Andy Rose Wealth Management

🎓 What’s the biggest money mistake you made at 18?

Graduation season is here! But diplomas aren't the only thing new grads are getting. Between gifts from family and friends, it’s not uncommon to receive thousands of dollars before heading off to college.

What happens to that money?

For many, it vanishes—new gadgets, travel, nights out. But for those who take it seriously, it can be the start of financial independence (or at least a financial education).

Here’s what we wish every graduate (and their parents) thought about before that money is gone:

🔹 Green Light, Red Light: Some spending is necessary, but learning when to hit pause is a critical financial skill.

🔹 Budgeting Reality Check: Tuition, books, meals, entertainment—does your student really know what college actually costs?

🔹 Checkbook Mentality: Money you don’t “see” is the easiest to spend. Tracking income and expenses still matters.

If you could go back, what money insights would you give your 18-year-old self? Drop it in the comments! 👇

How much life insurance do you need?

The answer to that can depend on many factors…

May 2 is National Life Insurance Day, a reminder to evaluate whether you’ve adjusted your insurance as your life has evolved and, ultimately, whether you feel comfortable with the amount of coverage you have.

Some key questions to consider:
🔹 What would your family do without your income?
🔹 Does your coverage reflect your current financial situation?
🔹 Have your needs changed due to life events like marriage, children, or business ownership?

For many, life insurance is about more than helping with expenses; it’s about creating a legacy, protecting a business, or looking to provide for future generations. Yet, too often, it’s put off until “later.”

A word of caution: you should consider determining whether you are insurable before implementing a strategy involving life insurance. Several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

When was the last time you reviewed your coverage? Message us if you’d like to review how your life insurance fits into your financial picture.

Behind everything we do for our clients are our dedicated, talented administrative professionals. They make it all possible.

Their impact is felt in every part of our work. They keep our systems running and our schedules on track and are really the backbone of our team.

To our incredible team: Thank you for your dedication, problem-solving, and the countless ways you help us serve our clients every day. We couldn’t do it without you!

College acceptances are rolling in! 🎓

But what’s the true cost of higher education? It goes far beyond tuition.

Many families don’t realize that room and board, travel, books, and ad hoc expenses (think ride-shares and late-night food delivery) can add $10- $20k!

Here are some things we suggest our clients look out for: 👇

📌 Financial Aid Isn’t Always Clear – Award letters vary, making comparisons tricky. Knowing how to analyze and appeal aid can make a big difference.

📌 Not All Loans Are Equal – Federal loans can have lower rates (6.53% for undergrads in 2024-25). Parent PLUS Loans come with 9.08% interest and are the parent's responsibility. Understanding the options is key.

📌 529 Plans Require Smart Withdrawals – Timing matters. Missteps can lead to unexpected taxes and penalties.

A 529 plan is a tax-advantaged college savings plan. Before choosing a plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. If you make nonqualified distributions, earnings will be subject to income tax and a 10% federal penalty tax.

📌 College Rankings Aren’t Everything – Prestige fades, but career success can ultimately depend more on a student’s major, experience, and skill set than the name on the diploma.

If you’d like to review your college saving strategy, feel free to message us. 🎓 📊