What Golf Taught Me About Financial Planners
Having a “financial life caddie” whose passion and expertise is to help you carry the metaphorical bag, do all the heavy lifting, select the right “club” for every decision, and anticipate hidden dangers/costs along the way, is no longer a luxury but a necessity to effectively compete in life.
Source: Forbes
Reminder: 2016-2017 Federal FAFSA Deadline is Approaching
Have you filed your FAFSA yet? Here’s an important reminder!
The federal government’s deadline for the form has a deadline of the June 30 following the academic year you’re applying for.
This means that June 30, 2017 is the federal deadline for the 2016-17 school year – it’s important to note these dates because the majority of students have likely already submitted a form for this past year. That deadline simply applies to the date in which students are able to file a FAFSA for the 2016-2017 academic year.
Again, if you haven’t already submitted a FAFSA form this year, the federal deadline to submit your FAFSA for the 2016-2017 academic year is June 30, 2017.
It’s important to note, however, that the form needs to be submitted much earlier if you’re looking to meet financial aid deadlines for the state you live in, at least for the majority of states.
You can find your state’s financial aid deadlines here.
Remember, you want to apply as early as possible so you’re able to use your granted financial aid in time for the start of your next school year. Also, many state and institutional grants, scholarships and federal work-study funding are all awarded on a first-come, first-serve basis. That means that, when it comes to the FAFSA, the early bird gets the worm.
But, if you’ve missed your state’s deadline, you can still qualify for federal funding if you submit your FAFSA sooner than later.
It’s worth it to double check your state’s deadlines because some states, like Arkansas and Alaska, have later deadlines than others and you still may have time to meet yours!
Already filed your 2016-2017 FAFSA and are looking for the 2017-2018 information? The next FAFSA will be available in October and we’ll always keep you in the know about upcoming releases.
If you’re still curious and want to plan ahead for next year, you can find a comprehensive list of all 2017-2018 federal and state deadlines here.
Source: Fastweb
How To Withdraw Income In Retirement
If you have pre-tax, Roth, and taxable accounts, how much should you withdraw from each one? Here are some things to consider:
Source: Forbes
The 5 Biggest Financial Mistakes People Make In Their 40's
Here are the five biggest mistakes I see people making in their 40’s that will limit their options in their 60’s and how to avoid them.
Source: Forbes
Why Millennials And Generation Xers Should Stop Focusing Just On Retirement
If we truly want to move the retirement preparedness needle, perhaps it’s time to re-frame the conversation. Unless you are leaving the workforce within the next 10 years, stop focusing on “retirement” and start concentrating on your overall financial wellness.
Source: Forbes
Save More Money By Meeting Your Older Retired Self
If only we had access to a time machine and could travel forward to snap a few selfies of our future older selves, perhaps we would feel more inclined to contribute more to our retirement plans at work…Fortunately, you don’t need a time machine to see exactly how your older self might look.
Source: Forbes
Crowdfunding for College
Crowdfunding, the latest trend in the startup craze, allows the public to view and donate to causes and projects via a public platform.
Students have jumped on the bandwagon, utilizing crowdfunding resources to fund the often astronomical student loans that have accumulated.
Here are some resources that students can utilize crowdfunding for debt payment, as well as manage a current financial situation, easily and efficiently.
CommonBond “connects student borrowers and alumni investors to save students money on their loans and allow alumni to earn a financial return.”
So far, through CommonBond, millions of dollars in student loans have been funded. Also, for every loan they fund, an education for a child in need is funded as well.
Through GoFundMe, students can utilize the crowdfunding platform to create a personal donation campaign (or a charity campaign), share it online and use the funds raised.
Individuals, groups and organizations can utilize this online fundraising resource free of charge.
Indiegogo allows you to raise money for, well, whatever you want. It’s a crowdfunding platform that doesn’t decide who does or does not get funded – it’s all in the hands of the public.
Create a campaign, promote it and watch the money rake in.
PigIt’s co-founder describes the site as “education’s entrepreneurial piggy bank.” On the site, students are able to offer their personal skills, abilities or products in exchange for financial contributions.
