Where do you go for information? Social media might be a tool (already in hand) used for learning on the go.

On our recent family vacation, in a moment of reprieve with our two small children down for the night, my husband scrolled through reels or short videos on his social media. He skipped past a video of a woman speaking of the “Texas court suit has halted BOI filing requirements…” which I had him come back to and watch in entirety.

Social media sometimes easily earns a bad reputation for misinformation. This comes in a variety of ways: through words, videos, a string of comments, memes, etc. But I have seen social media provide an equal amount of helpful and relevant information. In this case, away from work for a week, I learned of new tax information prior to turning off my “out of office” email and reading the latest financial news articles. This of course was only a glimpse which I later confirmed with some Certified Public Accountants at Keller & Associates CPAs, PPLC, and read on after returning to my desk for further verification.

I have friends who use social media as a platform to share their knowledge by educating viewers or readers alike, like lender, Nathan Gruetzmacher on mortgages and refinance information, Estefania Cobb, IBCLC on breastfeeding, Skyler Denny, CFP® on financial guidance, Kate Lauger, B.S. in nutrition, on healthy eating. Some of the approximately five billion people currently using social media worldwide who fall into their algorithms, may otherwise have stayed in the dark or may have never explored some of their topics shared further. There are many experts that provide tidbits of information in their respective fields to the world to be exposed to, engage in a deeper understanding of, and learn on the go.

The catch…is only letting social media be the spark that leads you to research further and seek additional information from qualified and data backed sources. As much as we enjoy scrolling and learning, the internet and social media are not the end all-be all. Allow social media to engage you in becoming a seeker of information and aid in your learning on the go.

Published in the Victoria Advocate. 

Beth Koonce is a CFP® professional and a lead advisor at Keller Wealth Advisors.

If you find yourself raising school-aged children or financially supporting grown children while also caring for aging parents, you are part of the sandwich generation. It is natural to feel pressure to care for aging parents, and as a parent, to feel the obligation to tend to your own family. Understandably, the sandwich generation experiences extreme levels of stress and feels financially squeezed from both ends. To provide care-giving services to multiple generations of their family, these people frequently set aside their own physical needs, mental health, and financial goals. This sacrifice presents a conundrum – If we don’t take care of our own needs while we are in the sandwich generation, our children will inherit the burden of caring for us. So, how can we make it through the sandwich generation years without losing our mind, and without perpetuating a cycle?

Take stock of your responsibilities.  Responsibilities slowly add up over time. As kids grow up, tee-ball teams turn into travel teams with five practices a week. Likewise, as your parents age, checking in a few evenings a week turns into thrice weekly physical therapy sessions. Before you know it, you are everyone’s taxi, and every hour of your day is accounted for with no room for flexibility to take care of yourself. It’s important to realize when your lifestyle is unsustainable. If you’re overwhelmed, write down daily and monthly routines to see which you must keep, which can be shifted, and which can be cut. Lean on other transportation services like school bus routes, carpools, and local senior transportation services – surprisingly affordable and often available in rural communities. While using these services may not be glamourous, neither is a mental breakdown. Balance, boundaries, and compromise are essential for you to prevail in this challenging role.

Meet needs, not fairness. Living your daily life trying to keep everyone happy is a quick way to fill your schedule and empty your savings and emotional battery. To stay in this role for the long-haul, you need to pay attention to needs. Young children will need dinner prepared, cut-up and dishes cleaned, while your parents may only need company. Adult children may need a couch to crash on during summer break, but your parents may need a bed in your home while recovering from an injury. Give yourself grace in meeting the needs of others and let go of the pressure to make yourself available for everyone all the time. One thing to avoid putting on the back burner while you are in the sandwich generation is your own financial needs. You need to save for retirement and plan for long-term care, so your own kids don’t have to spend their time and savings to care for you. Further, if you do not want your children to remain financially dependent on you well into their twenties and thirties, you need to save for their education so they can enter young adulthood capable of paying for rent or a mortgage without the burden of hefty student loan payments.

Ask for help. There may be a point when you will realize you can no longer meet everyone’s needs on your own. It’s okay to ask for help! If your aging parent is beginning to experience diminished mental capacity, enlisting the help of an attorney is paramount. An attorney can help you draw up key estate planning documents, like a durable power of attorney, so you can continue helping your parents while also being able to draw on their assets to support their care rather than draining yours. The financial squeeze can be addressed by enlisting the help of a CERTIFIED FINANCIAL PLANNER® professional who can help you juggle the financial needs during this phase of life, and establish a long-term financial plan for your future that accounts for care in your own old age.

The best way to avoid or prepare for the sandwich generation is with multi-generational financial planning. A CFP® professional can serve as a facilitator for conversations across three generations, to make sure that your limitations and abilities are considered in your parent’s long-term care plans, and that your financial plan is robust and disciplined enough to not rely on your own children. With proper multi-generational financial planning, you can break the sandwich generation cycle. If you haven’t created a financial plan yet, start today so many years down the road, spending time with your children is not a stress-inducing obligation for them, but rather a privilege to be enjoyed.

Published in the Victoria Advocate.

Hannah Gohmert is a CFP® professional and the Chief Compliance Officer of Keller Wealth Advisors.

My husband and I are expecting our first baby this fall, a little girl! Although our sweet bundle of joy has yet to arrive, we have already encountered a whirlwind of decisions to be made. From picking out the perfect name, to deciding on a complementary shade of pink to paint the nursery walls, the most impactful decisions we have made or plan to make will be surrounding our finances to promote a positive and secure future for our family.

