Category: Parenting & Education

By John Fales and Marc Shaffer

The concept of a “perfect time” to do things is one that is both not quite realistic yet incredibly understandable. One that is often talked about and pushed off to another, better time is having a baby. Not quite realistic because there will always be something or other standing in your way, yet incredibly understandable because of the myriad tasks that would be helpful to complete before starting a family. There may never be a perfect time to start a family, but no matter where you are in your journey, there are some common considerations for your financial planning.

By Marc C. Shaffer

If covering the cost of a college education for a child or loved one is a priority for you, there are ways you can do it that are tax advantaged and that allow you to save over time to meet the goal rather than trying to come up with money when the recipient is 18 and going to college. A 529 Plan could be a solution that fits your needs. Not only does a 529 Plan account grow tax free, but as a Kansas or Missouri resident, you get a state income tax deduction to save you money today.

By Ryan W. Brooke

There are many instances where someone might offer to co-sign a loan. A parent may be helping a child with a loan for a vehicle or home, perhaps because the child lacks the credit history to secure a loan on their own. Someone might co-sign a home or vehicle loan for a friend who has poor credit history. In these instances, there is an actual item being considered that could be collected in the event of a death. But what about student loans? How “on the hook” are co-signers in the event of a death?

By John C. Fales and Ryan W. Brooke

Student loans are as American as apple pie, yet many people are embarrassed to ask for help with learning about and taking care of their student loans.

Why? They may believe their loans are too high, think they should be more knowledgeable on their own, or don’t want to show how desperate they feel about their situation.

The first thing to recognize when it comes to student loans is just how common they are and how getting help can save a lot of frustration in your future.

Your children (or grandchildren) may be small, but your dreams for them are big. You’d like to give them the opportunity to attend college, but the rising cost of higher education appears to be putting those aspirations further out of reach.

Costs to attend public or private colleges rose nearly 3.6% this year, according to The College Board’s annual report, while inflation ticks up only at a rate of about 2% per year. Add to the bad news the fact that the average annual cost at public 4-year colleges increased by $300 for in-state students and by $800 at private colleges. Trends indicate those numbers will only continue to increase.

Classrooms at universities and colleges across the nation are now opening for fall semester. You might have a child, grandchild, niece or nephew who is all set to spend their semester studying, socializing, and living on their own. You have prepared them for college life by teaching them how to grocery shop, prepare simple meals, and do laundry. Often, however, college students head to school with little knowledge about making a budget and managing money.

A National Student Financial Wellness Study, the first of its kind released in 2015 by Ohio State University, showed college students’ biggest worries were not exams or terrible roommates. Their biggest worries revolved around money. A little more than 72% of the students surveyed said they felt stressed about personal finances, monthly expenses, or whether they would be able to pay for college at all.

By John C. Fales

The temptation to spend funds meant for another purpose can be high when your savings and investments are lumped together. When saving for education, having a “bucket” earmarked specifically for that purpose can get you started on funding educational needs and a 529 Plan may be a powerful tool on your savings journey.

By: Jessica Kmetty

To send a child off into the “real world” without teaching him or her how to be smart about money is to set that child up for failure. So when is the right time to begin teaching your children about money? Put a one-dollar bill in your left hand and a $100 bill in your right hand. Then ask your child which one he or she wants. Children who are knowledgeable enough to know that the $100 bill is the one to go for are ready to start learning about money.