Category Archives: Kids

One of the most frequently asked questions we get as a financial advisor company in Utah County is, “what is the best way for me to set aside money for my kids?”

From the moment they enter your life, your children are tethered to your heartstrings. It is natural for new parents to want the highest opportunity of success for their children. This may lead parents to wonder, what are the best ways to save money for my kids?

Sending your child off to college for the first time is a milestone that blends pride, excitement, and, naturally, a touch of worry. For the first time, they’ll be living on their own, making choices about how to spend their time, who to spend it with, and how to manage their money. While student loans…

As babies, we’re brought into this world only knowing how to eat, sleep, and cry.  The way we think and feel about the world around us isn’t hardwired, and we are products of our environment, which means we are continuously learning life skills from the people around us and the things we experience. Overall, our…

(Part two of a two-part series) You’re not on your own when it comes to talking to your kids about money and investments. You can’t stop your kids from becoming teens — if they’re not already — but you can give them sensible money advice and instill habits they will use for a lifetime, and we’re here to help. Here are a few thoughts from your local financial advisors on how to teach your teens sound financial management principles.

(Part one of a two-part series.) Your financial legacy includes what you have taught your family about how to view money, earn money, save money, build wealth, and give back. Start talking with children about the value of money at an early age. Here are five suggestions.

Creating and contributing to a college savings plan enables you to financially support your children in their educational goals. Although saving such a hefty sum of money may seem daunting, these three key principles will help you create a personalized plan to save for your children’s college with ease. 

The Utah Educational Savings Plan, commonly referred to as UESP, is a tax-advantaged 529 college savings plan established by the State of Utah and designed to encourage saving for future higher education costs. UESP is Utah’s official and only 529 college savings plan.

Understanding finances and having a healthy relationship with money is vital to being a successful adult. And, yet, often children are not being taught important financial information about money from their parents. In fact, a 2016 T. Rowe Price survey found 71% of parents are reluctant to talk about money with their children. And only 22% of kids say they talk with their parents “frequently” about money. Having an open dialogue with your children about finances is important to prepare them for success in the future. As uncomfortable as it may be to discuss finances with your children, you need to do it. In today’s post we share specific tips for talking with your kids about the importance of saving for their future and utilizing smart investment tools and strategies.

As parents we want to give our kids the best possible head start financially. For many of us that means turning to investment vehicles designed specifically with minors in mind; two of the most popular are the 529 Education Savings plan, most commonly referred to simply as the 529 plan, and the saving account provided by the Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA). Both of these options offer ways for parents to begin saving for their children and for the accounts to eventually transfer ownership to the designee. In today’s post we explore the pros, cons, and specific functions of these two popular accounts to help you choose the right one for your child.