Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
Catch up on some of the latest posts with this week's roundup:
Smart Ways to Save for College
by Katie Brewer, Your Richest Life Planning
College is a stepping stone for many to a higher paying career. It’s no wonder that many parents want to help their children attend college. But college tuition is expensive, and the costs are rising every year. This fall’s college tuition is expected to clock in at $31,231 for private, nonprofit, four year universities, and $9,139 for public, four year universities. Many parents wonder if they will be able to foot the bill.
Smart saving for college is a great way to prepare for the cost of college. Learn about some of your options to make the most of your savings.
5 Steps to Manage Doctor Debt
by Patrick Quinn, Hat Tip Wealth Management
While the US economy has had modest inflation over the past few years, tuition prices have inflated substantially, with medical school remaining the most expensive postgraduate field of study. According to the Association of American Medical Colleges (AAMC), as of October 2014, the average (mean) amount of debt incurred by medical students is $176,348, with 84% of students using some form of debt financing to pay for medical school.
In my work with clients, I have seen debt levels substantially higher than this average due to the combination of undergraduate, graduate, and medical school debt. To make matters worse, the average salary for third-year medical residents is $55,029, which limits loan repayment options and often forces borrowers to choose deferment options for their loans, which only prolongs the problem.
Social Media Wills: What You Need to Know
by Mary Beth Storjohann, Workable Wealth
Do you use social media every day without a second thought? Is Twitter, Facebook, or Instagram the first thing you check when you wake up? If so, have you ever thought about how you want your online presence managed in the event you pass away?
Most of us haven’t thought about what would happen to the life we’ve created online once we’re gone. But we spend so much of our time on social media that we need to think about this (no matter how morbid it seems). And that brings us to the importance of creating a social media will.
Let’s look at exactly what a social media will is, what it does for you, if it’s truly necessary, and how you can go about drafting one.
The Wondrous Health Savings Account
by Matt Becker, Mom and Dad Money
What if I told you that there was a special type of savings account that not many people know about and that allows you to save money COMPLETELY TAX-FREE? What if I told you that this was the ONLY type of savings account that allows you to do this? And what if this savings account could not only give you a big discount on your current medical expenses, but could ALSO be the most powerful way to invest for retirement/financial independence?
Would you be interested in learning more about it?
I thought so. So in this post I’m going to tell you all about the wondrous health savings account, one of the most powerful and most underused savings accounts available.
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