Considerations When Choosing a 529 Plan

After completing his bachelor’s at SUNY Plattsburgh, Michael Fish relocated to Albany, New York to work as a financial advisor. Michael Fish worked at the Albany, New York branch of a financial services company where he provided guidance on financial consulting and planning, such as college savings strategies.

There are many types of college saving plans and accounts that offer diverse benefits and drawbacks. When selecting a college savings strategies, families must consider the ages of their children, their present and future financial circumstance, and tax implications. One of the most popular college saving vehicles is the 529 savings plan, a tax-deferred investments account. These accounts may only serve one beneficiary at a time, so families are advised to open one account for each child.

Since 529 plans can reduce a student’s eligibility for the Federal Student Loan program, families should carefully consider how to schedule distributions. Another type of 529 plan, known as a prepaid 529, allows families to pay tuition at current prices. However, these plans are only accepted by public institutions in the state that oversees the plan. If the child decides to attend a private college, the terms of the 529 plan will not apply. If a plan will no longer meet a family’s need, the balance can be transferred to another 529 account.

Lifestyle Inflation and How to Avoid it

A resident of Albany, New York, Michael Fish is an accomplished financial advisor with experience in helping both families and businesses achieve financial security. Since 2018, he has worked as a financial advisor and college unit director at Northwestern Mutual, a financial services company in Albany, New York. In this role, Michael Fish provides risk management, tax efficiency, estate preservation as well as wealth management and accumulation services. 

Accumulating wealth is a strategic process that requires careful planning and sufficient time. Wealth accumulation calls for deliberate effort and adjustment especially on lifestyle choices. Lifestyle inflation is one of the main impediments to wealth accumulation and this happens when you increase your expenses as your income increases. It’s common to want to upgrade your car or take a vacation as you may afford at the moment. However, if your saving is not at par with your rising expenses, it can leave you in a worse financial situation.

Many people don’t realize they’re engaging in lifestyle inflation as it’s not easy to detect. One effective strategy for avoiding lifestyle inflation is to automate your savings as it’s easy and tempting to spend cash lying idle in the bank. For instance, if your emergency fund is full and there are no immediate short-term goals that require savings, the extra funds can be automatically redirected to a brokerage account for investment purposes.

Furthermore, consider investing in brokerage accounts outside of the traditional retirement accounts such as 401(k) whose contribution limits remain the same with individuals whose incomes are significantly less than yours. Funds in brokerage accounts can be withdrawn if needed based on taxes and prevailing market rates but aren’t as accessible as funds in a cash account.

Alex’s Lemonade Stand Foundation Announces New Partnership

Since graduating from SUNY Plattsburgh in 2017, Michael Fish has assisted clients in the Albany, New York, area with accumulating and managing their wealth. Charitably active, Michael Fish volunteers with Alex’s Lemonade Stand Foundation, a nonprofit committed to funding research into childhood cancer.

Already one of North America’s leading supporters of childhood cancer research, Alex’s Lemonade Stand Foundation (ALSF) announced in September of 2020 a new strategic partnership that will further enhance its work. As part of the partnership, ALSF will join with the I Care I Cure Childhood Cancer Foundation (ICIC), a Fort Lauderdale, Florida, organization founded in 2006 by the parents of a victim of pediatric cancer.

The partnership will specifically see ALSF absorb ICIC, taking on its assets and overseeing much of its operations. For its part, ICIC plans to create an advisory board to manage its ongoing programming and events, the proceeds from which will now help ALSF pursue ICIC’s mission of funding research into gentler, less toxic cancer therapies.

In a statement, ICIC co-founder Beth Besner commended ALSF and said she expects the partnership will result in increased fundraising, particularly for safer pediatric cancer treatments. ALSF founder Liz Scott, meanwhile, noted she was honored to join with ICIC and pledged her organization’s commitment to continue to work toward the Fort Lauderdale nonprofit’s specific mission.

 

Special Olympics Provides Sports Opening for People with Disabilities

Michael Fish is a financial advisor who works in Albany, New York. While he was in college, Albany, New York resident Michael Fish participated in many charitable activities, such as the Special Olympics.

The Special Olympics provides sporting opportunities to five million people with intellectual and physical disabilities worldwide. The non-profit organization is recognized by the International Olympic Committee and organizes sports events at both the local, regional, and national levels in 172 countries. Its international event is modeled alongside the Olympic Games with summer and winter games held every four years. It is the most prominent global sporting organization for the intellectually and physically challenged.

Special Olympics was founded by Eunice Kennedy Shriver in 1968, drawing inspiration from the annual camps she organized for children with intellectual and physical disabilities who could participate in sports activities. These camps were based on research by renowned professors who showed that sporting participation helped develop positive attributes in people with disabilities. One attribute is the physiological benefits, such as an increase in the participants’ self-esteem, socialization abilities, and anxiety reduction.