Meet Alicia and Tim. They want to have the savings to travel freely with their kids while they live at home. So we started investing more savings in a non-education account than in their 529 plan. As a result, they love knowing that their money continues to grow, but with significant flexibility attached.
Meet Maria and Alex. They recognize that they don’t yet know what college will look like for their daughter. So we set up their savings and investments to reflect the many competing goals they have, such as college, retirement, and (eventually) a vacation home. As a result, they’re relieved that they no longer fear making a mistake when they allocate their money.
Meet Sarah and Nick. They feel that their student loans really limited them after college. So we decided to prioritize college savings for their son for now, without neglecting their future retirement. As a result, they’re proud that they’re now investing in 529 plans in two different states to reduce their taxes and investment fees.
Do you see yourself in any of these parents?
Hi, I’m Kevin. I’m a Certified Financial Planner™ and the founder of Illumint, a D.C.-based financial planning service specifically for Millennial parents. I imagine you likely face similarly challenging tradeoffs with your money. You may feel a bit hesitant to ask for a financial advisor’s perspective on your specific options and opportunities. So I want you to know that you have a fellow Millennial parent in your corner (and just a short distance away in Adams Morgan, no less) if you ever have questions or need guidance.
As a starting point, I invite you to check out my thoughts on the best investment accounts for college. Next, read through my review of the D.C. College Savings Plan. And then, whenever it’s the right time for you and your family, we can start to put together a strategy for how you can better use your money to give your kids the life you want for them.
Kevin Mahoney, CFP®, is the founder & CEO of Illumint, a Washington, D.C.-based financial planning firm for Millennial parents. Investopedia recently named Kevin one of the top 100 financial advisors in the country, while Business Insider included him on their list of the best financial advisors for Millennials in the U.S. Kevin holds an undergraduate business degree from Georgetown University and an MBA in finance from Georgia Tech, and he lives in Adams Morgan with his wife and two young boys.