Single Point of View

Single Point of View is our way to occasionally share planning ideas relating to personal finance. Our goal is to pass along concepts that you may not be exposed to on a daily basis.

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Who is an Aging Life Care Professional, and What Do They Do?

As financial planners, we are often tasked with answering the question of how our clients will fund their advanced care needs later in life.  However, who is helping you make the choices on how, and by whom, that care is provided?  In this Guest Blog Post, Kate Granigan (CEO) & Anna Pollard (Dir of Clinical Services) of Life Care Advocates outline to us what an Aging Life Care Professional is, and the role they play in helping you plan. Who is an Aging Life Care Professional, and What Do They Do?  By: Kate Granigan & Anna Pollard May is Aging Life Care Professionals (ALCP) Month!  Who, you may ask, is an Aging Life Care Professional, and what do they do? An ALCP is a highly experienced health care professional, usually a social worker or nurse, but also includes mental health professionals, physical therapists, occupational therapists, and others.  Many have had experience...
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Hidden Costs of Stopping Work for Childcare

The question of whether or not to have one parent stop working to provide childcare is a difficult one for many families.  The lifestyle we want for our families is all about choices and priorities.  There is no right or wrong choice.  There is no right or wrong priority.  This is one of the the beauties of life: we all get to decide what will make us and our families happy. For some, having one parent stay home may mean foregoing certain lifestyle choices (a smaller house, living in a more remote area, lower vacation budget, etc. etc.).  On the flip side we may prioritize being in a certain town for our children's education, or, the fact that both parents simply enjoy their career and the work they do.   One size does not fit all, everyone's situation is different.  If we are fortunate enough for this to be a choice,...
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Children and Money

We have been fortunate over the past couple of weeks to have Liam Cronan join us at Single Point to work on a few projects.  Liam is a senior at Thayer who will be attending Bentley in the fall.   In a previous blog we touched on the topic of how to help teach your children about money: http://singlepointpartners.blogspot.com/2015/08/should-kids-have-to-do-chores-for-their.htmlWe thought it would be interesting to hear a firsthand perspective on the topic.  In this guest blog post, Liam discusses his personal experience with how his family handled conversations about finances. Some would argue that money and finances, especially those relating directly to the family, are not the business of children. Others may say the processes, not to mention stresses, involved in earning, maintaining, and expanding personal wealth is a topic that should not be a child's concern on the grounds they are too immature to understand it or that their innocence regarding...
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Hiring Household Help? Don't Forget about your FSA.

Since this is the time of year where families may have just made some change to their household help  either for their children or an elderly parent, it is a good time to make sure you are aware if your company offers a Dependent Care Account (Flexible Spending Account).  Below is a case study that summarizes one family’s experience weighing the cost of hiring a nanny for twins vs having one parent stay home.     Household Employment Case Study Hiring Household Help? Don't Forget about your FSA   For most families that hire a nanny or senior caregiver, the best tax break available is a Dependent Care Account (also known as a Flexible Spending Account or FSA). When fully optimized, this tax break generally saves families more than $2,000 per year. This significant tax savings is an important variable to look at - especially when setting a budget for childcare...
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Should Kid's Have To Do Chores For Their Allowance?

This is just one of many questions raised and explored around the subject of teaching kids about money in Ron Lieber's book "The Opposite of Spoiled".  The book visits with parents around the country to discuss ways to help kids learn about money, and help parents learn how to talk to their kids about money.  Too often, the first time we truly learn about money is at a time when we are making real financial decisions that could impact us the rest of our lives.  "The Opposite of Spoiled" provides stories of how some families are handling the conversation and trying to raise children with good values.You won't agree with each family's approach, however, I am sure there are at least a few examples you will be able to relate to and implement within your own family.  We are planning to start with the separate piggy bank jars for "Save" "Spend"...
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