We’re in the money

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December 18, 2012

In this month’s Ask The Expert Column, Mark Greenblatt, an investment adviser with RVR Wealth Advisors in Sylvania, offers financial advice to our readers.

Q If my child receives a college scholarship, what happens with the college fund that I established for them? What other ways can they use this money without being penalized?

Scholarships might not cover all costs. The funds could be used for post-graduate studies like medical or law school. It could be transferred to another beneficiary like a younger sibling, back to the parents, or saved for his or her own child(ren). A scholarship is a good problem to have.

Q I’m wondering how to approach college loan repayment. I have debts both big and small — do I go about paying all the small ones first, and just making minimum payments on the bigger loans? Or do I pay a little to each loan continually?

Make sure to make minimum payments and not incur any penalties or late fees. Attack the account with the highest interest rate first. Consider consolidating, but make sure you understand how consolidating can impact survivors in the event of a death.

Q At what age should I start planning for my 401 K? Is there such a thing as starting too early? And what actions should I take if I can’t set one up through my employer?

You should’ve started planning your 401 K yesterday. It’s never too early to start. Consider a ROTH or Traditional Individual Retirement Account (IRA). The days of loyalty are behind us. That applies to employers and defined benefit pension plans, employees who switch jobs regularly, and to the social security system which was only intended to provide SUPPLEMENTAL retirements benefits when it was created (and life expectancy was shorter). Pay yourself first and commit to saving and investing early and regularly; spend what is left.

Q What’s the best way to create financial security for my child?

Lead by example and HAVE A PLAN. Make sure you have adequate insurance protection for auto, home, life, disability, and an umbrella policy in case of a catastrophic loss. Teach your child to save a portion of allowance, gifts, and part time job money. Have a budget for your family and have your child develop his/her own budget.

Q What are the best options for putting away money for my newborn baby?

It depends on the goal. Education? For parochial school or for college? Are you interested in growth and willing to assume more risk, or preservation of savings and want something more conservative? There is no one size fits all answer. Anything from a bank savings account to CDs to bonds to mutual funds and stocks might be appropriate. Then, type of account is also important — savings, UGMA/UTMA, 529, Coverdell ESA? Best approach is to determine specific goals and then find the most appropriate solution.

Q I think about making investments in stocks, but I find them intimidating and confusing — not sure where to start.

Diversify. Individual stocks are probably not the answer. The best place to start, for this and all the prior questions, is by working with a professional — hire a coach. Find someone who will educate you and answer your questions. Make sure your coach is credentialed and will listen to your specific goals and dreams. A coach will first teach you about your options in general and then help to build a plan unique to your situation. It is a team effort (which may also include lawyers and CPAs for specifics) and you are the player; you have to take action and stick to the game plan. Take emotion and market timing out of the mix. Don’t chase winners or listen to every expert’s opinion today; it will change tomorrow. Start early and stick with it — your financial future is a marathon, not a sprint, and there is no dress rehearsal.

RVR Wealth Advisors, 7135 Sylvania Ave. 419-824-8200. www.rvrwealthadvisors.com. Questions on any subject, from health to relationship advice, can be submitted to Ask The Expert by emailing [email protected].

Top Docs

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Toledo Parent Staff

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December 18, 2012

Click here for Top Docs

Successful Behavior Institute

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Alia Orra

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December 18, 2012

We often keep our teens’ physical health and safety on our minds (and plenty of lectures for them on our tongues). But how much consideration should we give to their confidence level? According to Jeff Winke, president and training consultant at Successful Behavior Institute, a whole lot more — to him, it’s a make-or-break factor in their futures. “The higher one’s self-esteem, the more likely they are to succeed,” he says. Winke recently began offering Successful Behavior for Teens, an offshoot of his Successful Behavior training sessions for working adults. The sessions were started after attendees in his adult classes asked if they could bring their teenagers for some positive attitude coaching. Winke offered his first course in October to teens and their parents, giving the tips, tools and exercises for improving self-esteem. “The class really [addresses] how we take those bumps in the road and recover from them,” Winke says. “If teens can deal with glitches and miscues along the way better, they can get back on the road to being successful.” Winke’s classes are open to parents and their children ages 11 and up; he will offer a teen esteem-building class to kick off the New Year on Tuesday, January 8th at his office, 4428 Secor Rd., across from the Toledo Clinic.

