IN THE KNOW
Monthly Newsletter
August 2019
At ML&R Wealth Management , we want to ensure our clients are In The Know. In this month's newsletter we have timely articles on tips for sending your child to college and the recent market volatility. We are a firm that understands that managing your assets is about more than money. It is about empowering your future. At ML&R Wealth Management, we focus on you.
Vanessa McElwrath, CFP® , Wealth Management Partner

As summer is wrapping up and the fall semester is quickly approaching, many parents are frantically trying to help their soon-to-be college student buy dorm furniture and sign up for classes. Through the excitement and nerves, many parents lose sight of important steps to take to avoid potentially scary and painful situations. Here are some tips that parents should take to ensure their child is adequately protected when they go off to college.

Get your legal documents in place

In many states, a parent of an adult child that is 18 or older is legally considered a stranger, even though you may pay their tuition or claim them as a dependent on your tax returns. Before your son or daughter moves on to their freshmen year of college, a gap year, or a year abroad, you want to ensure that your child, now 18 and technically an adult, is adequately protected in the event of an emergency. If your child were to become critically ill or get in an accident, you would have a very difficult time obtaining important medical and financial information or making critical decisions on their behalf.
Click Here to Read More . Check out the video below for Vanessa's interview with KVUE on the topic.
R ecent Market Volatility
Dimensional

After a period of relative calm in the stock market, investors have experienced increased volatility in recent days. While market volatility can create anxiety for some, reacting emotionally and changing long-term investment strategies in response to short-term declines could prove more harmful than helpful. This issue brief helps put market volatility in perspective. Above all else, remaining disciplined and adhering to a well-thought-out investment plan is often the best course of action through market dips and swings. 

Financial Wellness Q&A
In this section we will address common personal finance questions. Email socialwm@mlrpc.com if you have a question you would like answered.


Question: What is a smart way for a college student to start investing?

Answer: A Roth IRA is a great way to jump-start a college student’s retirements savings since young adults have time and compound interest on their side. And don’t forget: Roth IRA investment earnings grow tax-free. The student can make the contribution or the Roth IRA contribution could be a great gift idea for parents and grandparents. Keep in mind that the student must have income from work- that can mean a part-time job or even babysitting. The maximum annual contribution is $6,000 (2019) or the total earned income, whichever amount is less.
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About ML&R Wealth Management:
At ML&R Wealth Management, we take investing personally. Your ML&R Wealth Management advisor will work to develop a lasting relationship with you, keeping in touch to understand your changing goals and to provide an asset management strategy to help achieve them. Whenever you need sound financial advice, you have a direct line to a trusted advisor.

For over 20 years, we have served individuals, families, businesses, and nonprofits with wealth management services, custom retirement and 401(k) plans, and portfolio management.

We believe in accountability and transparency and operate as a fee-only advisor with fees calculated solely on assets under management.
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