Tag Archives: College

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Money Matters | Episode 6: What to Do, Before the I Do’s

Are you ready when the wedding bells ring?
The team from Axiom talk about the financial side — and contract side — of what a wedding brings.
So again, I ask you, are you ready when the wedding bells ring?
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.
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At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.
Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150
P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com
At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.
The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.

Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.  Insurance products are offered through our affiliated nonbank insurance agencies.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
Video: CAR# 0817-03149.
Podcast: CAR#  0817-04140
2017-money-matters-feature-podcast

Money Matters | Episode 5: College Prep 101

Are your (parents) prepared to send your child away to college?  Not so much mentally, but are you fully prepared legally and have you prepared your child financially?
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.
**************************************************************************************************************************
At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.
Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150
P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com
At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.
The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

CAR # for the podcast is 0417-02947 | CAR # for the video is 0417-02942

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Money Matters by Michelle Floyd | Involve Your Child in the Finances of College

By Michelle Floyd

The cost to attend a university continues to increase: between the 2011–2012 school year and the 2016–2017 academic year, tuition and fees rose by 13% at private, nonprofit, four-year institutions, reaching an average of $33,479, according to The College Board.*

If you’ve diligently saved over the years to help pay for your child’s education, now is the perfect time to bring him or her into the equation. “When it comes to financing school, students need to be involved in the process,” explains Tracy Green, a Life Event Services consultant at Wells Fargo Advisors.

By walking through the financial steps of paying for college together, you’ll help your son or daughter understand the overall expenses and learn valuable fiscal skills for the future, especially the importance of goal-based saving.

Green recommends following these five steps to get your child involved before mailing in that acceptance notification and deposit.

  1. Start with a conversation. Before your child even begins applying for college, have a discussion about finances, suggests Green. A good time to have this conversation tends to be during the student’s junior year of high school.

When you sit down together, ask your child about his or her upcoming goals. Talk about expenses for school, as well as who will be covering costs or how they might be split. If you or other family members have contributed to a 529 plan, show it to your child and go through the details of how it can be used.

  1. Set a budget. As a family, consider setting certain guidelines and limitations for the college experience. Perhaps you agree to cover the cost of tuition and room and board, but ask your child to pay for his or her entertainment expenses while on campus.

“Having those discussions may prevent future disappointment,” adds Green. If your son gets accepted into his dream school, for instance, but later learns the family won’t be able to pay for it and he doesn’t want to take out his own loans, the reality could be difficult to face.

  1. Look at financial aid packages together. With your child, fill out and submit forms for financial help, such as the Free Application for Federal Student Aid (FAFSA). Learn more at https://fafsa.ed.gov/. To identify additional types of financial aid that may be available, visit https://studentaid.ed.gov/sa/.

Some universities have a net price calculator on their websites. With this tool, you’ll be able to see what the overall cost for the school is and then subtract any financial aid packages available to identify what your expected expenses will be. Once you start receiving acceptance notifications, go through aid packages with your child to compare and contrast them so that you and your child have a clear vision of what the bottom line is and how different aid options are treated.

  1. Think about work. If you want your child to be responsible for paying for part or all of their schooling, a part-time job may be a good fit.

As a family, you’ll want to decide if it makes sense for your child to work while he or she is at school, or only during summer and winter breaks. “Some kids may have a heavy class load or extracurricular activities,” notes Green. If certain scholarships require your child to attain or keep a certain GPA, you’ll want to weigh the time spent away from academics against the amount of money your student will be earning from a part-time job.

In addition to helping cover college expenses, employment can offer other key benefits for your child, including the chance to manage an income, build a strong work ethic, and grow in self-worth. If working during the school year will put too much of a strain on your child, set savings goals together for his or her summer job. 

  1. Understand scholarship possibilities. If your child wants to attend a school that doesn’t fit into the budgeted amount you planned to spend, consider sitting down to talk about the situation. It may be time to look at other options, or your child may want to increase his or her efforts to identify and apply for scholarships to help cover some of the costs.

The site TuitionFundingSources.com, sponsored by Wells Fargo, provides a database of scholarships available. After looking through the options together, help your child set up a schedule to apply for ones that are the best fit, paying close attention to deadlines and other requirements. Some scholarships involve writing an essay, but the rewards offered could make the effort worthwhile. 

*https://trends.collegeboard.org/college-pricing/figures-tables/tuition-fees-room-and-board-over-time

 Please consider the investment objectives, risks, charges and expenses carefully before investing in a 529 savings plan. The official statement, which contains this and other information, can be obtained by calling your Financial Advisor. Read it carefully before you invest.

