Wednesday, September 15, 2010
Are You Too Busy Tomorrow Night For This?
Studies show that kids are looking for answers relating to money - how it works, how it's spent.....why they're getting so little of it! Take some time tomorrow and participate in National Money Night. Talk to your kids about your household's financial situation. Doing so will give them a deeper feeling of inclusion within the family unit. Who knows......maybe they'll actually make a suggestion that will benefit the family!
Read more about National Money Night here: National Money Night
Tuesday, August 10, 2010
10 Questions To Ask When Picking A Financial Advisor
Great article by Mark Miller I thought I'd share with everyone.....
The financial planning profession is growing explosively as millions of aging baby boomers confront the challenges of planning for retirement security. Readers of this column have been writing to ask if they need a planner-and how to go about hiring one.
Retirement planning poses complex challenges-and investing wisely is just one part of the picture; you also need to understand the roles of Social Security, taxes, mortgages, insurance, debt, health care and longevity. You should learn all you can about these topics, but professional assistance with decision making and timing can make all the difference in helping you to get ahead for the long run. More often than not, a financial planner is worth the expense.
But how do you go about finding a knowledgeable, trustworthy advisor? Financial planners aren’t regulated by state or federal government, so anyone can hang out a shingle and start peddling services.
It’s critically important that you shop rigorously and ask the right questions. Here, then, are the top 10 questions to take along when you interview a financial planner:
1. What are your credentials? Planners can earn a wide range of professional designations from various private professional associations. I’m able to identify at least nine of them, each with a different meaning. Among the most common designations is Certified Financial Planner (CFP)-someone who has passed an exam and is earning a certain amount of continuing education credit on a regular basis. Some designations indicate a specialty in a particular area of investment, such as Chartered Mutual Fund Counselor (CMFC).
The key thing to know is that these designations are earned voluntarily; an advisor isn’t required to have any of them in order to practice. When you interview planners, ask about their professional designations and don’t be afraid to ask them to explain what they mean.
2. How much experience do you have? Always ask how many years a planner has been practicing. Find someone with at least five years’ experience; if it’s less than 10, ask about other experience that may be relevant to their planning expertise.
3. How many other clients do you have? A large number isn’t necessarily better! If a planner works with too many clients, you may not have access when you need it. Find out whether you be working directly with the planner or with an assistant.
4. How do you get paid? Many financial planners charge an hourly or flat fee. Others charge a fee plus commission on the products they sell, and some earn product commission only. In addition, some planners charge an annual asset management fee ranging from 1 to 3 percent of your assets.
There’s no consensus on which approach is best, although many experts dislike commission-based selling, arguing that planners who earn their living solely from commissions on the investment products they sell have a built-in potential conflict of interest.
“Find an experienced certified financial planner (CFP) who will do the planning on an hourly or project basis, with no requirement that the client have their investment assets with the planner,” says Joel Larsen of Navigator Financial Advisers.
If you go the fee-only route, expect to pay an hourly rate of $100 to $250 per hour, or a flat fee. You’ll go elsewhere to implement your planner’s recommendations.
5. Who do you really work for? If you’re interviewing commission-compensated advisors, determine whether they work for a single company or represent a larger, balanced range of products. You need to make sure the advisor has your best interests at heart, not an employer’s.
6. Have you ever been in trouble? You want a planner with a spotless record. Ask planners if they have ever faced public discipline for any illegal or unethical professional actions. You can verify this yourself for free at Web sites such as the Financial Industry Regulatory Authority (FINRA), the National Association of Insurance Commissioners or the U.S. Securities & Exchange Commission. I’ve posted links to these watchdog pages below.
7. What’s your investment philosophy? How does the planner approach investment risk and how will your portfolio will be adjusted as you age? Will you receive a written statement about the investment policies that will be used in managing your money? Will you be granting the planner authority to make investment decisions without your prior approval?
8. What should I bring to our first meeting? Look for a planner who asks you to bring all of your financial information to the first meeting. Time is a valuable commodity. It’s imperative that both you and the planner make the most of what time you have together. If you decide to work together, you’ll be able to get started immediately.
9. Can I trust you? Do you feel comfortable with the person you’re considering? Says Cynthia Meyers of Foothill Securities: “Does the planner keep his or her promises to you? Is this person consistently on time for your meetings? Does the planner meet your standards for a trustworthy person?”
