Preparing Your Children for Adulthood through Financial Literacy As a financial advisor, I learn a lot about clients’ short and long-term financial goals through many conversations and building relationships with them. I also often learn about their frustrations and regrets regarding past financial
Using a 529 to Create a Family Education Foundation
One of the questions I receive when someone starts saving for their children’s college via a 529 plan is what happens if their children do not go to college. One option is to have another family member use the funds in the 529 plan to pay for their education. If we take that into account along
Annual College Education Progress Report
Our children get report cards at school that show how they are progressing with their learning. As parents we should get a progress report that shows how well a parent is saving for their children’s college education. I started putting together an annual report that projects what percentage of
Student Loans
Everyone has a finite amount of money that they can allocate to their financial goals. One debate that always comes up in financial circles is should I pay off more of the principal on my mortgage or invest the extra money in hopes of earning a higher return than my home interest rate. A less
What Happens to your 529 Plan If Your Child Does Not Go To College?
If there is money left over in a 529 plan it can turn into a great estate planning tool. Two benefits of 529 plans are that they can be transferred to family members and there is no time frame when the funds have to be used. Because this money can grow tax-free for many years it can create
Can Student Loans Wreck Your Retirement?
When you put a retirement plan together some of the things that you have to address are how to handle inflation, healthcare expenses, market volatility, and taxes. One derailer of a successful, happy retirement can actually happen many years earlier in your teens and early 20's - Student Debt. A
College Planning: Know the Rules for Education Funding
As college tuition continues to skyrocket, it's becoming more important than ever to know how the various savings plans work. The following is a link to a handy reference that outlines the latest rules on the most popular college savings programs (529 plans, Coverdell savings accounts, and the
Your Student Loan Just Got More Expensive
A last minute deal was not made and on July 1st and millions of current and former college students saw the interest rates on their loans double to 6.8%. This may not sound crazy, but consider this: the 10-year Treasury rate is just below 2.5% and the 30 year Treasury rate is 3.5%. The new, higher