In a wide-ranging discussion, Ric Edelman, Raoul Felder, and other experts tackled some of the most practical (and often overlooked) personal finance topics. From college funds to funeral plans, here’s what you need to know to protect your family and your finances.

Start Saving Early for College—Even $25 Can Grow
College is expensive and getting worse. The average in-state cost is nearly $17,000 per year, and it’s doubling every four years.

Ric Edelman recommends opening a 529 College Savings Plan. Contributions grow tax-free, and funds can be used for tuition, housing, books—even laptops. Plans are transferable to other family members if your child doesn’t use them.

Start with as little as $25, but talk to your kids so they don’t spend it on spring break.

Prepay Your Funeral—And Maybe Even Attend
About 30% of Americans over 55 have prepaid their funeral. Why? To avoid burdening children with decisions during grief, reduce the risk of funeral fraud or overspending, and prevent accidental double payments.

Ric even suggested a twist: host a funeral party while you’re alive—a chance to hear the speeches and enjoy the event. Think of it as a celebration, not a transaction.

Want to Start a Business? Master Marketing, Too
Wellness coach Janet Watucky asked how to grow her home-based business. Ric emphasized that product knowledge isn’t enough. You must also market and communicate effectively.

Referral marketing and networking are key in consulting, where repeat business is limited. Hire a PR or advertising pro if it’s not your strength. Being great at your craft doesn’t pay off if no one knows you exist.

Understand RMDs: Required Minimum Distributions
If you’re 70½ or older and have a retirement account, RMDs apply. When you withdraw doesn’t matter to the IRS—as long as you withdraw the total amount by December 31. You can go monthly, quarterly, or annually.

Withdrawing in smaller chunks can help manage market risk and taxes. And don’t try to time the market—Ric jokes the market goes up the day after your withdrawal anyway.

What to Do If You Owe More on Your House Than It’s Worth
A couple nearing retirement was underwater on their mortgage—owing $443,000 on a home now worth $250,000–$300,000.

Ric’s advice: consider a short sale, where the lender forgives the balance. Congress has made this easier, with fewer tax consequences. Ditch the “homeownership at all costs” mindset—renting might be smarter.

Liquidity, flexibility, and less stress matter more than owning a home you can’t afford.

Divorce: Financial Fallout and Emotional Wisdom
Celebrity divorce attorney Raoul Felder shared eye-opening stats: women’s lifestyle drops 30% after divorce, while men’s often improves by the same amount.

His advice: prioritize your children’s needs, especially college savings. Let go of fights over heirlooms and money. Life is short—don’t trade it for conflict.

Skip Unlicensed Tax Preparers
The IRS found that 60% of returns filed by unlicensed preparers are wrong.

Ric’s example: one taxpayer paid $5,000 more in taxes because of errors. Hire a licensed pro—CPA, EA, or tax attorney. It’s not just about filing a form—it’s about protecting your income.

Final Thoughts: Every Financial Decision Counts
Whether it’s planning your child’s future, your own funeral, or figuring out how to walk away from a bad mortgage, the key is being proactive. Save early, plan intentionally, market smartly, and get professional help when it matters most. Each of these steps builds a future that’s not just financially secure—but emotionally easier for you and your loved ones.

All information provided is for educational purposes only and does not constitute investment, legal or tax advice; an offer to buy or sell any security or insurance product; or an endorsement of any third party or such third party’s views. The information contained herein has been obtained from sources we believe to be reliable but is not guaranteed as to its accuracy or completeness. Whenever there are hyperlinks to third-party content, this information is intended to provide additional perspective and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside Edelman Financial Engines. All examples are hypothetical and for illustrative purposes only. Please contact us for more complete information based on your personal circumstances and to obtain personal individual investment advice.

Neither Edelman Financial Engines nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances.

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