Debt Management
Rebekah Eason
Holiday Cash for Students

By: Becky Eason, CFP®

The holidays are upon us and although 2020 isn’t a traditional year people are still getting into the holiday spirits. Gifts have become a huge part of the holidays, which we all know can add a lot of additional stress. This year there is the added stress of what is the best way to get gifts to loved ones? Shipping can be expensive and you risk packages getting delayed, lost, or broken so I wouldn’t be surprised to see more monetary gifts be given.


Holiday Cash for Students

Financial Planning

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Finding Ways to Save for College

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Finding Ways to Save for College

By Kate Welker, CFP®

It is again the back to school season. Preschool through college school will look different for students this year, but one thing is the same. The changing of the year, feeling of a fresh start, and thinking about the future year ahead. For older students we are discussing college plans and for those of you with young children you may be thinking about planning for your children's eventual college. With a growing student loan debt load in this country how to pay for college is a concern we like to address. I wanted to share some thoughts on a few unique ways to think about saving for education.

Estate Planning 101

Estate Planning 101

Estate planning can sometimes come across as a section of planning that is completed later in life after retirement has begun and “it’s time” to start thinking of life’s next stage. Au contraire, estate planning is a part of one’s portfolio that deserves equal attention pre and post the date of retirement. The time is now! As net worth, investments, personal property, real estate, relationships, and other intrinsic items change in status, value, and possession over the years, it is important to consistently update (or begin creating) your estate planning documents.

Below are some introductory terms for those stepping into the estate planning process

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Women Rocking Business

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Women Rocking Business

March is women’s history month and we want to take some of our space this month to recognize that. I love working with small business owners so I wanted to share some thoughts on women as business owners. Rooted Planning Group is owned by women so this is certainly special to us.

What are the traits that help women succeed in business? I thought back on some conferences I’ve attended, drew on personal experience, and looked at our team to see how the ways we think or act differently can be beneficial.

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Uncork the FAFSA - College Planning

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By: Becky Eason

Why complete the FAFSA?

As of October 1st, it’s officially FAFSA season for the 2020-2021 academic year. FAFSA stands for Free Application for Federal Student Aid and should be completed by all high school seniors who plan to attend a secondary education school as well as current college students who will be going to school again next year. This form is completed based on the prior year tax return, so if you, or your parents, have completed your 2018 tax return you are able to complete this application. As much as I’m sure you don’t like completing this form it’s very important that you do so, especially for the following reasons.

The primary reason that FAFSA needs to be filled out is that it’s required for financial aid. FAFSA needs to be completed by students who are attending public schools and many times for private schools as well. Did you know that every dollar you borrow in student loans will cost you approximately double by the time you pay back your loan? If you are eligible for any amount of financial aid anything that you receive will help you out tremendously when your student loans enter repayment status. If you receive $100 in financial aid that is actually like receiving $200 if you think about the amount in repayment terms. 

Even if you know or believe that you won’t be eligible for financial aid, it's important that you still complete the FAFSA. The reason for that is that in order to be eligible for federal student loans you need to have a completed FAFSA. Unfortunately, this is not a very well known fact and thus results in many students missing out on the advantages of federal student loans You may not be eligible for any financial aid but if you are able to get federal student loans it’s worth your time and effort to complete the FAFSA. So, why would you want a federal student loan over a private student loan? An advantage of all federal student loans is their built in death and disability clause. If the person who holds the student loan passes away before the loan is repaid it’s forgiven and the estate is not responsible for paying anything back. If the loan holder becomes permanently disabled they can apply for a disability discharge and if the discharge is granted then their federal student loans will be completely forgiven. Another reason for wanting a federal student loan is the ability to have an income based repayment option, especially for students who plan to enter a career that is eligible for Public Service Loan Forgiveness (PSLF). In no cases are private loans eligible for PSLF. Also, a federal student loan can be either subsidized or unsubsidized. A subsidized loan is need based, so not all who complete the FAFSA will be eligible for this loan but the unsubsidized loan has no need clauses attached to it. The great thing about the subsidized loan is that while the student is enrolled at least half time in college the government is paying the interest on the loan, whereas with the unsubsidized loan interest starts accruing as soon as the loan is taken out (as would a private student loan).  

Trust me, I know how dreaded it was to fill out the FAFSA but it is worth all of your time and effort. Please don’t delay in getting this completed, as schools have limited financial aid to offer and they do run out of money. Financial aid is offered on a first come first serve basis. 



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Build Your Wealth by Taking Advantage of Benefits Open Enrollment

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Build Your Wealth by Taking Advantage of Benefits Open Enrollment

In this week’s blog, Financial Planner Kate Welker, CFP® defines top benefit terms to help demystify some of the confusing benefit terms.

In the next few weeks, you may open your mail or email to see notices regarding open enrollment season through your employer. Open enrollment is a period of time you can make changes to your employee benefits options that are normally restricted. This is also a great time to review your entire benefits package and make any other adjustments as well. Let’s walk through a few options you may be looking at.

