You may have a great credit score, and perhaps many lenders are eager to offer you debt. Should you jump in and acquire the debt? Not so fast. Acquiring debt puts you in an obligation to pay back in time and as per the terms of the debt. Moreover, if you fail to pay, there are consequences. Also, financial savviness 101 says, “You should never borrow more than what you can afford” and “you should get the best deal possible”. Accordingly, this blog post: to encourage you to think twice, thrice before getting into debt. Perhaps, the checklist below will …Read More
Cheryl J. Sherrard, CFP was quoted in a September 21st article in the Wall Street Journal, focused on what parents should know, and do, about the financial challenges of boomerang children.
More millennials are spending early adulthood in the same place where they spent their formative years: in their parents’ homes.
It’s crucial that both parties understand the financial implications of this homecoming. For parents, a child’s return often means a greater financial burden, just as the parents may be struggling to meet their own savings and retirement goals. It also can make it more difficult for the millennials to …Read More
Part 1 of this series addressed how parents and family members can sometimes influence a child’s choice of schools through words and actions. Part 2 focused on the myriad of choices and how to assist a child in narrowing the selection to those best suited to help achieve vocation goals. The final segment of this 3 part series will attempt to outline options to think about when paying for a college education. While it may be possible to cover the entire cost of a child and their siblings’ education, it might be worth considering other options that involve the child. …Read More
Recently the IRS …Read More
Children are often influenced in ways that are not always obvious. As mentioned in part 1 of this 3 part series on planning for college, family conversations about fond college memories and experiences, likely occur long before a child narrows their choice about where to apply and enroll. Children will also be influenced by friends and their ideas or maybe where a teacher encourages them to explore. Ideally, they consider their intellectual and vocational gifts and settle on a few schools that align well with their longer term professional or vocational aspirations.
All the while, parents may be trying to …Read More