Family and Financial Strategies

Family and Financial Strategies

Core Facts

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Where does the time go? Your little bundle of joy that was barely the size of a football is now all grown and throwing an actual football around with his friends on the high school field. His little sister is in the middle of her teen years and asking you for dating advice! Oh boy. The family has grown up together, and the years have offered up some wonderful memories. 

But what about all those big financial plans you talked about?  

According to a recent survey, some of the most common financial regrets among Americans were not saving for retirement, followed by saving for emergency expenses, taking on too much debt, and not saving for their children’s education.

Not surprisingly, Americans’ financial regrets center on financial decisions which most affect the family. 

College savings shouldn’t come as a surprise either, but with the day-to-day of life and dealing with the comings and goings of the kids and all the activities, who has the time to sit down and plan all this stuff out? Plus, it all seemed so far away when they were babies. But blink three times, and you wake up to a reality of no college savings and a high school graduate in your house. 

With a little help from a savvy financial advisor, that reality doesn't have to be. Whether you want to start saving for your children's future or even have grandkids that will need help paying for college, a 529 plan can be a helpful investment tool. Earnings on your contributions to these plans are tax-deferred, withdrawals used to pay for tuition, and other qualified expenses may even be tax-free.

As for the other main concerns, the family will not benefit from being snowed under with credit card debt. And what if the unpredictability of life throws you a curve ball? Do you have an emergency fund in place? 

And what of retirement? When you reach your golden years, don’t you want to be able to live comfortably and not have to worry about the family and their finances? 

The longer you save, the better off you will be. Compound interest over time is what does the trick, and the more time you have to let it work, the better. If you are already in your 50s, make this a financial priority. Start right now. Delay spending on non-essential items, and put away as much as you possibly can. If you are employed, contribute to your employer’s retirement plan.  If you are self-employed, set up an IRA. 

And start the kids off with good financial habits too, so you will be safe in the knowledge that they’ll be taken care of down the road. 



Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC


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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website:

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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