When we use the term 529, I find that many people don’t realize that they have more than one option. To clear things up a bit I’ll start by saying that there are actually two types of 529 plans: the 529 prepaid tuition plan and the 529 savings plan. Not sure what a 529 is? If so then CLICK HERE to read my past article “What is a 529?”
Now that Labor Day’s passed, summer is officially over and it’s time to head back to school. But it’s not all for the kids sometimes. We’re big on education funding around Merino Wealth so this time of year can be really exciting as we see clients move forward with the goals we’ve been planning for. One thing I’ve noticed is that many of our clients hitting 10-15 years in the workforce are making moves. It’s like we hit this point where we look back at our hard work and decide we want more. In some cases, that means going back to school to earn an advanced degree. It could mean changing industries or positions. At times, it includes taking a break from work to travel or spend time with family. In extreme cases, it may involve starting your own financial planning firm in a large metropolitan area.
April 10th was a big day around Merino Wealth-Equal Pay Day. This day highlights the gap between men and women’s wages and is currently held every April to symbolize how far into the year women need to work to make what men did in the previous year. It is always on Tuesday to "represent how far into the next work week women must work to earn what men earned the previous week. In other words, because women earn less on average, they must work longer for the same pay.
A handful of years ago a couple of clients came to me with a question. The husband’s company was set to move their office from downtown Chicago to Ohio. For a minute they considered uprooting their lives and decided that it wasn’t for them. They took this change as a reason to take pause and evaluate his next move when a great idea came to mind. What if we take a break-a “career break?” Not only did they want to take a break, but they also wanted to travel the world while doing so. And did I mention that they were in their 30s? Their question to me was whether or not it was in the cards financially. Was it possible?