10. Do you understand me? Look for a planner who wants to understand what’s important to you. Says Laura Leavitt, a certified financial planner: “If the planner doesn’t care to know about what’s important to you, how can he or she give you advice that meets your goals?”
The financial planning profession is growing explosively as millions of aging baby boomers confront the challenges of planning for retirement security. Readers of this column have been writing to ask if they need a planner-and how to go about hiring one.
Retirement planning poses complex challenges-and investing wisely is just one part of the picture; you also need to understand the roles of Social Security, taxes, mortgages, insurance, debt, health care and longevity. You should learn all you can about these topics, but professional assistance with decision making and timing can make all the difference in helping you to get ahead for the long run. More often than not, a financial planner is worth the expense.
But how do you go about finding a knowledgeable, trustworthy advisor? Financial planners aren’t regulated by state or federal government, so anyone can hang out a shingle and start peddling services.
It’s critically important that you shop rigorously and ask the right questions. Here, then, are the top 10 questions to take along when you interview a financial planner:
1. What are your credentials? Planners can earn a wide range of professional designations from various private professional associations. I’m able to identify at least nine of them, each with a different meaning. Among the most common designations is Certified Financial Planner (CFP)-someone who has passed an exam and is earning a certain amount of continuing education credit on a regular basis. Some designations indicate a specialty in a particular area of investment, such as Chartered Mutual Fund Counselor (CMFC).
The key thing to know is that these designations are earned voluntarily; an advisor isn’t required to have any of them in order to practice. When you interview planners, ask about their professional designations and don’t be afraid to ask them to explain what they mean.
2. How much experience do you have? Always ask how many years a planner has been practicing. Find someone with at least five years’ experience; if it’s less than 10, ask about other experience that may be relevant to their planning expertise.
3. How many other clients do you have? A large number isn’t necessarily better! If a planner works with too many clients, you may not have access when you need it. Find out whether you be working directly with the planner or with an assistant.
4. How do you get paid? Many financial planners charge an hourly or flat fee. Others charge a fee plus commission on the products they sell, and some earn product commission only. In addition, some planners charge an annual asset management fee ranging from 1 to 3 percent of your assets.
There’s no consensus on which approach is best, although many experts dislike commission-based selling, arguing that planners who earn their living solely from commissions on the investment products they sell have a built-in potential conflict of interest.
“Find an experienced certified financial planner (CFP) who will do the planning on an hourly or project basis, with no requirement that the client have their investment assets with the planner,” says Joel Larsen of Navigator Financial Advisers.
If you go the fee-only route, expect to pay an hourly rate of $100 to $250 per hour, or a flat fee. You’ll go elsewhere to implement your planner’s recommendations.
5. Who do you really work for? If you’re interviewing commission-compensated advisors, determine whether they work for a single company or represent a larger, balanced range of products. You need to make sure the advisor has your best interests at heart, not an employer’s.
6. Have you ever been in trouble? You want a planner with a spotless record. Ask planners if they have ever faced public discipline for any illegal or unethical professional actions. You can verify this yourself for free at Web sites such as the Financial Industry Regulatory Authority (FINRA), the National Association of Insurance Commissioners or the U.S. Securities & Exchange Commission. I’ve posted links to these watchdog pages below.
7. What’s your investment philosophy? How does the planner approach investment risk and how will your portfolio will be adjusted as you age? Will you receive a written statement about the investment policies that will be used in managing your money? Will you be granting the planner authority to make investment decisions without your prior approval?
8. What should I bring to our first meeting? Look for a planner who asks you to bring all of your financial information to the first meeting. Time is a valuable commodity. It’s imperative that both you and the planner make the most of what time you have together. If you decide to work together, you’ll be able to get started immediately.
9. Can I trust you? Do you feel comfortable with the person you’re considering? Says Cynthia Meyers of Foothill Securities: “Does the planner keep his or her promises to you? Is this person consistently on time for your meetings? Does the planner meet your standards for a trustworthy person?”
10. Do you understand me? Look for a planner who wants to understand what’s important to you. Says Laura Leavitt, a certified financial planner: “If the planner doesn’t care to know about what’s important to you, how can he or she give you advice that meets your goals?”
