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Increasing Family Net Worth

January 15, 2015 – Speaking in Rochester MI

Use finances to shape your child’s future in a positive way.

College Funds: UTMA and 529 Plans as a tool to set expectations at early age.

Talk/Teach your kids good financial behavior.   - HABITS, LIMITS, GOALS
Have kids talk to your advisors, or hire a Coach.

Backstop your children’s emergency fund until they can build it up themselves. Be more confident choosing high deductibles on insurance, larger down payments on cars and houses for lower interest rates and avoiding PMI. If you do co-sign for loans, make it clear you are there to step in to make 1 or 2 payments on time, not to assume the whole debt.

Could buy them permanent life insurance, young good health is an asset.

“Economic Outpatient Care”…enabling your grown children to live a life they can’t afford.
Encourage, but don’t enable.

Alzheimer’s: Step up to watch over your parents when they get old. Are they making wise financial decisions or working with trustworthy experts? Sit in on meetings with their advisors. Hire a bill-pay service like Levanto Financial to be sure bills get paid and loved one is not taken advantage of.

Take an inventory of all your Intangible Assets, and be thankful for all that you have!



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