Bloomingdale resident Chuck Donalies: "The Frugal Planner's Scary Dispatch, Issue 6"

See this message from Bloomingdale resident and Certified Financial Planner Chuck Donalies:

From: Chuck Donalies, CFP®
Sent: Friday, October 30, 2015 12:01 PM
Subject: The Frugal Planner's Scary Dispatch, Issue 6

The Frugal Planner's Scary Dispatch Frightening Financial News & Information Issue 6, Halloween Edition October 30, 2015 Like what you see? If so, please share with your friends & family! The Horrifying Cost of Higher Education Do you have children? If so, you've probably thought about their future college education. Or you've purposely blocked it out of your mind because it's too scary to contemplate. Either way, if you're like most parents, you want to improve their delicious brains with the best education possible. But the cost! College tuition has increased ~79% from 2003 to 2013. That's twice as much as costs for medical care and three times as much as the Consumer Price Index (used to measure inflation). Check out this infographic for even more blood-curdling stats. Unfortunately, there's no silver bullet when it comes to preparing financially for your child's college education. The best thing you can do is begin saving early in a 529 plan or Coverdell Education Savings Account. Oh, and telling yourself that your child will receive an academic or athletic scholarship is not a plan. P.S. Thanks, Mummie & Deadie, for putting me through undergrad! Spine-Tingling Spending Many people dream of being rich. Some earn their wealth by working hard, others inherit money, and some try to obtain wealth by playing the lottery. Ever wonder how much money Americans spend on the lottery? $70 billion.  That's a lot of money. More money than Americans spend on sports tickets, books, video games, movies, and music combined. The odds of winning aren't great. And the poor tend to play the lottery not for fun, but because it seems like their only hope of getting ahead. Ill Communication In my experience, poor communication about finances is common between couples and families. Want some proof? A recent poll conducted by Fidelity highlights just how much grown-ups dislike talking about money: 61% of parents and 57% of adult children are more comfortable talking about finances with a financial advisor than with one another. Many people would rather discuss their finances with someone they've only recently met...instead of a family member they've known for decades. Money, whether there's too little or too much, makes people uncomfortable. Do yourself a favor: Talk to your significant other, spouse, siblings, parents, etc. about financial issues. My wife and I do this regularly and I believe it has made our marriage stronger. We've even started talking about money with our children. It's never too early to start.   Share Tweet Forward Copyright © 2015 Donalies Financial Planning, LLC, All rights reserved. You are receiving this email because you are special. You're a beautiful and unique snowflake. That makes you a client, friend, family member, colleague, prospective client, or some combination of these things. Don't like what you see? Feel free to unsubscribe at any time. Our mailing address is: Donalies Financial Planning, LLC 52 R Street NW Washington, Dc 20001