What is the average price of college and how can I know the best financial choice?
In CA, the cost of attendance (COA) which includes tuition, room/board, expenses and transportation, for a University of California school will likely be in the neighborhood of $25-30k, based on whether they’re on campus or not. For a California State University the COA is likely to be $15-20k. For a private school, the sticker price is anywhere from $40-55k.
Important to remember, private schools are far more generous with aid than public schools. Depending upon your income range, private schools can be cheaper than public. It pays to know where the money is.
Last, while the price of school continues to rise, the net cost to the family at a private institution has remained flat over the last 5 years. The same, unfortunately, cannot not be said about public schools.
For more information about preparing for your kids’ college education you can contact Mitch at mitch@collegefinancial-consultants.com, toll free at 877-859-3243 or directly at 408-395-1200
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What type of relationship should I have with my financial planner?
Finding the right financial advisor for you should be more of a gut feeling than a science. Trusting your financial future to someone you trust is important and you need to know that they truly have your best interest at heart. Does this mean you should golf with them monthly? If it helps you feel more comfortable, sure. But more important is to be comfortable with the plan they lay out for you, their approach in achieving it, and their knowledge of the financial marketplace.
There are many different ways to reach the same end result when working on your financial plan and studies have shown that it is more important to “have a good plan and follow it” than to always be looking for the best investments and constantly changing direction. A good Financial Planner will help you to create, maintain, and adjust the plan as necessary but overall will help you to achieve your financial goals.
Troy is a financial advisor offering securities through First Allied Securities, Inc. A Registered Broker/Dealer member of FINRA/SIPC
For any questions or information on Financial Planning you can contact troy at tcollins@mkfinancial.com or by phone at 650-551-8900.
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What is the difference between an independent advisor and a brokerage house advisor?
An independent Financial Advisor has the opportunity to go out in the marketplace and find the very best products and services for their clients. This is different than advisors who work with a large firm.
Many times a brokerage firm has their own line of investments or insurance products that they offer. One of the large revenue generators of these firms is often the funds or insurance programs themselves and at times they may encourage their advisors to sell those products through incentives.
An independent Financial Advisor can truly find the best programs as they most often have no proprietary products which they are encouraged to sell and because they care about your success, rather than receiving incentives, they will truly find the best products and services for you.
Troy is a financial advisor offering securities through First Allied Securities, Inc. A Registered Broker/Dealer member of FINRA/SIPC For any questions or information on Financial Planning you can contact troy at tcollins@mkfinancial.com or by phone at 650-551-8900.
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Who Pays What — A Guide to Closing Costs
A lot of people find the cost of selling or buying a home confusing. It is in a lot of ways since a lot of what you can pay as a buyer or seller is contract related. Below is a list of things as a seller and a buyer that you may be expected to pay for. Take these to your agents and make sure you understand what your part of the transaction is going to be paying for!
The SELLER can generally be expected to pay for:
- Real Estate Commission
- Document preparation fee for Deed
- Document transfer tax ($1.10 per $1,000.00 of sales price)
- Any City Transfer/Conveyance Tax (according to contract)
- Any loan fees required by buyer’s lender
- Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
- Interest accrued to lender being paid off, Statement Fees, Re-conveyance Fees and any Prepayment Penalties
- Termite Inspection (according to contract)
- Termite Work (according to contract)
- Home Warranty (according to contract)
- Any judgments, tax liens, etc. against the seller
- Recording charges to clear all documents of record against seller
- Tax pro-ration (for any taxes unpaid at time of transfer of title)
- Any unpaid Homeowner’s dues
- Any bonds or assessments (according to contract)
- Any and all delinquent taxes
- Notary Fees
The BUYER can generally be expected to pay for:
- Title insurance premiums
- Escrow Fee
- Document preparation (if applicable)
- Notary Fees
- Recording charges for all documents in buyer’s names
- Termite Inspection (according to contract)
- Tax pro-ration (from date of acquisition)
- Homeowner’s transfer fee
- All new loan charges (except those required by lender for seller to pay)
- Interest on new loan from date of funding to 30 days prior to first payment date
- Assumption/Change of Records fees for takeover of existing loan
- Beneficiary Statement Fee for assumption of existing loan
- Inspection Fees (roofing, property inspection, geological, etc.)
