College Funding

Would it be worth one hour of your time to learn about a scholarship program that does not penalize you for too much income. That starts at $5,000 for a single parent or at $10,000 for a couple. It also grows every year until you begin using it by $2,000. It is available with no cost too the family or the student. The funds can be used at over 200 private schools in about 30 states including 15 private schools in the State of Ohio. No public schools participate in the program. To participate a student must be enrolled by June 30th at the end of their Sophomore year. You can enroll earlier. Schools vary in the allowable amount you can use but it can be equal to 25% of each years tuition for a 4 year scholarship. It does not apply for graduate studies.

In addition to this scholarship program we work with families to improves their eligibility for need based financial aidthrough the use of the FAFSA Application. We help you estimate the Expected Family contribution (EFC) and in many cases we legally help clients increase their eligibility for financial aid by reducing their EFC.

How can we help you and your family? Please contact us to find out.

www.columbusfinancialplanningpros.com
polarisfinancialservices@gmail.com

FDIC Insurance Limits

FDIC limits may be increased. USA tToday ran an article By Sandra Block. The article title is "FDIC Limit could bump up to $250,000"
both presideental candidates are in favor of the change. As is typically the case with Congress there is a flaw. The article says "the FDIC Insurance limit would be TEMPORARILY increased to $250,000." I don't like Temporary fixes when it comes to my money. The article goes on to talk about the 13 banks that have failed this year. We have been blogging on many of those stories this year. The article further states that 37% of bank deposits are uninsured. I need to ask whats wrong with those people?
First of all the banks generally don't pay a fair rate of return on the money you keep at the bank. They load you to death with excessive bank fees, and they charge most people way to much interest when they loan money to customers. The Large banks overpay their officers using the excessive profits generated on the spread between the interest rates charged and offered. And then they dont even practice reasonable levels of financial responsibility in managing our assets in their care necessitating this massive bailout.

There are Safer Money Alternatives for your funds that will earn you substantially more interest over time and do it with guaranteed performance and principal protection.Does that make sense for at least part of your money.

How can we help you earn more and protect your assets? Contact us for a free initial consultation

polarisfinancialservices@gmail.com
www.columbusfinancialplanningpros.com

Bank CD alternatives

W came across several alternatives to Bank CD's that might be right for some clients and wanted to give you the nuts and bolts summary to review If this peaks your interest we would be happy to discuss it in more detail and determine if it might be right for you.
The first product offers.
4.63 % guaranteed for three years. Compatible with Qualified retirement plans like IRA
or Roth IRA. Purchase minimum for retirement assets is only $2,000 but obviously you can contribute much more. Non qualified money contribution requires a minimum of a $5,000 contribution. Product is tax deferred until funds are withdrawn. If you want to move to a no
risk financial product for a short term period this is a good choice. Penalty free withdrawals are available under certain conditions including Nursing Home need, Terminal Illness diagnosis, unemployment or death. Suitable forages up to 90. Product not available in every state. Interest rate subject to change until issued.
The second product offers.
4.73% interest per year for three years. In exchange for the slightly higher interest rate the free withdrawal provisions are not offered. Low minimum amounts to purchase $2,000 qualified and $5,000 with non qualified money. Also available for people up to 90 years old. Not available in every state. Tax deferred until funds withdrawn.

There are also other financial options available to meet your specific needs. We would be happy to discuss your needs and particular situation.Some products have current rates approaching 5.0 %. Rates are subject to change until purchase. Different lengths of time, amount of purchase and other features are available.

How can we help you meet your financial needs in these very difficult financial times.

www.columbusfinancialplanningpros.com
financial-services@live.com

What Happens To Bank CD Rates In A Bank Takeover

I read an interesting article today in USA Today September 29, 2008. It was titled Whats next for failed WaMu's customers? Several interesting points were made in the Q and A style article. First point as you know qualifying accounts under the $ 100K FDIC limit are federally insured. What you may not know is the point made later in the article by Charlie Scharf JPMorgan Chase Bank's head of retail business was quoted as saying Cd rates for WaMu products will remain the same "as we figure out how to merge the companies". The article goes on to state "But it is unlikely that Chase will honor the rate on WaMu's 5%CD rate through maturity" said Bankrate.com senior analyst Greg McBride. The key point here is that although the principal is guaranteed the INTEREST RATE PAID IS NOT GUARANTEED!!! OUCH!! not only do banks not pay the best rates available but if they screw up you may not even get the promised rate.

