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winnetkacurrent.com sound off<br />

the winnetka current | June 14, 2018 | 17<br />

Mindful Money<br />

Financial planning tips for Dad<br />

Kathy Roeser<br />

Contributing Columnist<br />

Winnetka resident<br />

Whether you are<br />

grilling out,<br />

listening to<br />

tunes at the Winnetka<br />

Music Festival or attending<br />

Father’s Day Brunch<br />

at Tower Road Beach,<br />

there is no shortage of<br />

local places to celebrate<br />

Father’s Day this weekend.<br />

With the holiday on<br />

everyone’s mind, here are<br />

a few financial planning<br />

tips for dads of all ages:<br />

New dads<br />

Start saving early for<br />

your child’s education.<br />

Although 18 years into<br />

the future seems like an<br />

eternity, it will be here<br />

in the blink of an eye.<br />

The earlier you and your<br />

partner can begin putting<br />

money into a 529 Plan or<br />

any other college saving<br />

mechanism, the more time<br />

those contributions will<br />

have to grow for your<br />

child’s education.<br />

Though all new parents<br />

typically face a significant<br />

amount of new expenses<br />

(e.g., baby supplies, insurance,<br />

medical costs), as<br />

tuition continues to rise, a<br />

commitment to planning<br />

and saving for your child’s<br />

education is key.<br />

Empty-nest dads<br />

Once your children<br />

are off to college or fully<br />

entrenched in the world of<br />

work, take some time to<br />

focus on yourself. Having<br />

kids at home is certainly<br />

magical, but it’s also quite<br />

expensive. The empty nest<br />

period is an opportunity<br />

to make a few financial<br />

moves that may have been<br />

difficult when the house<br />

was full. For example,<br />

consider raising the contribution<br />

on your retirement<br />

plan, which is especially<br />

crucial for those fathers<br />

nearing retirement.<br />

An empty house can<br />

also provide you with<br />

the necessary leeway to<br />

rework your spending<br />

budget or tackle some of<br />

that nagging debt. Having<br />

kids move out can significantly<br />

reduce expenses;<br />

look at ways to reduce<br />

some of the debt that you<br />

may have accrued over<br />

the years.<br />

Retired dads<br />

Invest in your grandkids.<br />

Most retirees want<br />

to financially support their<br />

grandkids on their journey<br />

to adulthood, but there<br />

are more effective and<br />

impactful strategies than<br />

simply writing a check on<br />

birthdays or special occasions.<br />

Consider working<br />

with your child and his or<br />

her partner to contribute to<br />

your grandchild’s education<br />

fund or create an<br />

investment portfolio for<br />

the future.<br />

You can also gift shares<br />

of stock or establish a<br />

trust in their name. Aside<br />

from the fact that stock<br />

can increase in value over<br />

time, it’s an effective<br />

means of instilling basic<br />

personal finance skills at a<br />

young age.<br />

Happy Father’s Day to<br />

all the dads out there!<br />

Kathy Roeser is a managing<br />

director and wealth adviser<br />

with the Wealth Management<br />

Division of Morgan Stanley<br />

in Chicago. The information<br />

contained in this column is<br />

not a solicitation to purchase<br />

or sell investments. Sources<br />

available upon request.<br />

weapons<br />

From Page 16<br />

not been used for 75 years<br />

because they are not good<br />

weapons,” he said.<br />

Wilson first became interested<br />

in what nuclear<br />

weapons could do as a<br />

child after seeing his parents<br />

afraid during the Cuban<br />

Missile Crisis.<br />

Later, he worked for 27<br />

years at regular jobs during<br />

the day, but nights and<br />

weekends, researched and<br />

wrote about nuclear weapons.<br />

Wilson was recognized<br />

in 2007 with his first scholarly<br />

article published in<br />

Harvard’s International Security.<br />

In 2008, he received<br />

the McElvany Prize for the<br />

best essay on nuclear nonproliferation.<br />

Then, Wilson<br />

became a recipient of<br />

a grant to write and speak<br />

around the world for six<br />

years, which he continues<br />

to do.<br />

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12pm thru 8pm<br />

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Plaza Del Lago | Wilmette | C-Lace.com | 847-256-8077

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