- Home Warranty (according to contract)
- City Transfer/Conveyance Tax (according to contract)
- Fire Insurance Premium for first year
It’s important to know what to look for when you’re on either side of the transaction!
This information is provided by North American Title Company. Check out www.nat.com for more.
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How soon is too soon to plan college funding?
It’s NEVER too soon.
A good way to start, is by setting up a 529. For those of you who don’t know what a 529 is, it’s a tax-advantaged investment vehicle designed to encourage saving for the future higher education expenses. It also possesses significant benefits relative to its counter-part, the UGMA/UTMA.
It’s good to start early with a 529 as your investment grows tax deferred and you get the effect of compounded growth. However, stick with a 529 opposed to a UTMA/UGMA account. Some important distinctions to name a few:
| 529 | UTMA/UGMA | |
| Assets | Parent (assessed at 5.65%) | Student (assessed at 35%) |
| Growth | Tax deferred | Taxed annually |
| Beneficiaries | Can change beneficiaries | Cannot change |
| Ownership | Parent | Student |
Also, engage a college financial consultant as early as the student’s Sophomore or Junior year in high school to ensure you’re well positioned and not over exposed. Last, keep in mind for the class of 2011, 2010 is the financial base year. Meaning, your expected family contribution is based on income and asset valuation in 2010, not 2011. Hence, the importance to talk to a professional no later than the student’s Junior year. You’re at a significant disadvantage once the student enters their senior year.
For more information about preparing for your kids’ college education you can contact Mitch at mitch@collegefinancial-consultants.com, toll free at 877-859-3243 or directly at 408-395-1200
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What’s the difference between home staging and a decorator?
Home staging and decorating differ on one common front: function.
A home staging professional views your home in the same light that a prospective buyer would. They have an in-indepth understanding of what distracts from a listing and what enhances a listing and will create a feel and flow in the home that attracts buyers and distracts from potential negatives of the rooms. Simply put, staging is the visual presentation of the home.
It is not decorating because home staging professionals do not decorate a room with the homeowners preferences in mind, or to make the room functional to live in. They are not concerned with function but to appeal to the target demographics for the particular home.
For example, next time you’re in a model home take a closer look at the window coverings. They make the room they are in look great, but often they are not functional. They don’t open and close, and there are sometimes faux panels flanking a window to represent a beautiful idea, but no actual use. This is staging.
Included in staging are also de-cluttering the home, painting walls, new flooring, garden and patio updating, bathroom or kitchen remodels, new lighting, deferred maintenance, power washing and curb appeal.
All of this helps your home stand out among the other listings and drives foot traffic to your listing.
Having been in the home staging market for many years I can personally attest and give examples of how staging a listing can increase market value and return on investment. Contact me at kerry@decorstaging.com or 650-619-9052 and I can share more information with you!
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For Your Next Renovation Project, Visit one of our Local Salvage Showrooms!
Are you looking for something unique for your next house project? Then think about visiting one of several great, local salvage shops.
If you’re on the Peninsula, pay a visit to Whole House Building Supply. They have salvaged finds at their showroom ranging from windows & doors to vintage sinks & light fixtures.
If you’re feeling adventurous, sign up to receive their emails for upcoming salvage sales where you can visit Peninsula properties that are either being torn down or remodeled down to the studs. You then get to remove from site anything from plants to light fixtures to door knobs to windows depending on one’s experience & skill with power tools. There are guidelines with Whole House as to what can be removed from the property as well as to pricing of items.
In addition to finding that special item, you are also helping to reuse items that are still functional and divert one less item from the landfill.
http://www.driftwoodsalvage.com/
1955 Pulgas Rd. East East Palo Alto CA 94303
Warehouse (650) 328-8731
Message Center (650) 856-0634
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What types of investments are the most solid and how does my Financial Advisor help me find them?
