One thing is certain with estate planning: we MUST talk about it. A good conversation about your estate wishes could help bridge the present and future.
Recently, I came across an article in the Journal for Financial Planning that could help you start the estate planning process. The article was about a financial advisor that asked the question: If I die, what happens to the business? This question spawned several scenarios which exposed flaws in their business transition plan. The same idea can be applied to your personal estate plan.
Ask the question, if I die, what will happen?…Read More
Watching the Masters last week reminded me that when I started my new company, one of the things I wanted to do was track clients’ net worth. Why? There are many reasons, but the most important reason is because what you put your mind on grows. Everyone I know would like to add a couple hundred thousand to their net worth. By tracking net worth, we learn that making smart financial decisions can grow our wealth faster than if we follow herd consumerism mentality. Albert Einstein said that insanity was “doing the same thing over and over again and expecting …Read More
My last article discussed the First 5 Steps in College Planning. This article is more focused on parents whose kids are teenagers and/or entering high school. It is during these four years that you might be able to save just as much money in scholarships and grants as you might be short in your planning. Here are the steps:
1. Take the PSAT for practice – The PSAT is also the National Merit Scholarship Qualifying Test. Juniors who do well on the test may be Honorable Mention or Semi-Finalists. Semi-Finalists then take the SAT to sort of verify the …Read More
With the cost of college increasing almost exponentially lately, I’ve had several requests for information on college planning, so I thought I’d put together some tips.
1. Start Early – Obviously the sooner you can start saving for college, the better.
2. Know How Much You Want To Pay – First decide if you are paying 100%, or less. I read a neat article on this decision that broke down college savings into 3rds. The parents pay a third. The children pay a third. A third is funded from grants, scholarships, loans, etc.
3. Estimate How Much You Are …Read More