Dana F Potts, CFP®, CLU®, ChFC®Financial Advisor |
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Office: 630-986-8600 105 E First St Ste 102 My Networks
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Many people look back on their lives with regret; not for the things they have done, but for the things they have left undone. They find they are more successful than they thought they would be but saved less than they intended. They find themselves in situations that are more complex and less predictable than they anticipated. Which is precisely where Dana Potts and Northwestern Mutual come in, to mitigate and prepare for life's uncertanties.
Funding and Preparing for College: Dana's Recommended Timeline Pre 7th grade: Set up a 529 or college savings plan as close to birth as possible. Speak or meet with Dana Potts when a new child is born, but at least by the beginning of 7th grade. 7th & 8th grade: Make sure your child begins thinking about their goals, specifically programs/opportunities that align with these goals. This includes general extra cirriculars, also travel, sports, theater, acedemics, volunteering, or work. Place them in summer or after school programs to help them begin implementing these goals; simultaneously this will enhance their college portfolio. If possible, increase your college savings plan by 5-10% Freshman year: Rediscuss and reevaluate your children's goals. Allow your child to elaborate on lesson's learned thus far, and his/her dreams for the future. This will be requested during the college interviewing, application and essay process. Ensure your child is participating in a balanced after school schedule. Volunteering and travel (when possible) is highly recommended. Make sure your child is building strong relationships with their favorite teachers for future recommendations. Increase your college savings plan by 10-12%. Meet or speak with dana to evaluate how your life insurance policy could help in funding college. Sophomore Year: Your child needs to take his/her extracirriculars more seriously, preferrably with a goal to assume a leadership position. Allow for a well rounded and committed schedule. Colleges want to see committment, growth and goals. Acedemically, your child needs to take more challenging classes: IB, AP, or honors. Connect with your high school guidance councelor to discuss your child's current situation and future. Study and sign up for the PSAT in September. Discuss colleges your child is interested in. Contact them for further information and gather information on their financial aid packages. Junior year: THIS IS YOUR CHILD'S MOST IMPORTANT ACEDEMIC YEAR Apply to internships or jobs Take the PSAT; SAT subject and language tests; general SAT/ACT Research and visit colleges your child is interested in. Make a 3 tier list: Safety schools, Reach Schools and middle tier. At the beginning of the Junior year, discuss and start writing the college essay Work on your child's resume -- keep it to 2 pages and list freshman through senior year only. Colleges will ask for 2-3 references. Make sure to get 4-5 from teachers, managers, directors, coaches, etc.
Articles you might find interesting: What's Key for Your Business? It's no disgrace to lose a job—especially when the economy is contracting and entire industries are under siege. Nonetheless, it can be emotionally and financially devastating. It may be easier to... 529 Plans—Saving for your Child's Education There's no shortage of ways to save for your child's education. Once you know that you're ready to start, you must decide how... Developing Your Investment Strategy As many investors discover, mapping out an investment plan is the easy part. Sticking with that plan is what separates investors from speculators. To make the most of your investment opportunities, allow... To check out more articles on other topics click here. My MissionDana Pott's mission is to help his clients attain financial security for themselves, their families and businesses. Because you cannot predict the future, Dana Potts will help you prepare for the best and worst case scenarios and will simultaneously create a long-term relationship based on quality service and integrity. Northwestern MutualWe provide you with access to a nationwide network of representatives, advisors and specialists—people who have invested their time and developed their talents to become experts and they have the knowledge that comes only from experience. What’s paramount is to have a flexible approach with complementary solutions. We strive to call on the full capabilities of Northwestern Mutual, providing our clients with financial services that allow them to feel assured that their intentions have been understood and their needs are being addressed. |
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FORTUNE® magazine asked experts to choose the “