The contributions will go directly to their debtors – whichever financial institution holds the debt for the student.
It’s a great way for students to actively gain control of their current debt situation, without the temptation of spending the funding elsewhere.
StudentLoanHero helps students who sign up manage their student loans and debt, saves students money with student loan calculators, store any important loan information digitally and allows students to easily get a glimpse into the big picture with a personalized dashboard.
Tuition.io allows students to see an overview of all student loans and gives students the power to understand their financial situations more easily because all records are kept in one place.
It doesn’t matter if your loans are from the government or private; Tuition.io loads the up-to-date information on balances and payments so that students can always be aware of their current financial situation.
Source: Fastweb
Talking College Costs with Your Teen
Most college conversations between parents and teens don’t begin until junior or senior year – when teens are fully immersed in the college search process. Sometimes, the subject of college cost is not even broached until after acceptance letters and financial aid packages have been received. But that is far too late.
Parents and teens need to start having college cost conversations earlier – much earlier than the beginning of the college search process. By talking with your teen about how much you can pay, you can set better expectations of the type of education you’ll be able to afford as well as communicate that you’ll need them to help pay too.
When should we start talking about college costs?
Your Teen asked New York Times columnist and author of The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart about Money, Ron Lieber, when parents should start talking with their child about college, and he states as early as middle school. In fact, it’s not too far-fetched to have them start to save for college at that point as well, even if it’s just $1 or $2 a week, according to Your Teen.
In high school, preferably freshmen or sophomore year, talk together about savings goals for college. If you’ve been saving for your child’s education, talk to them about what the total will look like when they’re ready to enroll. Encourage them to take on summer or weekend jobs during the school year, and ask them to save a certain percentage from each paycheck toward college.
Talking about college costs and saving early on not only sets expectations that you all will work together to save, but it’s also a commitment to one another.
How should we talk about college costs?
College cost conversations should not be limited to one face-to-face meeting. Parents and teens should talk about college savings, spending and potential debt frequently. Again, these conversations reiterate expectations and commitments that have been discussed together.
Start thinking about which colleges your teen may want to attend, and consider a range of cost of attendance. Sit down together with a college cost calculator and insert the amount you’ve saved or will save together, which will help you figure out how much student loan debt you or your teen may have to realistically take to pay for college. This will help you all identify what type of colleges your family can afford.
You may be able to factor in potential scholarship or grant money, but be careful not to overestimate the amount your teen may receive. It’s almost better not to consider scholarships or grant money into the equation so that your savings and college cost plans aren’t dependent on them. At the same time, your teen should treat applying for scholarships and grants like a part-time job in order to limit the amount of student loan debt or alleviate other college costs.
How should we save as a family?
A 529 account is the ideal savings vessel for your child’s education. Parents can set up automatic deposits to this account on a monthly basis – even if it’s just $10 per paycheck. A dollar saved is a dollar less your family will have to borrow to pay for college.
Keep in mind that student assets are assessed on the FAFSA and can actually hurt more than they help. Student accounts are assessed at a higher rate than parent accounts and increase the entire Expected Family Contribution (EFC). That’s why it’s best to save everything in the parents’ name.
Your child should deposit the money into their 529 account or create a savings account in your name to which they have access to make deposits. If your family feels it’s best to save in your child’s name, they can save up to $6,400 in their own name before it has a major impact on EFC.
Paying for school and saving up for it can cause a lot of stress and anxiety for students and parents alike. Start talking with your teen sooner rather than later about college costs. Formulating a plan, setting expectations and committing to saving together can help to alleviate the burden.
Source: Fastweb
Are FHA-Insured Loans A Good Idea?
The FHA-insured mortgage loan’s easier lending standards and a lower down payment have made it a popular and in some cases, the only option for potential homeowners. An FHA mortgage may be an option if the following applies to you:
Source: Forbes
5 Valuable Employee Benefits You May Not Be Taking Full Advantage Of
In honor of National Employee Benefits day tomorrow, let’s take a look at some of the most valuable but underutilized employee benefits and how to make sure you’re taking advantage of them:
Source: Forbes
