KPC Smart Money

There are a lot of financial things college students are not necessarily prepared for when they head to college. If you are a student or have a loved one that is starting college, share these tips and help them avoid some of the financial surprises that college can bring.

Key takeaways:

• Know about student aid, borrowing and college savings plans
• Take advantage of student discounts, scholarships, and other available money
• When and how to repay student loans
• Prepare for emergencies 

Have you heard about Passive and Active Investing and wondered what that means?  Today we will explain what these are and the pros and cons of each investment philosophy.

Key takeaways:

• Is modern portfolio theory relevant today
• Poor Performance of Bonds
• Active Investing algorithms better on downside than upside
• Diversification in and out of the stock market

Ed Slott is a CPA and one of my favorite experts on all things tax related.  If you have deferred accounts like 401k, 403b, 457, or IRAs you have a ticking tax bomb. Looking over your entire retirement and where government spending is, our expectation is that there will be some high taxes coming again in the future. Your IRA is an IOU to the IRS!

Key takeaways:

• 401k distribution/rollover biggest check you may ever get
• What should you do with it?
• Diffuse this ticking tax bomb
• Worst assets to leave your beneficiaries

Teaching your kids about money depends on you, the Parents. We want to share some of the money lessons we learned from our Fathers in honor of Father's Day and share some practical lessons you can teach your children or grandchildren.  You have the opportunity to set you children up for a successful financial life with these lessons.

Key takeaways:

• Children will value what they earn more than what is given to them
• Teach Your Kids how to Lose Money
• The power of compounding when you start early
• The spending acid test - 3 questions
• Teach Your Kids to Give to Others

Are you looking for fun things to do with your children or grandchildren that are budget friendly?  This week we share no and low cost indoor activities, outdoor activities and educational and community activities.

Key takeaways:

• Use resources like Pinterest to help you with ideas
• Look at options near where you live
• Join groups that can help with planning fun outings
• Fun doesn't have to cost a lot of money

Teaching children to make and save money can start as young as kindergarten and should be a skill that is learned long before they leave the nest.  Today Kevin and I will talk about some fun ideas for children to make some money over the summer.  And what important skills they will learn.

Key takeaways:

• K - 3rd grade - Lemonade Stands & Chores
• 4th-7th grade - Babysitting, Mother's Helper or Pet Sitting
• 9th - 10th grade - Tutoring, gardening, house maintenance
• 11th - 12th grade - Retail jobs, freelance work

Financial rainy days will come, are you prepared?  Today we talk about how and why you want to have a rainy day, or emergency fund.  We believe everyone should have one.  

Key takeaways:

• Unexpected expenses like repairs, medical and other bills
• Avoid debt, use savings
• Job or Income disruption
• Financial security & freedom

Being a Mom is the most important "job" in life.  It is the most fulfilling, and sometimes heart wrenching, thing you will ever do.  Moms makes tough decisions and choice all the time.  Today we want to celebrate all Mother's and thank you with all our heart.

Key takeaways:

• Moms have many varied roles and responsibilities
• Stay at home and working Moms
• Mom's are learning as they go and yet teaching their children at the same time
• Use all the resources available to you - Mom groups, books, your own Mom

You are getting married and your life is going to change in many ways.  An often-overlooked topic however is finances, yet it is one of the top reasons for marital stress. Here are our thoughts on what to discuss and plan for when you are getting married.

Key Takeaways:

• Wedding budgets & expectations
• The wedding is just the first day of the rest of your life
• Common or Community property state
• Taxes in Marriage

You are getting married and your life is going to change in many ways.  An often-overlooked topic however is finances, yet it is one of the top reasons for marital stress. Here are our thoughts on what to discuss and plan for when you are getting married.

Key Takeaways:

• Do you know your partner's income, debt, spending habits and credit score?
• Do you plan on merging finances or keeping them separate?
• What will your new household budget be?
• What are your attitudes towards saving and spending?