Investing is not a one size fits all endeavor. If anyone can answer the first part of this question without doing a serious and comprehensive financial plan then they are an investment broker, not a financial advisor. Essentially, just as a doctor cannot prescribe the correct treatment without testing and analysis, a Financial Advisor needs the full picture before they start to offer advice and ‘treatment’ for your financial portfolio.
As a Financial Planner– as it comes to investments–I believe you first need to determine the time frame for which you are investing. There are investments such as CDs that can protect principle up to guideline amounts, however, they may not keep pace with inflation and after taxes could yield a negative net return. Thus it is important to determine the length of time you have to invest as well as your NEED to determine what return to strive for and consider the risk of each alternative versus the need for higher returns.
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The Most Common Defects That Prevent a Home from Passing a Home Inspection.
Buyers typically request a home inspection to determine the condition of a property. What is uncovered prior to the closing can often result in needed repairs, which can set off renegotiating the deal with the seller or in extreme cases cause a deal to collapse. The inspectors are not the enemy! They are simply there to report on the condition of the property.
The biggest and most common defects that can be avoided are:
Improper Electrical Wiring
This is usually done by homeowners or unqualified contractors. Think inadequate overload protection, wires tied together without being housed in a box, etc. All of these issues can cause major problems and are fire hazards. As a seller, get this kind of work done with a proper permit and by a licensed contractor. It will save you time and money in the end. And, most electrical issues are safety issues. So, be smart and get it done right.
Roof Deterioration
A roof that is old and damaged leads to leaks. If left un-repaired, a totally new roof is often the only fix and can cost on average almost $20,000. So, check the shingles and tiles on an ongoing yearly basis, clean gutters yearly, and trim back trees that could cause damage.
Improper Surface Draining or Grading
Water is a powerful force and can flow into a house because of poor drainage or grading. Basements and crawl spaces are the most vulnerable. So, assess how your home sheds water, watch for signs of water damage, and find the source.
Plumbing Problems
The biggest money drainer is dripping faucets. Leaking water can cause damage that can often be fixed by a part that costs under a dollar. In addition, shoddy plumbing work is cheap, but expensive in the long run–think mismatched piping materials, improperly installed water heaters, or rocking toilets. So, make sure your toilets are securely bolted, check faucets and valves periodically for leaks, and do the repairs when the problems are small.
General Condition
Often cracks, peeling, or dirty painted surfaces, broken appliances, and decayed caulking are found by inspectors, which can lead to costly repairs
Check these things on a regular basis and fix the issues early.
This is an excerpt from Carole’s monthly newsletter which contains great information on the Real Estate market of the Bay area and other helpful tips. Check out her site to sign up to receive her newsletter!
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When should I think about discussing my finances with a financial planner?
You should consider talking to a Financial Advisor when you are making a life change such as getting married, having children, changing jobs or have some financial questions outside of your personal expertise. Don’t assume that you can find financial answers on the internet. You are about as likely to become an expert in financial planning over the internet as you are to become a brain surgeon.
Financial planning takes into account many different aspects of the current marketplace and a strategic financial plan helps those aspects to work together for the greatest reward. This isn’t something that a novice to the financial world can understand fully and create for themselves after doing a little internet research. So, don’t do it yourself! Your financial future is rather important to plan for properly the first time and you don’t always get a second chance. Rather than searching the web for good investments, most should start by searching for a good financial planner.
A few tips to finding a good Financial Planner:
- You should find a financial planner who you feel listens to your concerns and desires. This is your financial plan and needs to focus on what you want to accomplish.
- You should expect a series of appointments, often 2-4 before doing any investing. (Anyone giving investment recommendations at the first meeting is not a true financial planner.)
- You should expect a written financial plan that covers the areas of:
Investments
Retirement Planning
Education Funding
Risk Management/Insurance
Estate Planning/Trusts
Tax Strategies
Note:
As important as finding a financial advisor is deciding on a financial plan and sticking to it. Most people start with a strategy and the minute it starts to not work perfectly they will give up on it and change to another strategy or another advisor. Though a few changes may be needed, “Don’t throw the baby out with the bath water.”
*Troy is a financial advisor offering securities through First Allied Securities, Inc. A Registered Broker/Dealer member of FINRA/SIPC
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