This week my Austin home finally cleared out from the holidays as I dropped off my son at the airport to return to college in snowy Denver. (Thank goodness for Southwest airlines $47 one way rates!) As sadness overtook me while I watched him in line as I drove away, I had a profound sense of gratitude that he is capable of going to college, and that we are financially able to provide college funding for him.
There are varying opinions about whether or not parents should fund college for their kids, but like most things in life, I think it depends on the situation. Regardless, the money for college was gradually put away starting almost 20 years ago based on a goal of college funding; those investments have grown over time, more during some periods of time than others. While I am not an advocate buy and hold investing methods, there is definitely beauty in long term time frames when it comes to investing and compounding wealth.
January is the perfect month to focus on your long term financial goals. If you are snowed in this week, along with many other Americans, grab your laptop or wealth journal and start some long term dreaming. Then start some serious financial planning beyond dreaming to get what you really want in life, whether that means meeting with your financial advisor, starting a financial course so you make better investment choices, or simply putting aside more money each month. The future that seems so far away now will be here before you know it! Structure your money so that it compounds and works for you along the way so you can reach your financial goals.