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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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