As an expectant mother and Certified Public Accountant (CPA), here are a few tips for those that are preparing to step into the role of parenthood:

I am sure you have heard “Babies are expensive!” Prior to your baby’s arrival, create a “baby budget.” In your budget include anticipated baby-related expenses.  A new baby introduces new expenses into your everyday life, like childcare costs, medical expenses and baby gear. For instance, my husband and I prioritize car seat safety; therefore, we purchased a car seat with exemplary safety ratings, even if it meant we splurged a bit on the price tag. We then cut costs on other baby items, and luckily, received hand me downs from family and friends. When it comes to formulating a budget, I have found that writing down income, fixed expenses and discretionary spending is helpful, as it creates a visual to review areas where you can improve on and cut out unnecessary expenditures.

Medical expenses can strain a family budget, especially large, unexpected ones. Placing an emphasis on forming an understanding of your health insurance coverage including the deductibles, co-pays and out-of-pocket expenses can help you mitigate negative impacts to your family’s financial strategy. You will want to include any known out-of-pocket medical expenses in your “baby budget.” If available through your employer, Health Savings Accounts (HSA) or Flexible Spending Accounts (FSA) prove to be invaluable tools to help cover co-pays, prescriptions and other qualified medical expenses. As a bonus, both accounts allow you to contribute pre-tax dollars, which ultimately reduces your taxable income.

It is hard to imagine, but one day you will be dropping your baby off at college. Helping your child with their college education costs is a major financial goal but so is securing your own financial security during retirement. With a thoughtful financial plan, you can build both a college savings fund and a retirement fund, so do not exclude either contribution from your “baby budget.” A CPA or a CERTIFIED FINANCIAL PLANNER® professional can help you formulate a budget that prioritizes your children and your personal goals.

Of course, there are many unknowns that naturally come along with parenthood, so it is impossible to plan for everything! Budgeting early, confirming you have adequate insurance coverage, and a thoughtful financial plan will allow you to focus on the joys of becoming a parent. Hopefully, with a balanced “baby budget” you will feel a sense of peace as you welcome your new baby into your family.

Published in the Victoria Advocate. 

Carlee Gibbs, CPA is a staff accountant for Keller & Associates CPAs, PLLC.

As the winter season comes to a close, we anticipate the coming of spring and all its joy. Springtime brings with it wedding season and the planning of spring and summer break vacations. My husband and I are in the season of life where we ride the “wedding circuit” each spring and summer. The past two years we have traveled all over to attend weddings, from Houston to Dallas and Mexico City to San Diego. Although we cherish all of the memories made in this season of life, traveling, especially internationally, can be expensive. As a now-seasoned traveler, I have developed some top travel tips to ensure a smooth, enjoyable trip while also being wise with money.

1. Create a budget and do your research. The first thing I do when planning a trip is put together a budget. Flexibility is a necessity when traveling, but an idea of what you are willing and able to spend is essential in the planning process. Research your destination to discover off-season travel times, which may help decrease the overall expense. I find it helpful to jot down an estimate of potential expenses as I research, including flights, meals, excursions, and transportation. Awareness of the total cost can help you scale back where needed and avoid overspending during the trip. For bigger trips on your bucket list, set aside money for a “travel goal” in savings each month.
2. Purchase flights wisely. Many travel assistance websites have the ability to monitor flight prices to identify the best time to buy. If you fly frequently, consider signing up for a free rewards account with your favorite airline to accumulate points. Be wary of booking directly with third-party sites such as Expedia; certain airlines do not offer flexibility for missed flights or rescheduling when the flight is booked indirectly.
3. Book excursions ahead of time. This will allow you to compare costs across multiple different experience groups, choosing the best value for your budget. Paying ahead of time can offer better rates, reduce the hassle, and spread trip costs out over time.
4. Take advantage of discounts. During a recent trip, we discovered that our hotel offered a percentage discount when booking a rental car through a specific company. This can be a great way to cut costs for a service you were going to secure regardless. Contact your hotel’s concierge service to see if there are any discounts they offer for local activities or restaurants.
5. Review insurance coverage. Check with your health insurance plan to see what international coverage options may be available, as benefits often differ internationally. Travel policies are available to cover everything from unexpected delays, medical emergencies, and cancellations. Review refundable options with your hotel, excursions, and airline tickets. Evaluate your risks and ask yourself – am I willing to self-insure, or is insurance the best choice?
6. Choose your credit card wisely. Credit cards can have many benefits abroad but be aware of hidden expenses. For my personal international travel, I prefer using a credit card over a debit card for the extra fraud protection it offers. Find a card that has zero foreign transaction fees and offers attractive travel benefits such as points or miles. Keep in mind what kind of card it will be (Visa, Mastercard, etc.) and choose one that is widely accepted. A credit card’s online app could be helpful to track transactions and contact the bank as needed while abroad.
7. Bring along cash. It is a good idea to have some local currency on hand when traveling abroad. Plan ahead by requesting a currency exchange at your bank before the trip, or visit a major bank upon your arrival. Avoid exchanging at the airport or standalone ATMs abroad, as they tend to have poor exchange rates and higher fees.

With proper saving and financial preparation, you can experience your trip with peace of mind. Work with a CERTIFIED FINANCIAL PLANNER^TM professional to implement a financial plan and work to achieve your goals.

Published in the Victoria Advocate

Sarah D. Nix is a CFP® professional and Associate Advisor with Keller Wealth Advisors.