Monday, April 5, 2010
April Is National Financial Literacy Month: Week # 1 Topic - The Dreaded 'B' Word....Budget
The basic cornerstone to any family's financial success is having, and adhering to, a working monthly budget. A budget is a plan, an outline of your future income and expenditures that you can use as a guideline for spending and saving.
Only 40 percent of Americans use a budget to plan their spending. But 60 percent of Americans routinely spend more than they can afford. A budget can help you pay your bills on time, cover unexpected emergencies, and reach your financial goals—now and in the future. Most of the information you need is already at your fingertips.
Start by following the simple steps outlined below to get a clear picture of your monthly finances.
1. Add Up Your Income
To set a monthly budget, you need to determine how much income you have. Make sure you include all sources of income such as salaries, interest, pension, and any other income sources, including a spouse’s income if you’re married. Using the worksheet below, write a dollar figure next to each relevant income source. Make sure that the figure you write down is the amount you receive from each income source on a monthly basis.
If you get a salary, be sure to use your take-home pay, not your gross pay. Taxes are usually taken out automatically, but if they’re not, remember to include them as another expense. If you receive money from somewhere not listed, enter the source of that money along with the amount under "other income."
2. Estimate Expenses
The best way to do this is to keep track of how much you spend each month. The worksheet should divide spending into two categories:
3. Figure Out The Difference
Once you’ve totaled up your monthly income and your monthly expenses (both discretionary and non-), subtract the expense total from the income total to get the difference. A positive number indicates that you’re spending less than you earn – well done! A negative number indicates that your expenses are greater than your income and gives you an idea of where you need to trim expenses and by how much.
It is during this exercise that you need to clearly define and understand the concept of 'wants' vs. 'needs'. If you're running into negative net cash flow each month, look at your expenses and see if some of your expenses are merely wants disguised as needs. If you are getting every cable channel under the sun, try going to just basic cable for a few months. If you have unlimited texting with your cell phones each month, look at reducing the number of texts allowed each month to free up some money (much to the chagrin of your teenager, I'm sure!). After going a few months without some of the luxury 'needs', you may just surprise yourself and realized that life isn't so bad without them!
Well done - you’ve created a budget. The next step is to track your budget over time and make sure you are still on target to achieving your financial goals.
Only 40 percent of Americans use a budget to plan their spending. But 60 percent of Americans routinely spend more than they can afford. A budget can help you pay your bills on time, cover unexpected emergencies, and reach your financial goals—now and in the future. Most of the information you need is already at your fingertips.
Start by following the simple steps outlined below to get a clear picture of your monthly finances.
1. Add Up Your Income
To set a monthly budget, you need to determine how much income you have. Make sure you include all sources of income such as salaries, interest, pension, and any other income sources, including a spouse’s income if you’re married. Using the worksheet below, write a dollar figure next to each relevant income source. Make sure that the figure you write down is the amount you receive from each income source on a monthly basis.
If you get a salary, be sure to use your take-home pay, not your gross pay. Taxes are usually taken out automatically, but if they’re not, remember to include them as another expense. If you receive money from somewhere not listed, enter the source of that money along with the amount under "other income."
2. Estimate Expenses
The best way to do this is to keep track of how much you spend each month. The worksheet should divide spending into two categories:
- Non-Discretionary - includes all mandatory expenses for the month (e.g. mortgage, food, utilities)
- Discretionary - includes all non-mandatory expenses for the month (e.g. dining out, gym memberships)
3. Figure Out The Difference
Once you’ve totaled up your monthly income and your monthly expenses (both discretionary and non-), subtract the expense total from the income total to get the difference. A positive number indicates that you’re spending less than you earn – well done! A negative number indicates that your expenses are greater than your income and gives you an idea of where you need to trim expenses and by how much.
It is during this exercise that you need to clearly define and understand the concept of 'wants' vs. 'needs'. If you're running into negative net cash flow each month, look at your expenses and see if some of your expenses are merely wants disguised as needs. If you are getting every cable channel under the sun, try going to just basic cable for a few months. If you have unlimited texting with your cell phones each month, look at reducing the number of texts allowed each month to free up some money (much to the chagrin of your teenager, I'm sure!). After going a few months without some of the luxury 'needs', you may just surprise yourself and realized that life isn't so bad without them!
Well done - you’ve created a budget. The next step is to track your budget over time and make sure you are still on target to achieving your financial goals.
