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Review Category : College Planning

What Do You Want to Be When You Grow Up?

Steven B. Goldstein, CFP®, CRPC®, RICP® Vice President, Private CFO® What do you want to be when you grow up? You were probably asked that question many times when you were a kid.  I always dreaded that question because I wasn’t one of those kids who had a special talent or somehow knew they wanted to be a doctor, lawyer, or whatever.  Sure, I dreamed about being a baseball player when I was little but, as I grew up, I knew that wasn’t going to happen.  Later I dreamed about becoming a rock star (what teenage boy didn’t?) but it was obvious a musical career was never going to be in my future.  So, I was like many kids and went through school racking my brain to choose a career I would enjoy, be proud of, and most importantly, would enable me to support myself as an adult.  I ultimately chose business, economics, and finance, and here I am many ...

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AN EDUCATION ON COLLEGE SAVINGS

Saving for your child’s education can be a daunting task.  You need to calculate how much money must be saved to reach your goal, what type of plan you should contribute to, and what the different tax implications will be.  With college costs increasing an average of 5% each year, the price of a college education in the future seems staggering.  A child born today will pay more than $237,000 (see chart below) for the average public institution or $536,000 for the average private university by the time they begin college.  Determine your average cost from the table below to come up with a projected goal. Keep in mind that additional needs such as a car or plane tickets for trips home, will increase the savings required.  Once a target goal has been defined, you may choose among multiple investment options.  A common mistake parents make at this point is to place assets (i.e.: stocks, bonds or savings accounts) in ...

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Should More Companies Offer a Holiday Bonus?

We know that the holiday season is coming down the home stretch, but there have been some amazing stories of companies whose generosity has gone above and beyond the call of duty.  Two out of three companies say they will give some sort of holiday bonus, but St. John Properties in Maryland surprised their employees beyond belief with handing out $10,000,000 in holiday bonuses https://bit.ly/36B7pfL. The bonuses were handed out based upon your length of service with the company. So, even though the average employee bonus was $50,000, the lowest bonus was $100 and one employee who worked for the company for 44 years received a $270,000 bonus?  anta, do you hear us calling you? The news continued over the past week with a giant insurance company called the Integrity Marketing Group who paid out a $50,000,000 bonus to its some 7,500 employees, but their bonuses were skewed to the overall performance of the individuals rather than tenure or the ...

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20% Of Millennials Will Die With Debt?

In a shocking recent study on www.cnbc.com, the average millennial (aged between 18 to 34) is currently carrying $36,000 in personal debt excluding any home mortgage they have.  While this debt is certainly crushing this generation, just over 60 percent of millennials with debt have absolutely no idea when they are going to pay this debt off that they owe. But the real sobering data that came out of the survey is that one out of five millennials expect that they will carry this debt to the grave with them.  Is that any way to live? How did we get here? The debt that has cursed the millennials generation has come in three large forms; the largest and the most widely bandied about is the student debt.  Now, north of 1.6 trillion dollars of total student debt, the average student is closing in on $30,000 of student debt when they graduate college and with wages rising at a very slow ...

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Do You Want To REALLY get FREE College Money?

The debates are on and every presidential candidate is promising thousands and thousands of dollars of FREE college money. Wouldn’t that be nice? Now that the kids are back in school and the football season is in full swing, most families don’t realize that applying for free financial aid is literally right around the corner for the school year in 2020. The problem is that most people don’t understand how the college aid process actually works and often sell themselves short of getting free money that could help offset the growing cost of college. Here are seven mistakes that could crush your ability to get free money for 2020. Filling out the FAFSA form AFTER October 1st– If you are interested in getting the most possible money from the Free Application For Student Aid, then you must fill out the forms by October 1st.   Some of the financial awards are issued on a first come first serve basis, so when ...

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How I Kicked My Post College Kid Out Of The House- And You Can Too!!

It’s official – apparently you can to home again. A recent TD Ameritrade survey found that 50% of “young millennials” plan to move back home with their parents after college. The survey polled 1,027 members of Generation Z (which the survey defines as ages 15-21), 1,026 millennials (which the survey defines as ages 22-28) and 1,001 parents. This issue is actually very personal for me. With my oldest child Olivia having recently graduated college and two others at home closely following in her footsteps, I made a strategic decision. I needed to kick Olivia out of the house and get her living on her own as soon as possible.  You know I love my kids more than life itself.  You know I only want the best for them.  But I remember the struggles I experienced when I started living on my own with less than $100 in my bank account. I lived on a waterbed and ate a steady diet ...

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Could E-Sports Earn Your Child A Scholarship?

There has probably been an afternoon or evening where your child was playing Fortnite with their friends and you could hear screams and yells, thinking to yourself, “what in the heck is going on in there?” You’ve probably had to yell once or twice before dinner or bedtime to get off the gaming system, and it’s likely you’ve had a family discussion about how to stop your child from playing the gaming system as much as they do today. WAIT! Maybe it’s time to switch gears and start thinking about how this could provide a FREE RIDE for your child to college! 30 million dollars.  That was the prize money for the Fortnite World Cup that took place at Arthur Ashe Stadium in New York last weekend.   And yes, the stadium they chose to host the finale was actually larger seating-capacity wise than Madison Square Garden.  E-Sports is now a $900 million-dollar industry with nearly 400 million viewers worldwide.   Gamers ...

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Four Ways Your Kids Can Ruin Your Retirement

Retirement generally only happens one time in our life.  It is that transition period where we hope our work, parental, and personal responsibilities dissipate to the point where we only have to worry about ourselves.  It is a time in our lives where we don’t have to be on a time clock, don’t have to worry about checking e-mail, and there are no meetings that we have to be at on the schedule of someone else. Nobody really tells you what kinds of responsibilities come with having children until you actually have a child.  You work hard to raise your child the right way, and you hope one day that they will be a fully self-sufficient individual.  Your greatest fear may be your own children’s failure to launch.  Here are four ways your children can ruin your retirement: Their Debt Becomes Your Guilt Many parents believe it is their responsibility to make sure their child graduates college with no debt.  ...

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