This article was written by/for Wells Fargo Advisors and provided courtesy of Michelle Floyd, CFP®, Financial Consultant with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN at 812-948-8475.
Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

© 2017 Wells Fargo Clearing Services, LLC. All rights reserved.   0317-00810

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Money Matters by Eric Ballenger | Five Money Tips for Your College-Aged Child

When his daughter was looking at colleges, Dan Prebish, Director of Life Event Services at Wells Fargo Advisors, approached things a little differently than many parents. He raised the issue of college finances while on college tours, asking tour guides questions such as, “How much do you budget for meals outside of the dorm?” and “Where is the nearest ATM?”

Prebish found that sprinkling in financial questions provided an opportunity to get his daughter thinking about more than just the school’s curriculum, sporting events, and Greek life. Dinner conversations about schools she was applying to often featured discussions of scholarships. It was a strategy designed to help sensitize his daughter, Lydia, now 19 and a college freshman, to managing money.

Tracy Green, Tax and Financial Planning specialist at Wells Fargo Advisors, says money management is the most important lesson you can teach your children, because “they’ll need that in their college years and beyond.” Green, along with Prebish and his wife, Anne, share some tips for parents to help prepare their children for the challenges that lie ahead when they’re living independently as college students.

Tip 1: Discuss tuition and responsibility

Green says that before even applying to college, parents need to talk with their child about what type of school is within the parents’ budget and what portion, if any, the child will be responsible for covering. “Everyone needs to know up front what they’re going to be responsible for by the spring or summer before college,” she says.

Lydia Prebish, for example, pays for her own entertainment expenses, such as movies or meals at a restaurant with friends. She saved money from a summer job and also works on campus. “I think it’s always valuable for kids to have work skills, whether you need the money or not,” Dan says. The independent source of income helps provide students a sense of satisfaction and self worth, he adds. Because Lydia works two four-hour shifts a week, it’s manageable for her. But Dan says working, especially during the first semester as a student adjusts to college, may not be ideal for every student. Those who want to participate in many extracurricular activities or have a demanding curriculum may find it more difficult.

Tip 2: Focus on budget fundamentals

Anne Prebish says your children should learn the core concept of money: understand how much money they have and know not to spend more than that. “We have to be careful not to assume our kids know these things,” she says. Both she and her husband say it makes sense for kids to have a job the summer before college so they can accumulate savings. But managing that money during the course of a six-month semester can be a challenge. They suggest sitting down with your child and dividing the total amount of money available by the months at school to determine a monthly budget. “The first semester is about learning and keeping track of how you’re spending your money,” Anne says.

Tip 3: Think about debit and credit cards

The Prebishes and Green agree that a debit card is a key way to help students manage money. Dan says it’s an easy way to pay for items such as books, while Green adds it has oversight value — parents can limit spending on the card to the checking account balance. She also suggests that parents get their child a secured credit card, where the parent fronts the cash deposit but the child is financially responsible for making on-time payments, as this is a way of helping the child establish a credit history without giving him or her free rein over a traditional credit card.

Tip 4: Don’t forget their health

Dan recommends verifying in advance what your insurance covers while your children are at college, specifically whether they’ll be covered for visits to a clinic on campus or whether the school requires that you purchase their health insurance. Make sure to schedule routine medical or dental appointments during summer or school breaks so that they don’t go by the wayside. And he says it’s essential for a child to have his or her own durable power of attorney authorizing a parent to make financial or legal decisions if the child is incapacitated. A durable power of attorney for health care is also recommended, since professionals aren’t authorized to share medical information with parents without explicit permission if the child is 18 or over. He suggests scanning those documents onto the child’s phone and keeping a copy for yourself, so the documents are readily accessible. Green adds that doctor’s phone numbers and medical and insurance information should also be kept on the child’s phone.

Tip 5: Empower your children to ask for help

One suggestion Anne considers critical is to send the message to your college-aged children that just because they are adults living on their own, asking for a parent’s advice isn’t a sign of weakness. “Part of being an adult is realizing other people are there to help you,” she says. And parents shouldn’t think they’re hovering if they assist.

“We have consistently been there giving our daughter our two cents and also letting her make choices,” Anne says. Those discussions on college survival skills have helped their daughter transition well to her new environment. “She was prepared for anything we could prepare her for,” she adds.

This article was written by/for Wells Fargo Advisors and provided courtesy of Eric Ballenger, Senior Vice President – Investment Officer of a Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN.  He can be reached at 812.948.8475.  Visit our website at www.AxiomFSG.com.

Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

© 2016 Wells Fargo Clearing Services, LLC. All rights reserved.   0316-01366 (100170-v1BDC)