Cash Flow and Budgeting
You’ve been saving for years and you can see retirement down the road. What is your timeline? How does all this fit together? Below is a retirement timeline that can help explain how the puzzle pieces work together.
Is college worth it? A few years after baby boomers finished college beginning in the 90s, the cost of education started rising higher than the costs of other goods and services1. Now, as we are trying to secure education for our own children, we are faced with mind-boggling expenses. The average cost of tuition and fees at a private non-profit, four-year school for 2015 was $31,2311. Ivy League schools almost double that. At the University of Minnesota, the bill for our daughter this year will come in just over $25,000 for expenses including tuition, fees, room and board.
My wife and I find that it’s getting harder and harder to travel with our four children. Not only because of school, sports schedules and all of the arrangements that need to be made ahead of time for families with small children, but also because of the high costs involved.
My wife and I have come up with some great ideas that we try and follow when we travel, in hopes that families in similar situations can make their travel more enjoyable (not to mention affordable)!
Recently at a family reunion, I overheard my niece Brittany explaining to my daughters that she often says, “Thank you Past Brittany!” That got my attention. She went on to describe how she often runs across a situation that is going smoothly for her only because she had prepared for it in the past. She says to herself, “Thank you Past Brittany!”
As a Financial Advisor, talking about money, finances and cash flow with clients is a normal every day occurrence. One of the most common questions I’ve been asked by clients has been “How can I talk to my children or grandchildren about money?” and “How can I teach my children about the value of saving?” As the father of four young girls, clients’ eyes invariably lock directly on mine when asking questions like these.
By Kay Kramer, CFP®
One of the first things I often ask clients is if they have any financial gremlins. What are financial gremlins? They are messages about money that can haunt anyone and can inform their financial decisions, keep them from doing something, or cause anxiety. I usually ask if they feel like there is a little gremlin that sits on their shoulder creating fear in them about their financial situation.
Here are some things that I’ve heard over the years from clients: