Tag: Parental Guidance

Feature
Jumpstarting your Child’s Financial Future (Ep. 47)

Jumpstarting your Child’s Financial Future (Ep. 47)

By |

Many parents want to help their children get a head start on building wealth and achieving financial independence. Are you one of them? 

Are you curious about the options available to help secure their financial future?

Join host Jim McGovern in this episode of Maximizing Outcomes, as he shares steps parents can take to help their children succeed financially. Through practical advice and insightful discussion, Jim covers various tools and strategies to optimize financial outcomes for your family.

Key Highlights:

  • What Motivates Parents: Understand why many parents are eager to get started while their kids are young.
  • Account types for kids: From simple savings accounts to investment portfolios and trusts, the tools available to kids are vast.
  • Parental Stability: Why parents should prioritize their financial health first before concentrating too much on wealth building for their children.
  • Parental Control: How parents can retain or turn over control of assets when kids become adults.
  • Roth IRAs, Brokerage Accounts and Life Insurance: Understand the pro’s and con’s, tax treatment, and additional considerations to make with each account type.
  • Trust Accounts: How trusts can be used to further protect multi-generational wealth.
  • Plus more insightful tips and strategies!

Connect with McGovern Wealth Group:

Podcast: Play in new window | Download (Duration: 28:05 — 24.5MB) | Embed

Subscribe: RSS | More
How To Survive Soaring College Costs (Ep. 37)

How To Survive Soaring College Costs (Ep. 37)

By |

From the moment a child is born, the talk about saving for college begins. But the burning question remains: Is the soaring cost of college worth it?

Navigate the intricate world of college planning with Jim McGovern in this compelling episode of Maximizing Outcomes as he dives into the complexities of college financing. This insightful discussion offers parents and students essential strategies for managing the escalating costs of higher education. This episode is a must-listen for anyone navigating the complexities of education and career choices.

Key discussion points include:

  • Exploring how education level impacts income and the financial perks of higher education
  • Examining the impact of soaring tuition on students working their way through college
  • Comparing costs and planning for public vs. private college education
  • Breaking down the PEGS strategy for smarter college planning
  • Highlighting early planning and smart cost negotiation for college
  • Exploring the differences between need-based and merit-based aid
  • Discussing community colleges and credit transfers as ways to cut college costs
  • And much more!

Resources:

Connect with McGovern Wealth Group:

Podcast: Play in new window | Download (Duration: 38:20 — 35.1MB) | Embed

Subscribe: RSS | More