For many parents, saving for college begins long before acceptance letters arrive. According to the Education Data Initiative, at 4-year public universities, 41.4% of tuition comes from parent's income and savings. But as education costs continue to rise and family finances become increasingly complex, the question is no longer simply how much to save, it's how education fits into a family's broader financial future.
That shift is something Joe Dowling, owner of Dowling Financial Services & Wealth Management, has seen firsthand.
For today's families, college planning is often less about maximizing a single account and more about balancing competing priorities. Grandparents may be contributing to education costs. Scholarships can offset expenses. Strong household cash flow may reduce the need for years of dedicated savings. At the same time, families are weighing retirement goals, travel plans, charitable giving, and the desire to leave a meaningful legacy.
"The conversation has changed," Joe says. "Education funding is now part of a much broader wealth planning discussion."
One concern he encounters frequently is parents who are willing to sacrifice too much of their own financial security in an effort to provide for their children. While the instinct is understandable, Joe encourages families to keep the long view in mind.
"Students can borrow for college, but parents cannot borrow for retirement," he says. "If retirement goals are not fully funded, that should typically be the first priority."
That doesn't mean parents can't support their children financially. In fact, Joe notes that families who remain financially secure may ultimately be in a better position to help with student loan repayment or other major milestones later in life. It can also encourage young adults to take greater ownership of their educational decisions.
Flexibility is another priority. While 529 plans remain an important tool, many families are pairing them with brokerage accounts that provide greater freedom. Those assets can eventually be directed toward a first home, a business venture, graduate school, or other opportunities.
Ultimately, there is no universal formula. The most effective plans reflect a family's unique values, resources, and goals. By viewing college funding as one piece of a larger financial picture, families can make decisions that support both the next generation and their own long-term vision.
Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Dowling Financial Services & Wealth Management are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.
Dowling Financial Services & Wealth Management - Joe Dowling was recognized as Best Financial Advisor recipient by Lincoln Way Reader's Choice Awards in 2026. This recognition was based on criteria established by the awarding organization and may include factors such as assets under management, industry experience, client feedback, business growth, and other qualitative and quantitative measures. The award was independently granted by the awarding organization. Joe Dowling did not pay a fee to participate in the award evaluation process.
This award is not indicative of any client's future experience and should not be construed as a guarantee of future investment performance or success. The recognition is not representative of all client experiences, and no compensation was provided by clients in exchange for ratings or endorsements unless otherwise disclosed. Additional information regarding the award methodology, selection criteria, and relevant time period is available from the awarding organization upon request.