Thursday, April 1, 2010
April is National Financial Literacy Month: Time to Improve Your Finances and Your Life
I've been making a big push to get financial literacy into the spotlight not only for today's youth, but for their parents and grandparents as well.
Some of my efforts have been in the form of my book, establishing financial literacy courses this summer at Discovery College, getting articles out in the local papers, and continued facilitation of the Dave Ramsey Financial Peace course at my church.
Here are some sobering statistics illustrating why improving one's financial literacy is so critical:
For adults:
* 43% of working Americans have less than $10,000 saved for retirement. 27% have less than $1,000 saved.
* Out of 100 Americans aged 65 and older, 97 cannot write a check for $600 on any given day of the month (a sign of living paycheck to paycheck)
* 7 out of 10 households are currently living paycheck to paycheck
For students:
* 60% of college freshman with credit cards will max them out before the end of their first year of college.
* The average monthly credit card balance for college students is $4,776
* One in every three college students graduate with at least $10,000 of credit card debt alone (not even counting any student loan debt)
* More students are dropping out of college due to finances than academics
* Overbearing debt/financial issues is the leading cause of suicide among college students.
I will be dedicating even more time during this month to get as much information, tips, and suggestions out in front of everyone. I will also be blogging throughout the month, so please don't hesitate signing up and following my blog so you can be notified when new posts are made
I will try to get the first tip/lesson out tomorrow. If there are any topics you would like to see discussed or explained please let me know. The more information I can get out in front of others the better!
I hope everyone has a safe and enjoyable Easter weekend!
Some of my efforts have been in the form of my book, establishing financial literacy courses this summer at Discovery College, getting articles out in the local papers, and continued facilitation of the Dave Ramsey Financial Peace course at my church.
Here are some sobering statistics illustrating why improving one's financial literacy is so critical:
For adults:
* 43% of working Americans have less than $10,000 saved for retirement. 27% have less than $1,000 saved.
* Out of 100 Americans aged 65 and older, 97 cannot write a check for $600 on any given day of the month (a sign of living paycheck to paycheck)
* 7 out of 10 households are currently living paycheck to paycheck
For students:
* 60% of college freshman with credit cards will max them out before the end of their first year of college.
* The average monthly credit card balance for college students is $4,776
* One in every three college students graduate with at least $10,000 of credit card debt alone (not even counting any student loan debt)
* More students are dropping out of college due to finances than academics
* Overbearing debt/financial issues is the leading cause of suicide among college students.
I will be dedicating even more time during this month to get as much information, tips, and suggestions out in front of everyone. I will also be blogging throughout the month, so please don't hesitate signing up and following my blog so you can be notified when new posts are made
I will try to get the first tip/lesson out tomorrow. If there are any topics you would like to see discussed or explained please let me know. The more information I can get out in front of others the better!
I hope everyone has a safe and enjoyable Easter weekend!
Wednesday, March 31, 2010
A Little Hard Work Starting To Pay Off!
Almost a year and a half ago, I made the best career decision to date - making the jump from the corporate world of financial planning to starting my own financial planning and investment management firm. The transition from being able to count on a steady salary to being completely reliant on building my own client base has not been an easy one. I have to constantly remind myself of the old adage "slow and steady wins the race every time". I knew going into this leap of faith that things would be different for a while, and they most certainly have!
Well, some of the hard work started to pay off recently when I had lunch with a reporter for one of the local newspapers. We talked about my new venture and all I have been doing to promote myself and my business. I didn't realize it would be made into a large article in this week's edition!
Here is the link to the article on the paper's website: Local Financial Planner Offers Classes, Releases Book
I would welcome any feedback, comments, questions, etc.!
It's been a while since I last blogged......rest assured, the month of April will be another active month here on my blog. Please check back later this week for more details!
Well, some of the hard work started to pay off recently when I had lunch with a reporter for one of the local newspapers. We talked about my new venture and all I have been doing to promote myself and my business. I didn't realize it would be made into a large article in this week's edition!
Here is the link to the article on the paper's website: Local Financial Planner Offers Classes, Releases Book
I would welcome any feedback, comments, questions, etc.!
It's been a while since I last blogged......rest assured, the month of April will be another active month here on my blog. Please check back later this week for more details!