The Intersection of Self Improvement and Wealth Improvement

In this weeks edition of Monday Morning Quarter-Buck, financial planner Kerrie Beene, CFP® (our resident self-help “junky”) dives into her favorite topic! She shares the top 10 books, podcasts, and YouTube videos and her current favorite self-help tip.

By: Kerrie Beene, CFP®

September is designated as Self Improvement Month. Most of us want to “improve” and become better people.  Someone once coined the phrase, “there is always room to improve” and it has stuck around for decades. I firmly believe this.  Each day I think we should all wake up and say, “How can I be better than I was yesterday?” 

However, thinking about improving can be overwhelming. Especially given all the areas in life there are to improve.  My suggestion is to look at the 8 areas of life and just pick the one you need the most work on at this time.  

8 Areas of Life

  • Personal/Spiritual Development

  • Physical Environment

  • Finances and Wealth

  • Friends and Family

  • Career/Business

  • Fun, Recreation, and Entertainment

  • Health and Fitness

  • Love Life

Once you decide which area you need the most work on, your options to educate and improve yourself are limitless.  As a self help junkie, I use every form of consumption I am aware to absorb the information. You can read books, listen to content, attend seminars/webinars, etc.  

The self improvement industry in the United States continues to grow each year.  According to marketresearch.com, the self improvement industry was worth $10 billion in 2016 and continues to grow each year.  Below, I will list some of the easiest ways to increase your knowledge about how to “improve” yourself.

Reading - There are multiple books available for any area you would like.  Amazon has a list that updates hourly based on the top sales. Currently (August/September 2019) these are the top 10 books in the self improvement category.

  1. The 7 Habits of Highly Effective People by Stephen R. Covey

  2. Unlimited Memory - Kevin Horsley

  3. Tribe of Mentors - Timothy Ferris

  4. Find your Passion: 25 Questions you must ask yourself - Henri Junttila

  5. Maybe You Should Talk to Someone - Lori Gottlieb

  6. Showing up For Life - Bill Gates, Sr.

  7. The Subtle Art of Not Giving a F*ck - Mark Manson

  8. The Traveler’s Gift: 7 Decisions that Determine Personal Success - Andy Andrews

  9. Empath: A Complete Guide for Developing Your Gift and Finding Your Sense of Self

  10. Atomic Habits - James Clear

Listening - If you don’t like to read, consider listening to a book.  Audible.com has the section listed as “self development.” There are over 52,000 titles available and here are the current top 10.

  1. Lightly: How to Live a Simple, Serene & Stress-Free Life - Francine Jay

  2. Can’t Hurt Me: Master your Mind and Defy the Odds - David Goggins

  3. Unf*ck Yourself: How to Get Out of Your Head and Into Your Life - Gary John Bishop

  4. The 7 Habits of Highly Effective People by Stephen R. Covey

  5. Girl, Stop Apologizing - Rachel Hollis (one of our favorites on the team)

  6.  Atomic Habits - James Clear

  7. The Subtle Art of Not Giving a F*ck - Mark Manson

  8. Dare to Lead - Brene Brown (One of Amy’s Favorites)

  9. How to Win Friends and Influence People - Dale Carnegie

  10. Never Split the Difference: Negotiating as Your Life Depended On It - Chris Voss

Podcasts - this form of medium is a little newer to the market compared to reading and listening to books, but I believe it is here to stay.  Google listed it as best motivational podcasts and here are the Top 10

  1. The School of Greatness with Lewis Howes

  2. The Gary Vee Audio Experience

  3. The Tim Ferris Show

  4. Hidden Brain

  5. Art of Charm

  6. The Dave Ramsey Show

  7. Oprah’s Super Soul Conversations

  8. The Minimalists Podcast

  9. This is Your Life

  10. TED Talks Daily

YouTube - According to gedground.com, these are the most popular YouTube channels for Self Development

  1. TED

  2. Actualized.org

  3. Evan Carmichael

  4. Lewis Howes

  5. GaryVee

  6. Goalcast

  7. Neil Patel

  8. Be Inspired

These lists are a great start to those of us who are always looking to improve.  There are other options, like seminars, however these are the forms available at your fingertips daily.  

I have read and listened to most of the items listed above.  However, one thing I have noticed is that as I age and life gets busier, it is a little harder to improve in multiple areas of life at a fast pace and it can be overwhelming to think we need to improve in all areas of our lives.  My suggestion comes from one of the books listed above, Atomic Habits, focus on getting 1% better each day. Often when we look to improve, we set the goal so big that we lose motivation and feel overwhelmed. So focus on just getting 1% better.  For example, if your goal is to start exercising, just start walking everyday and create the habit instead of planning to run a marathon next month. Create the habit, then work on small improvements. If your goal is to read more, don’t buy the thickest book you can find and try to read it in a few days.  Grab a book and just set a goal to read 15-20 minutes before bedtime. “Be the Tortoise, Not the Hare.” Don’t forget, if you would like to improve your finances, that is our passion at Rooted Planning Group and we are here to help!

Good Luck with your Goals and Happy Self-Improvement Month

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