If you are thinking about buying a Bank CD or facing a rollover date now might be a very good time to consider non bank alternatives. If you are looking at 1-5 year terms guaranteed rates of close to or over 5% are available and if you are over 40 years old we can offer products with a superior guaranteed yield of 6-7.2% in a five year, a ten year or longer timeframe with the additional benefit of a 5% initial bonus credited to the principal on day one if you choose the 10 year product. These interest rates are the contractually guaranteed minimum rates and the rates can be as much as two or three times as high in good years. A percentage of the funds are available annually without penalty. At any time you can convert the account balance into a lifetime income stream you cannot outlive. In effect you can convert this into a personal pension plan at your option any time you wish. No bank CD offers you these three things Competitive minimum interest rates, significant upside potential earning and a lifetime income stream. Does this make sense for some percentage of your assets?

This product should be in your portfolio for some portion of your assets if you are qualified to purchase these products. You have to meet suitability and minimum initial contribution limits. It is not necessarily available in all 50 states. Contact us if interested.

How can we help you prepare for difficult financial times or for retirement?

www.columbusfinancialplanningpros.com
polarisfinancialservices@gmail.com

Outlook On Low Risk Investments Not So Bad- Says USA Today

Sandra Block writes for USA Today in the Money section. This weeks article reflected in the title above "Outlook On Low Risk Investments Not So Bad" She is a supporter of lower risk investment strategies and her picks seem to include money market funds,Fixed Annuities, variable Annuities, and Insured Deposits. She admits that "several money market funds have suffered a principal loss due largely to investment in Lehman Brothers" that tanked. HER view is that risk here is minimal.
IN Annuities she talks about Fixed and Variable Annuities. She admits that "variables are not covered by the State Insurance guarantee funds and that. Fixed Annuities are protected up to state limits."
Insured deposits are bank deposits up to FDIC $100,000 limit. One should never have more than that in a bank! My reasoning is that then you have no insurance and you are also getting an inferior interest rate. We specialize in Safer Money alternatives.

If you are looking to diversify we can help. How can we help you?

www.columbusfinancialplanningpros.com

Morgan Stanley, Goldman Sachs, Now Who Is Next?

Two of the last major investment banks are being reorganized to try and avoid their collapse. Morgan Stanley and Goldman Sachs are being reorganized and commercial banks and will now fall under traditional bank regulators and will have to change the way they do business as a result. These two monsters have helped drive our market economic engine in good times and have helped cause some of the bad times as well. This will make it more difficult for small firms or less known firms to raise venture capital in the stock market.

I still say there may be more bloodshed in our future and diversification is the key to riding out this mess we are in. Diversify and do it with guarantees. We can help you!

www.columbusfinancialplanningpros.com

Pick a Retirement Plan

Money Magazine in the Octber issuehad a short article by Mina Kimes. She talks about the diferent options for small business retirement plans. She ranked them from the simplest and least expensive to the most complicasted and most expensive plans. Her ranking starting from the simplest first. 1 SEP-IRA Simplified Employee Pension, 2 SIMPLE IRA Saving Incentive Match Plan, 3 Solo 401K Plan, 4 Traditional 401K Plan, 5 Defined benefit Plan. She also left of two more versions The ROTH Solo 401 K Plan option and the ROTH 401K Plan for multi-employee companies. All seven of these options have their own individual advantages for a business owner. For example the largest ammount you can set aside is with a defined benefit plan and the least expeensive plan to set up is the SEP-IRA.They also have their own downsides. SIMPLE plans are the most limited in the amount you can shelter, and the 401 K Plans, and defined Benefit plans are the most expensive to run administratively.

Polaris Financial has Saving vehicles that work with each of these plan options and has plan administrators set up to do the federal paperwork for your business. We also offer very cost effectiive administration of your plans. In addition we work with you to determine which plan is the best for your particular situation.

How can we help you?

www.columbusfinancialplanningpros.com