How ought to I make investments my son’s cash from his dad’s loss of life?

Q. My son receives social assistance after his father dies. The money just sits in a savings account and does nothing. I’ve already opened two 529s for him. One is from family and friends after death and another is straight from my paycheck. I paid $ 500 straight to my check transfer once a month for incidentals. There is currently about $ 16,000 in savings. I’ve transferred large amounts to the 529 in the past, but I don’t want to invest any more money there. I want to set up something for long-term growth that he cannot touch until he has found his own path on the path he has chosen. We have no money problems. What do you suggest? I know zero about money and investing.

– parent

A. We are sorry to hear of your son’s father’s death.

But it is good to know that you are taking a proactive approach to your son’s financial well-being.

There are many things to consider before making any decisions, said Peter McKenna, a certified financial planner with Modera Wealth Management in Westwood.

You need to take into account the age of your son, when the social security payments end, how much you are in the 529 plans What do you expect college to cost and whether or not to be eligible for on-demand grant, McKenna said.

But here are some starting points.

Her son is not yet an adult so he cannot open an “own” investment account, McKenna said. Instead, you can a. to open Custody account Make decisions for him as his “administrator” until he comes of age, at which point he becomes the legal owner and decision maker of the account, he said.

However, this may not be ideal for a number of reasons.

“It is rare for someone this age to have the maturity and experience to make informed financial decisions. Most of us, myself included, can look back on a few decisions we made when we were 18 that, in hindsight, were shockingly bad, ”said McKenna. “Having an account in your son’s name could affect everyone too needs-based financial help he could be entitled to it in the future. “

You could consider opening an investment account on your behalf and when you’re confident he can take responsibility, you can gift him the property, McKenna said.

“I think low-cost brokerage firms like Vanguard and Schwab would be good options for both types of accounts,” he said.

Once the account is opened, you need to decide how you want to invest the money.

“There is a correlation between the return you expect and the risk you must take to get that return,” McKenna said. “The amount of risk you take depends on when the funds may be needed and how the account maker, you and ultimately your son, react to a poor market environment.”

With a time horizon of five years or less, very little risk should be taken and low returns expected, he said. If the funds are not needed for 10 years or more, more risk can be taken to try to increase the main balance.

But remember: Markets can and do drop steeply at certain points.

“It is critical that we prepare for these inevitable market events and only take as much risk as we are willing to endure through those events,” he said.

Once you’ve identified the amount of risk you want to take, according to McKenna, there are a number of good, inexpensive ones out there Exchange Traded Funds (ETF) that you can shop commission-free to meet that target risk, he said.

“The manager of an ETF will control the level of risk at a relatively constant level so you don’t have to,” he said. “The commission-free feature is useful when you add money over time.”

This do-it-yourself (DIY) approach may not be for you because you said, “I don’t know about money and investing,” McKenna said.

If you want to take the DIY approach, you owe it to your son and yourself to study personal finance better, McKenna said.

He recommends reading “I Will Teach You To Be Rich,” Ramit Sethi’s 2nd Edition.

Another option is to opt to work with a financial advisor who can help you develop a more comprehensive approach to your family’s finances. McKenna offered this link from the National Association of Personal Financial Advisors for some tips on how to search.

Send your questions by email to Ask@NJMoneyHelp.com.

Karin Price Müller writes the Bamboo led Column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com‘s weekly e-newsletter.

5 Cool Dads Who Are Rewriting the Guidelines of Dad Model

ThereThe fact that coolness and fatherhood cannot coexist has long been a myth that fathers are unnaturally drawn to sloppy fits and unnecessary bulk when it comes to clothing. And yet dad fashion has been on trend for several years at the same time, because chunky New Balances and lightly washed high-waist jeans are always ubiquitous among young people who manage to look chic and cool ironically in the same clothes, traditionally made fathers see everything else than out. So what is a father to do, and more importantly, how should a father dress?

How does a father manage to find the perfect balance there? At least to stay on trend a bit and neither look like he was 22 years old nor as if he had given himself completely to the bad dad style?

Well, we have to start by dispelling the notion that fathers can’t be cool, and then it’s time to look at the fashions of fathers who continue to express themselves in style. Below are five cool dads who are rewriting the rules of how men can and should dress after they become parents.

