Being A Dad...On Purpose

In our monthly interview with Jim Uren, Financial Advisor Specialist for Phase III Advisory, we have a great discussion about encouraging financial responsibility with our kids. He gives some great advice and I hope you enjoy the conversation! Be sure to rate, share and subscribe to the podcast!

The book Jim mentions in the interview: The First National Bank of Dad by David Owen

In this episode Ryan Roy, author of Be The Dad You Wish You Had and founder of FBI Dads, joins me again to discuss breaking down generational barriers that can hinder our ability to be the best dads for our kids right now. We talk about forgiveness, positivity, and pushing beyond our past experiences. It's a great conversation. I hope you enjoy it!

In this episode, I have the pleasure of interviewing Dr. Adam Starks author of Broken Child Mended Man and Love Will Find Your Home. He has a powerful story of resiliency and strength. A story that should encourage dads who have been through the foster care system and foster parents alike. I hope you enjoy this episode of Being A Dad...On Purpose.

On this episode I have a great conversation about well-child visits with Dr. Srikanth Garlapati from Davis Medical Center in Elkins, WV. He shares some insight into why we should take well-child visits seriously and why dads should be engaged in the process.

We also have our monthly financial segment with Jim Uren, Certified Financial Planner with Phase III Advisory Services out of Buffalo Grove, Illinois. He shares some wisdom around wills and trusts. 

Enjoy the episode! Remember to like, rate, and/or share this podcast for others to engage in the conversation!

In this interview, Ryan Roy discusses breaking down generational barriers, gives some insight into encouraging and expressing love to your kids, and much more. It's a great interview!

BE THE DAD YOU WISH YOU HAD: fbidads.com/freebook 

DADS DAILY 4

-Just Say I Love You

-Tell your kids you believe in them

-Tell your kids you trust them

-Tell your kids you are proud of them

What are we doing to instill quality character and integrity into our kids? How are we demonstrating it? We want our kids to make a difference in the world and one of the best ways is to have quality character in public and private. In this episode, I share some thoughts on why it's important. I hope you enjoy this episode!

Link to my DAD LOVES me! by Marianne Richmond

I had the honor of interviewing Cori Luigs, author of Nate Saves The World. She shared her writing process, how her husband Dan was an encouragement, what it is like to write with children, and more. You can connect with Cori on social media, but can also visit https://doodlebearpub.com/ for more information on her upcoming books!

New intro music produced by iEarn Fist.

In this episode we have our monthly financial segment with Jim Uren, a Certified Financial Planner from Phase 3 Advisory Services out of Buffalo Grove, Illinois. You can visit Phase3advisory.com for more information. I also take a few minutes to discuss Valentine's Day and why we should at least try to do something, but it shouldn't be the only time we do.

Here is the list from the document of information for college savings Jim mentioned in our segment.

College Savings Account Comparison

Regular Taxable Account (eg Individual or Joint)

PERSON(S) WITHDRAWALS CAN BE USED FOR: No restrictions

WITHDRAWALS MUST BE USED FOR: No restrictions

TAX BENEFITS: No special tax benefits

FINANCIAL AID TREATMENT: Fairly favorable

NOTES: Often favored by those in lower tax brackets

UTMA/UGMA (ie a custodial account opened in a child's name)

PERSON(S) WITHDRAWALS CAN BE USED FOR: Only the child for whom the account was opened

WITHDRAWALS MUST BE USED FOR: Anything for the benefit of the child including but not limited to college expenses

TAX BENEFITS: Child may be eligible to pay a lower tax rate on income and capital gains than the parent(s)

FINANCIAL AID TREATMENT: Unfavorable

NOTES: Child has full control over accounts at age of majority (varies by state)

State Sponsored 529 Savings Plan

PERSON(S) WITHDRAWALS CAN BE USED FOR: Any of your children or close relatives

WITHDRAWALS MUST BE USED FOR: Qualified college expenses; Up to $10,000 K-12 tuition

TAX BENEFITS: Tax deferred earnings and withdrawals may be tax-free; State tax duction for contributions in some states.

FINANCIAL AID TREATMENT: Fairly favorable

NOTES: Limited investment options and investment changes

Coverdell Education Savings Account

PERSON(S) WITHDRAWALS CAN BE USED FOR: Any of your children or close relatives under age 30

WITHDRAWALS MUST BE USED FOR: Qualified college and K-12 expenses

TAX BENEFITS: Tax deferred earnings and withdrawals may be tax-free

FINANCIAL AID TREATMENT: Fairly favorable

NOTES: Limited to $2,000 contribution per child per year; Some income restrictions; Account must be closed at age 30

NOTES

When it comes to choosing a college savings account, no one type is best for everyone. The above table highlights some of the major differences between the accounts most commonly used for college savings. These accounts tend to vary in terms of the potential tax benefits and the restrictions they impose on the funds invested. Be sure to consult with your tax and/or financial advisor before making any investment decision. And remember, all investing involves risk including the possible loss of principal.

Jim Uren, CFP®

Phase III Advisory Services, Ltd.

Securities offered through Royal Alliance Associates, Inc. (RAA), member FINRA/SIPC. Investment advisory services offered through Phase 3 Advisory Services, Ltd. RAA is separately owned and other entities and/or marketing names, products or services referenced here are independent of RAA. RAA does not provide tax or legal advice.