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Plan to Protect Financial Resources From Yourself

After three decades as a financial planner, I’m seeing more and more clients reach, not just retirement, but their final years. An issue that becomes especially important at this stage of life is how to protect your financial resources from an unexpected threat—yourself.

One of my saddest professional experiences came several years ago when one of my long-time clients, a woman in her late 80′s with no family and few close friends, abruptly fired me.

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Make the Most of 529 College Savings Plan

When it comes to 529 college savings plans, the best strategy is to start early and start big. Don’t wait to set up an account until your teenager is starting to wonder which schools might offer skateboarding scholarships.

These accounts are excellent vehicles to save for college, in large part because of the tax-free growth they offer. Here are some suggestions for getting the most benefit from a 529 plan.

1. Start as early as possible.

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Rick’s Research Cited in Article on Planners Needing Planners

An article in Financial Planning by Ann Marsh, published August 4, 2014, is an excellent discussion of the reasons financial planners are well served by having their own planners.

Rick is cited in the article, which is titled “No, Really: You Need Your Own Financial Planner.” Marsh also refers to Rick’s award-winning 2008 paper reporting on his research into why so few planners have financial planners of their own.

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