Cost is $99; contact [email protected] or call 419-508-5242 for more information. —AO

St. Ursula Academy STEM (Science, Technology, Engineering, and Math)

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Christine A. Holliday

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December 18, 2012

You can use ‘geeks’ or ‘nerds’ to describe members of the St. Ursula Academy STEM (Science, Technology, Engineering, and Math) team. They won’t mind — they’re too busy solving real-life problems and winning awards.

The Club members have earned a $6,000 grant from the Lemelson-MIT InvenTeams program, which is designed to encourage teams of high school students to invent technological solutions to real-world problems. The six girls on the SUA squad decided to use technology to make a better pill dispenser, and will spend the school year perfecting their invention. “We’re one of the only teams in the Midwest to have gotten it,” says Beth Ann Less, a senior at St. Ursula Academy. “We prepared for months over the summer, so when we got it we were ecstatic.” The device allows patients to program times for dispensing their medicine from pill bottles of any size, an idea they developed in consultation with patients at the Sunset House Retirement Center, located across from the school on Indian Road. They are working with UT professors and health care experts from Omnicare in Perrysburg to hone their invention for presentation at the Eureka Fair, the multi-day celebration of the inventive spirit at MIT in Cambridge, Massachusetts in June 2013.

Sixteen schools are participating in the program, three of which are all-girl schools, a nod to the organizers’ wish to encourage more women to pursue careers in these areas. “According to the U.S. Department of Commerce, fewer than 25% of workers in STEM-related careers are women,” says St. Ursula Academy teacher and STEM Club moderator Jackie Kane. “This program encourages our girls to consider those careers.” —CH

Downs Designs

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Brittany Adams

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December 18, 2012

Until her granddaughter was born, business owner Karen Bowersox was unaware of the everyday challenges that Down syndrome presents to families. Bowersox learned quickly the struggle to find properly fitted shirts and pants. “I didn’t know that there was a body shape difference,” she explains. Makeshift, uncomfortable alterations have to be made for store-bought items to function, and even then those pieces aren’t flattering. With her granddaughter as inspiration, Bowersox was driven to help others with Down syndrome.

The venture was at first very foreign to her — three years ago, she knew nothing about fashion design or clothing manufacturing, but now she sees her small special needs clothing company, Downs Designs, growing quickly, reaching even international customers. Bowersox explains the immediate change that well-fitting clothes make with her customers: not only do they look better, but they gain confidence and independence. Pants are made without buttons or zippers, and each pair is hemmed to order. “It’s life changing for me, for other people, for parents.” The shop is located in Mentor, Ohio, but customers outside of Northeast Ohio can shop the entire line through the company’s website. Downs Designs specializes in jeans and offers multiple styles for different body types, while keeping in mind the mobility and sensory issues associated with Down syndrome. The line also includes long sleeve shirts, and Bowersox hopes to expand to include other items like jackets and khakis.

Downs Designs, 8796 Tyler Boulevard, Mentor. 440-290-8903. www.downsdesigns.com. —BA

Bernadette’s Lice Removal Company

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Christine A. Holliday

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December 18, 2012

Lice aren’t nice. They are highly contagious, especially in school environments, but aren’t easily removed without professional help. Bernadette’s Lice Removal Company opened in south Toledo in October with the express purpose of providing a quick end to the parasitic bugs that love children’s heads and hair. Jeremy Hughes, managing partner of the newly opened franchise branch, knows his enemies and guarantees that his special enzyme treatment and follow-up care will get rid of head lice for good. “Lice aren’t dangerous,” he notes, “but they are very contagious and annoying. That’s why we are here — to give families assurance that we’ve killed them all permanently.”

In a studio that looks like a hair salon, Hughes and his staff comb through children’s hair looking for the telltale signs of infestation. They offer a free head screening and, if lice are found, an $85 treatment that uses a natural enzyme product to kill the lice. Follow-up visits three days and seven days post-treatment guarantee that all lice and eggs have been killed, and the free spraying of the client’s car eliminates any lice there. Customers can purchase shampoo and conditioner, as well as a household spray, or can hire BLRC to make a “house call” and treat the family members and the entire house at the same time. Prices depend on the size of the house and the amount of spray needed.

Bernadette’s Lice Removal Company, 5142 Ryan Rd. (off Reynolds near the former Southwyck Mall area). 419-360-5660. www.toledoliceremovalcenter.com. —CH