Thursday, January 7, 2010
Potential Estate Planning Blunder For 2010
I was assisting a client with reviewing their estate planning today, and I came across a potentially devastating clause in each of their wills. This clause is, for the most part, boiler-plate verbiage in all wills so I thought I’d bring it to everyone’s attention. It may or may not apply to you, but I wanted to put the word out regardless. What’s at issue: with the new estate planning laws that went into effect this year, the surviving spouse could end up with none of the deceased spouse’s half of the estate.
The clause in the spotlight is a clause that is normally very effective in transferring wealth to surviving spouses and children/charities. But, as I mentioned above, with the new estate tax laws that went into effect on January 1, 2010 the clause can actually do more harm than good.
Basically, what the clause says is something like this: “When I die, I direct that my surviving spouse is to receive my entire half of the estate, up to the annual exclusion amount. Everything over and above the exclusion amount should go to my children” (or other siblings, charities, etc.). For 2008 and 2009, the annual exclusion amount was $3.5 million. Therefore, in previous years this clause would take the first $3.5 million from the deceased spouse’s half of the estate, give it to the surviving spouse in trust, and everything else goes to the children/relatives/charities, etc. By doing this, couples can theoretically shelter $7 million of their estate ($3.5MM for each spouse) from estate taxes.
HOWEVER, in 2010 the ‘death tax’ (the estate taxes paid upon someone’s death) is repealed meaning there is no estate tax due on someone’s death regardless of how much money they have. Therefore, if Bill Gates or Warren Buffett died tomorrow, they would not have to pay a single dime in estate tax.
Here is where the problem could arise: since there is no estate tax due on a person’s death, there’s no need to have an annual exclusion amount peeled off the top to shelter it from estate taxes. In other words, the annual exclusion just went from $3.5 million to $0 for 2010. With the way the clause is written, the spouse will get $0 and everything else goes to the children. Not good!!
Now, it is highly unlikely that the government will allow this death tax repeal to exist for the rest of the year. From what I’ve read and heard, they will re-instate the $3.5 million exemption and 45% top tax rate later this year and make it retroactive to January 1, 2010. But that still should not preclude you from at least reviewing your estate plan to make sure it is set up to do what you want it to do.
If you have a will and have not reviewed it in the past four or five years, please do yourself a favor and read through it again. If you are not sure what everything means please do not hesitate in contacting me. I will be more than happy to read over it and explain what it is set up to do and make recommendations if I see any shortfalls in your estate plans.
If you don’t have a will…..you need to get one as soon as possible. I’ll be happy to discuss with you how to go about getting this done. I’ve heard of a lot of people who swear by online vendors (e.g. Legal Zoom), but I should stress that not everyone’s situation calls for online forms. More times than not, meeting with an attorney is well worth the added cost.
I’ll be happy to answer anyone’s questions……I simply wanted to make everyone aware of the potential loophole I’m seeing in other people’s estate documents.
The clause in the spotlight is a clause that is normally very effective in transferring wealth to surviving spouses and children/charities. But, as I mentioned above, with the new estate tax laws that went into effect on January 1, 2010 the clause can actually do more harm than good.
Basically, what the clause says is something like this: “When I die, I direct that my surviving spouse is to receive my entire half of the estate, up to the annual exclusion amount. Everything over and above the exclusion amount should go to my children” (or other siblings, charities, etc.). For 2008 and 2009, the annual exclusion amount was $3.5 million. Therefore, in previous years this clause would take the first $3.5 million from the deceased spouse’s half of the estate, give it to the surviving spouse in trust, and everything else goes to the children/relatives/charities, etc. By doing this, couples can theoretically shelter $7 million of their estate ($3.5MM for each spouse) from estate taxes.
HOWEVER, in 2010 the ‘death tax’ (the estate taxes paid upon someone’s death) is repealed meaning there is no estate tax due on someone’s death regardless of how much money they have. Therefore, if Bill Gates or Warren Buffett died tomorrow, they would not have to pay a single dime in estate tax.
Here is where the problem could arise: since there is no estate tax due on a person’s death, there’s no need to have an annual exclusion amount peeled off the top to shelter it from estate taxes. In other words, the annual exclusion just went from $3.5 million to $0 for 2010. With the way the clause is written, the spouse will get $0 and everything else goes to the children. Not good!!
Now, it is highly unlikely that the government will allow this death tax repeal to exist for the rest of the year. From what I’ve read and heard, they will re-instate the $3.5 million exemption and 45% top tax rate later this year and make it retroactive to January 1, 2010. But that still should not preclude you from at least reviewing your estate plan to make sure it is set up to do what you want it to do.
