From College Savings to Cybersecurity and Beyond
When it comes to financial planning, timing matters. I often tell parents that the best time to start saving for their children’s college education was yesterday. The second-best time is today. College costs continue to rise, and whether your child chooses a public university, a private school, or even graduate education, the expenses can be overwhelming. That’s why I recommend opening a 529 college savings plan for each child. These plans offer tax advantages and can grow significantly over time. Just as important, involve your children in the college selection process. Help them understand the financial realities of their choices, so they don’t graduate saddled with $50,000 to $200,000 in student loans that can take decades to repay.
Mortgage challenges are another area where people often feel stuck. One participant shared that his home was worth $170,000, but his mortgage balance was $235,000, leaving him “upside down.” My advice in cases like this is simple: don’t panic. Refinancing usually won’t solve the problem in these circumstances. Instead, stay in the home, keep making payments, and preserve your credit history. Over time, either the market recovers or government programs step in to help. Don’t drain other assets to pay down the principal the bank shares in the loss, not just you. While short sales are an option, many homeowners are understandably reluctant to go that route.
In today’s digital world, protecting your money from cybercrime is as important as managing it wisely. Cybersecurity expert Mark Goodman joined us to highlight just how vulnerable accounts can be. Hackers can steal credentials for millions of people with a single piece of malicious code. To protect yourself, use unique usernames and passwords for each account, rely on password managers to generate and store them, and never use public Wi-Fi for sensitive activities unless you have a VPN. Stick to secure home networks when doing your banking. And remember, consumer accounts have FDIC protections, but small business accounts often do not, leaving them more vulnerable. While the risks are real, Mark reminded us that good people using technology far outweigh the criminals, and even pointed out opportunities to invest in the booming cybersecurity sector.
Taxes are another source of frustration for many people. Joel, one participant, was overwhelmed by the IRS’s Form 8606 for his non-deductible IRA contributions. He wondered if liquidating his account would simplify things. Unfortunately, the IRS treats all IRAs as one entity, which means withdrawals are taxed on a pro-rata basis. In Joel’s case, liquidating would trigger taxes on nearly half a million dollars of income a painful option. My advice: don’t let paperwork drive your decisions. Hire a qualified accountant to handle the forms and keep your strategy intact.
Financial literacy isn’t just for adults it’s a gift we can pass to our children. I love the “three-jar system” that one celebrity guest shared. Children divide their money into three jars: one for spending, one for saving, and one for charity. This simple practice teaches the value of saving and the importance of giving back, while preparing kids to grow their money wisely when opportunities arise.
Financial well-being is also about communication. My wife Gene, who is also my business partner, often reminds us that the way we listen and speak can make or break relationships. Active listening—facing the speaker, asking thoughtful questions, avoiding distractions, and using positive body language strengthens personal and professional bonds. Equally, speaking clearly and without anger ensures your message is truly heard. Money is already a sensitive topic; clear communication keeps it from becoming a source of unnecessary conflict.
Too many people think they’ve missed their chance to invest. I tell them it’s never too late. The real mistake is stopping once you reach a certain savings level. You have to push past that hesitation, stay disciplined, and work with a financial advisor to keep yourself accountable. Wealth grows not just from saving, but from investing consistently.
And because life can feel overwhelming when we’re dealing with debt, taxes, and financial stress, I like to inject a little humor. I once shared a story about graduate students jokingly calling themselves “Proctor Gamble” while catching cheaters during exams. A reminder that even in our financial struggles, finding a reason to laugh can help us keep perspective.
Building financial security is a journey that requires foresight, discipline, and balance. Whether it’s saving early for college, managing debt wisely, protecting yourself online, or simply listening better, the small steps we take today prepare us for a stronger tomorrow.
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