Planning for the Day They Leave
The real return on planning isn't measured in dollars—it's measured in opportunities.
In just a few weeks, my wife and I will board a plane to help our oldest daughter begin her freshman year studying veterinary medicine in London.
For more than two decades, I've helped families prepare for this milestone. We've talked through 529 plans, tuition projections, investment strategies, and the ever-rising cost of higher education. I've helped countless parents answer the question, "Will we be able to afford college?"
Now, for the first time, I'm experiencing those conversations from the other side of the desk.
As strange as it sounds, tuition isn't what's occupying my thoughts.
It's the goodbye. No spreadsheet, investment account, or financial plan prepares you for that moment.
For eighteen years, she's been part of our everyday lives. While her younger sister will still be home, our family is about to feel very different. Soon she'll be living an ocean away. If everything goes according to plan, she'll likely spend future summers in the U.K. gaining valuable experience through internships. The little girl who once filled our home with laughter is becoming an independent young woman, and while that's exactly what we've hoped for as parents, it doesn't make letting go any easier.
Like many families, we started saving for college when she was born. We consistently funded a 529 plan and built a meaningful nest egg. For most of our clients, that's exactly what I still recommend.
But as our lives evolved, so did our planning.
When I started Bayside Tax & Wealth, I made a decision that might seem unusual coming from a financial planner. Rather than putting every available dollar into a 529 plan, I chose to reinvest heavily into building the business.
That wasn't abandoning the college plan—it was expanding it.
I've always believed that 529 plans, IRAs, and brokerage accounts are simply wrappers around investments. Each offers different tax advantages, but the real objective isn't finding the perfect account. It's building assets and developing the discipline to save consistently. Growing the business became another investment in our family's future—one that I hoped would eventually help pay for college while creating opportunities well beyond tuition.
Thankfully, that decision worked out. The business grew, and with it came the flexibility to help both of our daughters pursue the lives they've worked so hard to build.
Today, our planning has shifted. Paying tuition isn't what keeps me up at night. Instead, we're focused on helping her prepare for life in another country: navigating international travel, learning to budget on a monthly—and eventually semester—basis instead of a weekly allowance, and giving her the confidence to manage life on her own.
Those may prove to be some of the most valuable lessons she learns.
What makes me proudest, though, isn't the planning.
It's watching her pursue a dream.
She worked incredibly hard to become a competitive veterinary school applicant. Like so many young adults, her journey took an unexpected turn. She didn't end up exactly where she first hoped, but she never stopped pursuing her dream. Sometimes the path changes, but the dream doesn't.
My wife and I have always tried to raise both of our daughters the same way: provide guidance, encourage them to dream big, and then trust them to make their own decisions. Thankfully, they've rewarded that trust with hard work, maturity, and a genuine desire to build meaningful lives.
I've often said that I'm fortunate because my passion also became a career that provides a good living. The greatest benefit that has given me isn't financial success itself—it's the ability to tell both of my daughters to pursue the careers they're passionate about without worrying that income alone should determine their path.
That's what all those years of saving, investing, and planning were really for.
In a few weeks, I know there will be tears as we say goodbye. Some will be sad. Some will be happy. I'll remind her how proud we are of the young woman she's become. I'll tell her to have fun—but not too much—to stay true to herself, and to embrace every opportunity that comes her way. Then I'll leave her with one simple reminder: no matter what happens, never think you have to figure it out alone. Call us. We'll figure it out together.
And while our family dinners may look a little different this fall, we're grateful that one daughter is beginning an exciting new chapter while another is still creating memories with us here at home.
Every day, we help families make decisions about retirement, taxes, investments, and college funding. Those decisions matter, but they're never the destination.
The destination is creating the freedom for the people we love to pursue the lives they were meant to live.
As hard as it's going to be to watch my daughter leave for London, I can't think of a better return on eighteen years of planning than watching her step confidently toward the life she's worked so hard to build.
Corey Peterson, CFP®
Dad, CFP®, and President of Bayside Tax & Wealth