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The FSG team with our IFG consortium group at LPL Focus in San Diego this month!
Saving for college 101 FSG Video Series Digital Bytes Upcoming Firm Events Recipe of the Month Monthly Read
This Month
August Newsletter
Paying for College 101
It's that time of year where kids are starting to go off to college. We know this can be a stressful time emotionally, and financially. A college education is a great way to prepare for the future, but it’s also a big expense. With rising tuition costs and growing student loan debt, many families are concerned about how they’ll pay for their children’s higher education. That’s where planning comes in. How much does college cost? The average price tag for the 2018—2019 school year was over $48,000 at private four-year colleges and universities and over $21,000 for in-state students at public four-year colleges and universities. Despite the high cost, higher education is an investment that could yield a big return — a lifetime of higher earnings. The good news is that there are a number of ways to help make a college education more affordable. For example, some students start at a community college and transfer to a four-year school. And most students receive some type of financial aid in the form of grants, scholarships, or federal student loans. But to avoid having to rely too heavily on loans, it is wise to start planning and saving as early as possible.
If you are looking for ways to put money aside for college, a Section 529 plan is an option to consider. You can contribute to a 529 plan regardless of your income, and lifetime contribution limits are generally quite high. A 529 college savings account owner retains full control of the account. A 529 plan offers tax advantages, too. Your contributions and earnings grow tax free. Tax-free growth can make a big difference over time. Once it’s time to pay for college, you generally can withdraw money tax free for qualified education expenses. If your child doesn’t go to college or doesn’t use all the money in the 529 plan, the unused assets can benefit another eligible family member without penalty when you name that family member the plan beneficiary. You don’t need to save it all. But by starting to save early and looking into all the options available for paying for college, you can help make higher education more affordable for your family. Tracking #1-656888
Hank Cleare presents the 101 on paying for college.
FSG Video Series: Paying for College 101
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
Although online crime is a fast-moving target, currently, the primary methods in use by identity thieves are social engineering and phishing -- or typically a combination of both. According to the Identity Theft Resource Center, the number of U.S. data breaches hit a new high in 2017. Nearly 20% of breaches included credit and debit card information, a nearly 6% increase from the prior year. The actual number of records included in these breaches grew by a dramatic 88%.1 This crime occurs when a thief obtains confidential information -- including passwords, personal ID numbers, Social Security numbers, or an account number used with a financial institution -- and uses it to commit fraud. Identity thieves use a victim's stolen information to open bank and brokerage accounts, run up bills for credit card purchases, obtain loans, and commit other forms of financial fraud. Criminals obtain a victim's personal information in a number of ways -- both online and off. But as incidents of identity theft grows, so too does the arsenal of tools and sophistication level of techniques used to perpetrate the crimes.
Cybercrime: A Rapidly Shifting Model Although online crime is a fast-moving target, currently, the primary methods in use by identity thieves are social engineering and phishing -- or typically a combination of both. As the term implies, social engineering relies heavily on human interaction and often involves tricking unsuspecting victims into breaking normal security procedures. In short, it is a way for criminals to gain access to your computer or mobile device and the sensitive personal data it stores. For instance, a social engineer may use text messaging to contact a mobile device inviting the user to click on a link to a bogus website where the thieves collect user credentials and other personal information. Similar results can be achieved through a phishing attack, in which the criminal uses email to lure victims to fake websites and then gain access to their passwords and usernames, credit card numbers, and other key data. Phishing emails often appear to be from a legitimate company that the victim recognizes. In yet another instance, attackers may inject infected "malicious" code onto
August Digital Bytes: Recognizing and Avoiding Online Scams
*Identity Theft Resource Center, 2017 Data Breaches, 2018. Because of the possibility of human or mechanical error by DST Systems, Inc. or its sources, neither DST Systems, Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall DST Systems, Inc. be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content. © 2018 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or omissions.
In yet another instance, attackers may inject infected "malicious" code onto your computer via email attachments, links contained in emails, infected search engine results, or through videos and documents on legitimate websites, particularly social networking sites. In the mobile device world, criminals can corrupt a legitimate smartphone app and upload it to a third-party site. If users innocently install the app, they expose their devices to assaults by hackers who collect personal user data, change device settings, and sometimes even control the device remotely. Don't Be a Victim In today's 24/7/365 world, it is nearly impossible to secure all sources of personal information that may be "out there" waiting to be intercepted by eager thieves. But you can help minimize your risk of loss by following a few simple hints offered by the Federal Bureau of Investigation (FBI): Never divulge your credit card number or other personally identifying information over the Internet or telephone unless you initiate the communication.
Digital Bytes...continued
Reconcile your bank account monthly, and notify your bank of discrepancies immediately. Actively monitor your online accounts to detect suspicious activity. Report unauthorized financial transactions to your bank, credit card company, and the police as soon as you detect them. Review a copy of your credit report at least once each year. Notify the credit bureau in writing of any questionable entries and follow through until they are explained or removed. If your identity has been assumed, ask the credit bureau to add a statement to that effect to your credit report. If you know of anyone who receives mail from credit card companies or banks in the names of others, report it to local or federal law enforcement authorities. Finally, be very wary of any email or text message expressing an urgent need for you to update your personal information, activate an account, or verify your identity. Practice similar caution with email attachments and downloadable files and keep your computers protected with the latest security updates and virus protection software.
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Recipe of the Month
Instructions: Preheat oven to 350 degrees F. Place tomatoes in a colander in the sink in 1 layer, sprinkle with salt and allow to drain for 10 minutes. Layer the tomatoe slices, basil and onion in pie shell. Season with salt and pepper. Combine the grated cheeses and mayonaise together. Spread mixture on top of the tomatoes and bake for 30 minutes, or until lightly browned. Cut into slices and serve warm. *Source: Paula Deen
Tomato Pie We made this recently to kick off college football season. Not low calorie... but delicious! Ingredients: 4 tomatoes, peeled and slices 10 fresh basil leaves, chopped 1/2 cup chopped green onion 1 (9-inch) prebaked deep dish pie shell 1 cup grated mozarella 1 cup grated cheddar 1 cup mayonaise salt and pepper
Nick's August Read
The Nickel Boys: Colsen Whitehead Based on the real story of a reform school in Florida that operated for one hundred and eleven years and warped the lives of thousands of children, The Nickel Boys is a devastating, driven narrative that showcases a great American novelist writing at the height of his powers.
