Many high schoolers and early college graduates typically do not seek financial advising until they are older, usually in their 40s or 50s, as a way to plan for retirement.
I spoke with Jeremy Whiddon, one of the co-owners of OnTrack Wealth Management in Canton, Michigan, about what high school students can do today and what to expect in their financial journey. During our interview, we covered various topics, including student loans, credit scores, getting into financial planning, and more.
Choosing the Financial Planning Path
Jeremy did not immediately know he wanted to pursue financial advising right out of college. He spent 20 years working as the Vice President of Atlas Oil Company, handling a wide range of tasks from marketing to business development. Eventually, he decided to make a career change. Finance had always been a lingering interest for him. After earning a master's degree in anthropology and financial planning from Kansas State University, Whiddon teamed up with business partner and co-founder Jimmy Burns to establish OnTrack Wealth Management. He states, “It’s not just working with dollars; you are working with people.”
Students Struggling to Pay for College
Given our previous blogs on student loans and paying for college, I wanted to gain insight into the co-founder’s perspective on this process and how he would assist students.
He explains that when a student seeks financial advice on paying for college, the first step is to understand the fundamentals of their situation—how much they are taking in versus spending, their financial history, and more. He also recommends exploring other potential alternatives to determine the necessity of taking on debt.
The co-founder emphasizes finding a financially better option for the client, such as community college. He suggests reaching out to financial student services, speaking with those who work at academic institutions about more financial aid options, and exploring additional financial opportunities. Excessive debt can lead to many unwanted consequences, which can be avoided with this approach.
Society often looks down upon attending community college, but it can set you up for financial success. Spending two years completing general and mandatory classes at a community college before transferring to another college is not a lesser path; it can be a strategic and helpful approach, especially for those needing extra help with college affordability.
Scholarships are another way to reduce tuition costs. As mentioned in our previous scholarship post, searching for hidden scholarships is an excellent way to aid in college expenses. You can also apply for FAFSA, grants, and additional financial aid.
Continue reading our interview in part 2!
If you want to learn more about OnTrack Wealth Management, check out their website: https://ontrackplans.com/
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