business Journal. While it is not tailored for the high-net-worth community exclusively, the themes outlined can be useful in creating a framework through which to treat college as a real-life exercise in financial literacy and planning.

For more information or to discuss leveraging college budgeting as a meaningful tool for future generations of your family, contact your Anchin Relationship Partner or reach out to me directly.

Feature Photo Credit: Terry Vine