Insights & News

Sign Up for FAI Insights & News

and get it delivered to your inbox!

 

 

Cal Ripken on Financial Planning for Young Adults
Cal Ripken on Financial Planning for Young Adults

My next stop was Miami and I was paid $500 per month - $406 after taxes… - Cal Ripken

Charm City (Baltimore) was the host of the Financial Planning Association (FPA) Annual Conference from September 14 through 16.  Cal Ripken was the keynote speaker for opening day (who says financial planners do not have a sense of humor…).  

The Freshman Fifteen Hundred
The Freshman Fifteen Hundred

Every year college freshmen sped anywhere from hundreds to thousands of dollars on unused items including textbooks they may open once and some may not event be touched. 

Here are some tips fron FAI in order to keep you or your college student prepared for what lays ahead and acquire the most out of the first year in college. 

What Comes After the Hardest Conversation: Resources for Your Aging Parents
What Comes After the Hardest Conversation: Resources for Your Aging Parents

Now that Early Retiree had The Hardest Conversation, with his father, August Retiree.  Early’s “aging and end of life talk” with his father went well and Early felt he understood their wishes.  Now, he wants to make sure he and his parents have a plan when they experience “aging transitions.” Early will forever remember August’s smirk when he said, “aging transitions.” 

Your Heirs Will Lose Money If You Don't Take These Steps Now
Your Heirs Will Lose Money If You Don't Take These Steps Now

If your spouse and or other heirs cannot quickly figure out your financial affairs after you pass away or become incapacitated, you won't just leave them frustrated you might leave them with less money. Accounts and other assets could be overlooked ... and financial penalties could be incurred, such as those for not taking required distributions from tax-deferred retirement accounts.

Things: We Don't Want!
Things: We Don't Want!

It’s the holiday season, and that means giving is on the minds of many. For some, it’s an opportunity to give to their favorite causes while potentially gaining some tax benefits. However, the FAI team thought it might be fun to change gears a little and talk about gifting on a personal level. Many of us are struggling to come up with ideas for gifts to family and friends during this time of year. Upon hearing the story of a friend who distributed a list of charities in lieu of a traditional wedding registry, the team suggested an article on the younger generation’s perspective on gifts.

Donor-Advised Funds
Donor-Advised Funds

Establishing a donor-advised fund can be an effective vehicle for your charitable dollars while allowing you to delay the decision making process until you have more time to determine which charities you would like to be the beneficiaries of your charitable dollars.

Should You Share Your Financial Situation With Your Children?
Should You Share Your Financial Situation With Your Children?

In a recent study of parents with incomes over $100,000, only 17 percent said they would discuss their income or net worth with their children under the age of 18 – close to 20 percent said they wouldn’t share this information with offspring at all.

Steps to Encourage Financial Independence in the Next Generation
Steps to Encourage Financial Independence in the Next Generation

Most clients have legacy plans as part of their long-term financial goals. But quite a few clients also express concerns about enriching their children without preparing them to handle wealth. It’s not that they don’t love their children. But, they fear that a large inheritance could leave immature heirs dependent and unmotivated. They dread the old maxim that “the first generation creates the wealth, the second generation spends it…”

The Grandparent "Gotcha" in 529 College Savings Plans!
The Grandparent "Gotcha" in 529 College Savings Plans!

Merely opening a 529 for a grandchild does not affect the grandchild’s eligibility for financial aid because a 529 owned by a grandparent is not reportable on the Federal Application for Student Financial Aid (FAFSA). However, withdrawals from the grandparent’s account to pay for college is treated as untaxed income to the grandchild.

Lyn Dippel
Family Finance: Early Money Lessons Key for Women

Lyn A. Dippel interviewed by Eileen AJ Connelly for the Associated Press.  "I find that still, especially if they're stay-at-home moms, they're not in the know, or they don't have equal say," said Lyn Dippel, a financial planner with FAI Wealth Management in Columbia, Md.

As a result, by the time daughters become women, they're less likely to be familiar with the language of investing, which alone can intimidate. That's compounded by much of the available information seeming like it's targeted toward men. "If you watch CNBC, it looks like ESPN," said Dippel. "It does not speak to women in the way that women want information."

To read the complete article, please click on the link below.