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Dog Days of Summer
Well, it is August and we are heading towards the hottest month of the year. Many of you have finished your summer vacations and I look forward to hearing all about the fun you had. One of the many benefits of being a CPA and Financial Planner is that I get to hear about all the fun places my clients go on vacation. Many times, I go to those same places based on your recommendations.
I got to thinking, how much time goes into planning a vacation? For many Americans, they spend more time planning their vacations than Financial Planning. Why is that? It is simple, vacations are fun!
In a recent survey by The deVere Group, which claims to be the world's largest independent financial advisory organization, they asked a sample of their clients in Europe (including the United Kingdom), Asia, Africa, the Middle East and the United States with investable assets of more than $1 million about their No. 1 financial regret.
The answer? Not putting in place a regularly reviewed personal financial plan earlier in life (57%) (ThinkAdvisor.com, June 7th, 2013).
I think part of the challenge as a financial professional is that I have to take complex ideas and try to present them to you in a simple way that makes sense. That can be challenging for CPA's due to our genetic makeup. So here is my promise to you; I will challenge myself to consistently present complex ideas in a simple manner. I would want a promise from you; that you will hold me to this! One last thing... I can't promise this will be as fun as planning a vacation.
Happy Summer!
Sincerely,
William "Bill" Cummings, CPA
Cummings Financial Organization
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Kids going to college?
According to a 2011 Department of Agriculture report, in the US, to raise a child to the age of 17 it costs a middle-income family nearly $235,000. That's not even considering the cost of college yet! A four year degree can cost anywhere from $50,000 to over $100,000 depending on your school selection. For those of you who have already been saving for college tuition and expenses for your kids, kudos to you! However, for those of you who have not considered or begun to fathom how expensive college actually is, it's not too late to plan! Here are some things to consider: - Start investing a certain amount of money annually in an account that earns interest. The amount you need to invest depends on the interest earned and how old your child is at the time you begin your investment.
- Set up a 529 plan. This is the most common form of college planning. These plans provide tax benefits and allow you to invest in money markets, stocks, bonds, and mutual funds.
- Although every parent has a superstar kid, don't rely solely on scholarships and grants. In fact, pretend as if there will be no other source of funding and just plan for the worse case scenario. If your kid ends up with a full scholarship, the extra funds will help pay for books and other expenses.
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Check out CFO in the News!
 
Recently Bill was interviewed on FOX 13's Good Day Tampa Bay! He spoke about ways to vacation on a budget and provided tips for saving money when traveling!
Going on a vacation sometime soon? Click here to see the full video and receive more tips on how to travel cheaply."Like" our Facebook page to see interviews like this as they happen!
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_______________________________
You're invited!
~August 13th~ 12pm
Bill speaks on how to beat the high cost of Obama Care!
St. Petersburg College- Pinellas Park Student Auditorium
7200 66th Street North Pinellas Park, FL
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9 Facts About Retirement
Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.
- Many consider the standard retirement age to be 65. One of the key influences in arriving at that age was Germany, which initially set its retirement age at 70 then lowered it to age 65.1
- Every day for the next 15 years, another 10,000 baby boomers will turn 65. That's roughly one person every 8 seconds.2
- In 2010, people aged 65 and older accounted for 13% of the population in the U.S. By 2025, they are expected to make up 18% of the population.
To read the full article, click here.
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William Cummings is an Investment Advisor Representative with securities and investment advisory services offered through Transamerica Financial Advisors, Inc. (TFA) Member FINRA, SIPC, and Registered Investment Advisor. Cummings Financial Organization, Inc. and TFA are not affiliated. Neither TFA nor its representatives provide legal, tax nor accounting advice. Persons who provide such advice do so in a capacity other than as a registered representative of TFA. LD047168-07/13
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