Maintenance While cleaning up and doing tent maintenance after a recent Orland Park Cub Scout camping trip, I thought about how important it is to perform maintenance on many items including my investment accounts. This part of financial planning is necessary yet a very unexciting chore. I perform such cleaning tasks as making sure beneficiaries …
10/7/18 Sunday Simplifying Some days are just not good ones to be dealing with personal finances and that is OK. Though I am passionate about financial planning, there are those days when I just don’t want to deal with my own finances because other things are going on in my life or I am just …
We are about halfway through the summer with activities in full tilt. My son, Ryan, and I are enjoying the change in schedule. Now I am reflecting on what I need for me this summer while supporting my son’s best interests and making a deliberate effort to recharge my batteries that were drawn down from …
Recharging My Parenting Batteries While Letting My Son Expend His! Read More »
Recently, while at professional training out of town, one of the instructor’s was missing her daughter’s birthday. Sandi invited the class of 35 to sing to her daughter by phone. It was an amazing experience. Sandi teared up out of happiness. She reported her daughter overflowed with joy from hearing that special song from her …
Now that the kiddos are back in school, what will they learn about money? The best I can tell from my 1st grader is that he will learn about counting money this year. He will certainly need to know how to count it though much less so in these days of plastic and digital money. …
While having my son earn his driver’s license is a few years away, I have started thinking about the process. A lot has changed since I earned “full” driving privileges at age 16. Today’s 16 year old driver’s license requirements are almost as complex as it was for me to get my pilot’s license in …
Coverdell Educational Savings Accounts (ESAs) are a useful source for education funding. Often, these accounts are overlooked because of their limitations. By understanding ESA rules, proactive parents can provide kids money education not just education funding. Understanding the ESA Rules Contributions: Anyone may contribute to an ESA for a child under 18 years of age. …
Make Money Smart Kids with Educational Savings Accounts Read More »
I’d be very wealthy if I had a dollar for every time my son asks for a new toy. The one thousand times I’ve heard the question give me pause to think about my own childhood gifts. My fondest childhood memories are of experiences not physical gifts. These memories include family trips, playing army, a …
My childhood allowance was critical to developing my sense of financial responsibility. The allowance allowed me to make mistakes with money while seemly huge at the time, in the scope of life were much, much smaller. In short, my allowance was a fundamental part of my financial education and literacy. Allowance is a big topic …
College 529 plans get their name from the section of the Internal Revenue Code that defines them. These college savings plans are a tax preferred “wrapper” for dollars earmarked for education. Another name for the plans is Qualified Tuition Programs (QTP). State governments establish and run these plans. There are two types of QTPs. The …
Often, today’s kids and young adults place more emphasis on having a phone over having a car or even a driver’s license to stay connected with friends. So when do we give them a phone? What capabilities (voice, data, and texting)? What type of phone? This post will explore some ideas to consider when making …
The decision to save for our children’s education or retirement is a vexing one. For me, the bottom-line is that there are no scholarships or grants available for retirement. Don’t misunderstand, I am not suggesting our children’s education is unimportant and not worth our money. It may be possible to fund both. I’ll come back …
Should I Save for My Kid’s College or Retirement? Read More »
