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Parents Day is Tomorrow: How to Financially Care For You, Your Kids & Your Parents

July 24, 2021/in Budgeting, Children, Financial Planning, Savings Tips /by Jamie M. Lima, MBA, CFP®

Since 1994, the fourth Sunday in July has been celebrated as National Parents Day. This holiday was established with the purpose of “recognizing, uplifting, and supporting the role of parents in bringing up their children.”¹ As a parent, you have one of the most important jobs in the world – raising and encouraging the next generation. Some parents, however, may find that they’re sandwiched between raising their kids and caring for older loved ones. Aptly named the “sandwich generation,” those in their 40s and 50s may be feeling the pressure of being stuck in the middle. In fact, a recent study suggests almost half (47 percent) of adults are a part of the sandwich generation.²

If you’re a loving parent and adult child caring for parents of your own, how do you strike a balance between your financial wellbeing, your child’s needs and your parents?

3 Things to Reduce Your Financial Dependence on Dad This Father’s Day

June 7, 2021/in Behavioral Finance, Budgeting, Children, Financial Planning /by Jamie M. Lima, MBA, CFP®

If you’re like many young adults searching for the perfect father’s day gift, you already know that money management is necessary – even if it’s not always intuitive or taught. From large student loans to finding your first apartment, young adults are hit with a number of important yet unfamiliar financial challenges right off the bat. As a result, it’s possible you still depend on your parents for a number of financial obligations – car insurance, phone bills, streaming services, rent, etc.

If you’re looking for a unique gift to give your dad (or a father figure in your life) this Father’s Day, consider finding a few ways in which to reduce your financial dependence. Here’s how you can start.

Received an Inheritance? Will It Affect Your Student’s Financial Aid?

March 30, 2021/in Children, College Planning, Financial Planning /by Jamie M. Lima, MBA, CFP®

Each year, around 86 percent of college students obtain some form of financial aid.¹ In order to receive financial aid from the government, all students must fill out the Free Application for Federal Student Aid, otherwise known as the FAFSA. The FAFSA determines the financial need of a student based on factors such as family income and the prior tax year’s income.

With these factors in mind, it’s important to note that large windfalls like an inheritance could affect the amount of financial aid a student receives. If you’re worried about how an inheritance could affect your college-age child or grandchild, here’s what you need to know.

How to talk to your kids about money

December 8, 2020/in Behavioral Finance, Children, Financial Planning /by Jamie M. Lima, MBA, CFP®

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