You already know the basics of personal finance: spend less money than you earn, save the rest. Once you’ve got that covered, it really comes down to how you balance your financial goals. Do you pay off your student loans early or save more toward your retirement? Add in the complexifier of a spouse and children and all of those financial decisions become even more difficult to juggle.
As your family grows and you progress in your career, there may even be goals that directly compete with each other. For example, how you (or grandparents) set-up a 529 college savings account can impact that amount of financial aid your child receives. (Of course, the more complicated the situation, the more you can benefit from working with a financial advisor.) This blog series is about navigating difficult family financial questions just like those and helping you prioritize what’s important to you.
We aim to distill each topic into a few key points, building off of questions and concerns we commonly encounter from people we meet with every day, just like you. We look at ways to turn high income into family wealth, how to simplify the college planning process, and building a financial foundation that leads to a fruitful retirement. We even investigate ways designed to successfully transition your business in an effort to protect your legacy and ease into the next chapter of your life.
Your family’s financial goals can seem stressful and overwhelming but they don’t have to be. We’re here to help.
Family & Finances Related Topics:
- Family & Finances Blog Series (this page)
We outline key lessons for balancing a family’s financial goals and introduce our 2019 blog series.
- 5 Ways High Earners Sabotage Their Investment Plan
While earning a good income makes building wealth easier, it’s only part of the equation. Avoid these 5 common financial pitfalls to ensure that you reach your financial potential.
- College Savings Basics: 529 Plans, FAFSA, and School Aid
Many parents are confused by the complexity of the college aid process and worry about how they can best help their child pay for higher education. Here we outline a few basic rules about college savings plans and ways to use them.
- Balancing Act: Plan for Retirement AND Pay/Save Student Loans
Paying off your student loans, saving for your child’s college education, while saving for your own retirement is a balancing act. We show you how to save both inside and outside your retirement plans to maximize student aid.
- 7 Steps to Create a Blueprint for the Retirement You Want
Covering topics from consolidating your assets to creating multiple income streams for retirement, we provide a 7-step foundation for making the most of what you’ve worked a lifetime to achieve.
- Health, Wealth & Money: Midyear Financial Wellness Check-In
When planning for your family’s financial future, you need to review both your current finances and the overall health of both you and your partner. Once you’ve done that you’re better positioned to plan for age 50 – and beyond.
- The 4 Financial Lessons You Should Teach Your Kids Right Now
Kids who don’t learn about personal finance are at risk for making mistakes with money that will take years to correct. Parents (and grandparents) should teach their kids these 4 financial lessons to set them on the right path.
- Balancing Time and Money: How Much is OK to Spend?
Every day we make exchanges between money and our time. In this blog we show you one way to prioritize your financial goals by looking at the time you exchange for each payment – and the enjoyment you receive in return.
- How to Create an Effective Transition Plan for Your Business
To transition your business you need to identify, prioritize, and implement a series of steps. But whether you are planning an internal sale to family or internal management, or your aim is an external sale to a financial buyer, put safeguards in place to protect your legacy.
- Magellan Recommends: Our Top Personal Finance Tools of 2019
Ditch the paper & pencil and cancel your Excel subscription; in this video blog, members of the Magellan team highlight their favorite budget apps and personal finance tools of 2019.
- How to Set Expectations & Help Your Child Find the Right College
Have conversations with your child about whether you think college is right for her – and how much financial help they can expect from you. Then, learn how you can help your child find the college that’s right for their needs.
- Series Recap: Our 3 Biggest Family & Finances Lessons
The final installment of our Family & Finances blog series summarizes the three biggest lessons for meeting your family’s financial goals.
Have additional questions or concerns about retirement? Contact Magellan Financial today to speak to our Retirement Advisors.
The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates The material has been prepared or is distributed solely for informational purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.