Matty Matheson

Matty Matheson has gained an abundance of loyal fans in recent years, not just because of his cooking skills and oversized personality, but also because of his personal style. The heavily tattooed chef and father of three has set a dress code for himself, a uniform that varies subtly from day to day, but ultimately consists of the same basic parts – T-shirts, jeans, a pair of clog-like shoes that go together go well with a chef’s lifestyle, all topped off with some sort of hat. It sounds simple enough, but the key to Matheson’s style and what makes him so interesting is his penchant for workwear-inspired pieces and vintage t-shirts, the former offering details like patch pockets and the latter typically within an inch of their life. Paired with Birkenstock Bostons or the Yeezy-like Merrell water shoes, as well as a retro trucker hat or a cap that sits slightly over your head, a look is created that exudes an effortless coolness that many try to achieve.

Adam Pally

Like Matheson, actor Adam Pally, also a father of three, is drawn to workwear styles and brands, be it a durable canvas jacket or Red Wing boots. But the actor doesn’t shy away from throwing some hypebeast elements into the mix on occasion, typically in the form of a very enviable pair of sneakers. For dads who have always been curious about Jordans but felt they didn’t have what it takes to take them off, Pally shows how to wear them without looking like a poser, and show them off with practical pieces like jeans or chinos and paired oxford with a classic blue, a look that can be achieved without being boring. Never leaning too far in any stylistic direction, it is obvious that Pally simply sticks to the rule of wearing what he likes and designing the pieces to fit the boundaries of his personal style, whether it be wallabees with a minimalist suit or Air Jordan 1s with a blazer. We also praise his recent decision to bleach his hair at 39.

Blondey McCoy

What happens when a Palace-approved skateboarder becomes a father? You are getting the coolest of all cool dads. Having previously modeled for Supreme and Burberry, McCoy is currently the creative director at Thames, largely inspired by skatewear and British culture, in addition to his all-important dad title. Long lauded for his personal style, McCoy seems to have really come into his own in recent years, the way he dress is undoubtedly influenced by fatherhood. He still retains the occasional boyish elements like knee socks worn with shorts and Addias sneakers, his style is steeped in classic men’s clothing like crisp striped button-downs and navy blue crew necks that reflect his youth (he’s only 24, after all) and background, adding a heavy gold bracelet and chunky rings or a pair of sleek rectangular hues to make them feel fresh again. For all of those classic menswear pieces that you have in your closet but hate to wear because they feel over the top, McCoy’s style is a reinvention masterclass.

Adonis Bosso

The fact that Adonis Bosso is one of the most sought-after male models certainly doesn’t harm his coolness factor, but that not only makes him cool, especially since he often wears matching outfits with his son Saphir. equips him with mini leather jackets and tracksuits that mirror his own. When he doesn’t suit his son, Bosso dresses casually, which is understandable given the more flashy designer pieces he has to wear for a living. That’s not to say Bosso’s style lacks interesting elements, as he is often inspired by his African heritage and he’s not afraid to throw in vintage pieces, like a Harley Davidson leather vest over a Bob Marley T. – Shirt with a fluffy houndstooth jacket and a cowrie shell that dangled from his hair.

Mordechai Rubenstein

Mordechai Rubenstein, known to most as Mister Mort, has long been stressing other people’s style, but the time has come to give him the credit he deserves for his own. A frequent fan of Gorpcore pieces (think LLBean sweaters, Birkenstocks, and hiking roots), Rubenstein pairs the pieces with his other favorite clothes – oxford shirts, patterned ties, brightly colored berets, and corduroy pants. The result is an often colorful mix of clothes that only someone with Rubenstein’s expert hand could pull off while styling. The seemingly different colors make sense when he’s wearing a pink V-neck sweater over an olive-green shirt with a collar (with an unbuttoned collar, of course) paired with 90s jorts and birks. It’s part neat, part cereal, part yuppie, part deadhead, and definitely crazy, but it never gets boring.

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‘Excessive $5 For Dads’ occasion raises cash for home violence outreach, training

HONOLULU (KHON2) – Father’s Day is just around the corner and the Domestic Violence Action Center is accepting donations in honor of the father.

On Saturday June 12th, a drive-by donation page was held in Kaka’ako as part of the “High $ 5 For Dads” campaign.

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People were encouraged to donate $ 5 or more to help outreach and raise awareness about domestic violence.

“If you are a prisoner of an abusive partner or parent, it is dangerous. Now, however, good fathers are doing what they can to protect their families in partnership with their good mothers. “

Nanci Kreidman, CEO of the Domestic Violence Action Center


Hostage at home: COVID-19 and domestic violence

“And since men are the culprits in most cases, we have to tell the boys: stop beating your wives and girlfriends,” said Honolulu prosecutor Steve Alm. “Stop trying to control them. Be a good role model for your children. “

Domestic Violence Action Center holds sign-waving event to raise awareness

Click here to donate to the Domestic Violence Action Center.