Mistakes to Avoid When Saving for Your Kid’s College Education

Do you plan to help pay for your child’s college education? If so, you may find it surprising – and a bit disheartening – that between 2001-02 and 2011-12, prices for undergraduate tuition, room, and board at public institutions rose 40 percent, and prices at private nonprofit institutions rose 28 percent, after adjustment for inflation. But don’t despair. Instead, avoid these common financial mistakes so that you’re financially well prepared for your child’s post-secondary aspirations.Here are six common pitfalls to avoid:

Waiting to start saving for college – The best time to start saving for your child’s education is when, or even before, they’re born. Having a saving’s plan in place can help you avoid overspending on children’s toys, clothing and accessories during their early years, enabling you to tuck away more of those discretionary dollars for their future education. Even if you’re only able to save small amounts at first, something is better than nothing. Waiting until high school doesn’t give your investments the time they need to grow.

Underestimating college expenses – Most colleges list the total cost of attendance on their websites. Best yet, most include average annual travel, out-of-pocket and other expenses – in addition to tuition, books, fees and room and board – giving you an accurate starting point. What’s more, you can use online calculators to project what these costs may be when your child graduates high school so you have a realistic savings goal in mind.

Forgetting to define how much you’re willing to pay – Although some parents are willing to foot the entire college bill, others prefer to cover the costs of in-state tuition at a public university and let their children make up the difference if they choose a more expensive private or out-of-state option. Still others offer to cover tuition and books, but leave their children to cover room and board and other expenses. Regardless, the sooner you decide what is right for you based on your values, beliefs and financial situation, the clearer your savings goal will be and the easier it will be to plan how to reach it.

Skipping researching and understanding college savings investment vehicles – There are a variety of attractive ways to save for your child’s college education. One example is a 529 College Plan, which is operated by a state or educational institution. It works much like a 401(K) or IRA by investing your contributions in mutual funds or similar investments. Another option is a Coverdell Education Savings Account, which is a trust or custodial account set up in the United States solely for paying qualified education expenses for its designated beneficiary. Take time to explore the array of opportunities and determine which ones are a good fit for your financial strategy.

Dismissing the Free Application for Federal Student Aid (FAFSA) – Even if you think your child isn’t eligible for financial aid, fill out a FAFSA. It’s the only way to receive federal student loans that have guaranteed rates and flexible payback options. Plus, many states and schools award grants and scholarships based on the FAFSA, so if you don’t fill it out you are less likely to get help paying for college.

Overlook teaching your child to become fiscally responsible – One of the greatest gifts you can give a child is the peace of mind that comes from living within their means. Take time to teach your child value of a dollar, how to earn and save money and how to budget. Clearly communicate how much of the college expenses you plan to cover and how much your child is expected to pay so that your child can make smart financial choices. Doing so will help your child avoid taking on more debt than can be paid back in a reasonable amount of time. College students who don’t learn these lessons early on may spend a long time paying for it.

For help strategizing ways to save for your child’s college education, consult a financial professional. A reputable financial advisor can help you identify the best approach based on your financial situation and goals.

The Importance Of Language Translation Service Providers

With the markets and economies developing on a global scale, many businesses have also grown to span across countries and continents. This means the establishment of business relationships with business partners and potential clients in other countries. In establishing any relationship, the primary step involves establishing effective communication. This is hardly possible if neither of the communicating parties can understand each other.Therefore, one of the first steps to overcome this challenge would be to hire a competent language translation service provider to facilitate effective communication with the residents of the territories in which the business is seeking to make a mark. There is a significant exchange of information involved in a business’s correspondence, be it digital or the more traditional alternative. Since many times, the business owners speak one language and their client may speak another and a quality service provider acts as the intermediary translating all the relevant communications.Most service providers employ a team of writers who are well versed with two or more languages. This set of languages may include more commonly spoken languages or even extremely obscure languages as well. A quality language translation service provider will also be familiar with the various dialects of a particular language.Many service providers specialize in translating very information specific documents, like legal or technical documents, which need exact knowledge of the technical terms involved. This is especially important since the translation of such documentation holds no margin for error. A single error in translation can lead to significant losses due to various causes.Besides translating written documentation, language translation service providers must also be able to provide efficient audio transcription translations as well. Many a time, these agencies will be requested to provide written translations of recordings spoken in another language, which may include speeches, lectures, tutorials and the like. Sometimes providers may be asked to provide interpreters, whose job is to provide real-time translations of conversations between two parties. Interpreters are usually demanded by political emissaries of different nations during important summits and conclaves. Even here, a minor error in translation runs the risk of sparking international conflict, highlighting the degree of accuracy required of translators.For marketing purposes, language translation service providers also enable their clients the ability to translate their marketing communications into another language so the client can effectively reach out to a completely new market, which is growing by the thousands daily. This is done so by translating the client’s business offerings into text messages, which can be then sent to clients via short messaging service, a.k.a. SMS, using their cellular network providers. However, errors in the translation of such marketing communications can also end up embarrassing the client, given the difference in public contextual interpretations in different countries.Overall, the right language translation service provider makes sure that the client’s business development efforts are not hampered in any way by any language barriers, whatsoever. Getting the right service provider ensures that your business grows to its full potential.

Where to Find a Reliable Business Translation Service Provider?

Global marketing is the order of the day. Without reaching out to a global platform, it is next to impossible to make a lasting impression on the mind of the potential customers. The earning potential of any product goes through a massive downfall if the international market is not approached at all. This is simply because there is stiff competition in almost every sphere of business that one can even imagine. To walk faster and reach earlier than the other players in the market, it is essential that one must approach a wider target market.PitfallsThe crucial problem that stands when it comes to international marketing is language. No matter how much one is able to translate from one language to another, business translation is all together a different ball game. There are special business translation service providers who come of help at such a critical juncture to support the business owner to market his product effectively. There is a trick to business translation. One has to translate and interpret at the same time so that the content of the business gets communicated to the target party with the same context that the owner of the business had initially intended it.Different businesses require different business translators. For instance, if your business is into medicine or health, the translator that the owner shall be looking out for will be drastically different from someone who is trying to open a hotel chain on a foreign land. Hence, it is business that dictates the business translation service provider that one chooses to hire for one’s translation service purposes.Key Factor/s Before Choosing a Translation Service ProviderHence, the key factor that deserves the owner’s attention and consideration while opting for a business translation service provider is the team that the provider has hired under him. If the team is in-house, then the translation is a much better option than another one who works with external translators on a freelance basis, as per work, on a project basis. This is one of the vital parameters while opting for a translation service provider. An in-house team helps rather than going for a freelance translator because there are high chances that there will be at least one person from the team who has grasp over your subject matter of business. Such is not the case with individual freelance translators.European StandardThe European Standard is one document that helps an inexperienced translator to keep a few key factors in mind while opting for a translation service agency. The European standard serve as one of the best guide books to understand the key factors that one needs to keep in mind while choosing a business translation service provider. From providing a business owner about technicalities of business, client relationships, linguistic competencies. It is worth while to get a grasp on the quality standards of a translation service provider in order to assess them prior to the project. Hiring standards and quality standards are two other factors that a business owner must keep in consideration apart from what the European Standard already mentions. It is a good idea to give a check on the certifications heaped upon the service provider as well as those heaped upon the individual translators.