If you have a will and have not reviewed it in the past four or five years, please do yourself a favor and read through it again. If you are not sure what everything means please do not hesitate in contacting me. I will be more than happy to read over it and explain what it is set up to do and make recommendations if I see any shortfalls in your estate plans.
If you don’t have a will…..you need to get one as soon as possible. I’ll be happy to discuss with you how to go about getting this done. I’ve heard of a lot of people who swear by online vendors (e.g. Legal Zoom), but I should stress that not everyone’s situation calls for online forms. More times than not, meeting with an attorney is well worth the added cost.
I’ll be happy to answer anyone’s questions……I simply wanted to make everyone aware of the potential loophole I’m seeing in other people’s estate documents.
Wednesday, January 6, 2010
Tips on Increasing Financial Aid Eligibility
Even if you are still a few years away from the first college tuition bill, there are a few steps you can take, some seemingly counter-intuitive, to increase the chances of receiving some sort of financial aid.
About two years before your child is expected to attend college consider how you might reposition your assets so they are more favorably viewed on the applications for financial assistance. Why start so soon? The amount of aid you’re eligible for in a given year is based on the previous year’s income. Controlling your assets and the receipt of income will have a significant impact on your aid eligibility. For example, capital gains count both as an asset and income and could have a devastating impact on your eligibility. If you are able to defer income at work, consider doing so for the years your child is in college. Another option is to reduce your reportable assets. It may not make sense to pay off that car loan or credit card balance when tuition bills are on the horizon, but it may actually be a wise decision. Why? By paying off that car or credit card you simultaneously lower your reportable assets, such as stocks and cash holdings, and increase your financial need. Parents with $20,000 in the bank and a $10,000 credit card debt will appear to have more resources than parents with $10,000 in the bank and no credit card debt. In the end, the parents have the same amount of money, but to the financial aid people they have less.
Another strategy to increasing your aid eligibility is to pay attention to who owns what assets. Asset ownership is critical in determining how much financial aid a student receives. College-aid officials assess up to 35% of a student’s assets versus only 5.6% of a parent’s holdings. Therefore, make sure your 529 Plans, Coverdell plans, etc. are in the parent’s names. Prior to 2006, prepaid tuition plans, including the Independent 529 Plan, were considered an available resource to students and therefore had a more negative impact on financial aid eligibility than a 529 Savings Plan. However, recent laws passed by Congress treat all 529 plans as parental assets. Now, no more than 5.6% of your 529 college savings will be used to assess need if you apply for financial aid under federal guidelines.
It always pays to save, but just be careful how you do it.
About two years before your child is expected to attend college consider how you might reposition your assets so they are more favorably viewed on the applications for financial assistance. Why start so soon? The amount of aid you’re eligible for in a given year is based on the previous year’s income. Controlling your assets and the receipt of income will have a significant impact on your aid eligibility. For example, capital gains count both as an asset and income and could have a devastating impact on your eligibility. If you are able to defer income at work, consider doing so for the years your child is in college. Another option is to reduce your reportable assets. It may not make sense to pay off that car loan or credit card balance when tuition bills are on the horizon, but it may actually be a wise decision. Why? By paying off that car or credit card you simultaneously lower your reportable assets, such as stocks and cash holdings, and increase your financial need. Parents with $20,000 in the bank and a $10,000 credit card debt will appear to have more resources than parents with $10,000 in the bank and no credit card debt. In the end, the parents have the same amount of money, but to the financial aid people they have less.
Another strategy to increasing your aid eligibility is to pay attention to who owns what assets. Asset ownership is critical in determining how much financial aid a student receives. College-aid officials assess up to 35% of a student’s assets versus only 5.6% of a parent’s holdings. Therefore, make sure your 529 Plans, Coverdell plans, etc. are in the parent’s names. Prior to 2006, prepaid tuition plans, including the Independent 529 Plan, were considered an available resource to students and therefore had a more negative impact on financial aid eligibility than a 529 Savings Plan. However, recent laws passed by Congress treat all 529 plans as parental assets. Now, no more than 5.6% of your 529 college savings will be used to assess need if you apply for financial aid under federal guidelines.
It always pays to save, but just be careful how you do it.
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