Jeffery A Campbell CPA - October 2020

Jeffery A Campbell CPA - October 2020

www.MayfieldHeightsCPA.com 440-720-0959

October 2020

The Best Ways to Support Your Teen’s College Decision Without Adding More Pressure to the Situation

Deciding which college to attend is hard enough without the added stress of the changing atmosphere and questions imposed by current events. The traditional decision-making month is usually May, but many colleges have extended their deadlines by several months, and nearly all have rolling admissions for semesters that start throughout the year. High school students are likely reconsidering the current factors that might affect which school they should attend, and in this time of uncertainty, parents need to remember the fundamental ways they can show their support. DON’T PRESSURE YOUR TEEN TO PICK A PARTICULAR SCHOOL. Choosing a college is already stressful, so don’t add more pressure by telling them to choose a particular school. It’s fun if you and your child share an alma mater, but that’s hardly the ultimate goal of attending college. Experts say that one of the best things you can do for your teen is to show them that you believe in their ability to make a good decision. DON’T COMPARE THEM TO OTHER KIDS. Getting into a good college isn’t about impressing the neighbors, so don’t compare your teen’s successes, rejections, or decisions to those of others. Every student is unique and has different passions and interests they want to pursue. Achieving those passions is not a simple process, so there’s no basis for comparison. BE TRANSPARENT ABOUT AFFORDABILITY. It’s just as important to discuss the finances of attending school with your teen as it is with your spouse. Treat them like the adult they’re becoming by being honest and detailed with them about college costs. Dissect how much, if any, debt would need to be taken on and discuss what the implications of that debt are. Being on the same page about the realities of attending college is important for maintaining a healthy perspective and understanding. EVALUATE THE ACADEMICS. Your teen has likely already spent significant time exploring the academic opportunities different schools provide, but it doesn’t hurt for parents to do some research as well so they can contribute helpful insight when questions are asked. Help your child think through the breadth and depth of academic opportunities in ways they may not have considered. For example, remind them to think about extracurricular activities or study abroad opportunities.

TALK ABOUT LOCATION. This has become a big point of discussion lately, as family priorities have been shifting for many. Recent studies show that more than 25% of high school students say that current world disruptions will play a factor in their decision to stay close to home or study afar, when location wasn’t previously a factor. No matter the location of the school your child chooses to attend, be supportive of that decision if it means your child will have the best college experience. DON’T RUSH THE PROCESS. Decision deadlines exist so that schools can make sure students are properly enrolled with enough time to prepare for the coming semester, but now that safety measures have skewed the timelines, prospective students have been given more time to prepare. Even without the changing deadlines, this decision will affect the course of their future, so if deadlines are missed because decisions are still being made, then that’s okay. Rolling enrollment is an option too. In the end, the most important thing to remember is that it should be up to your teen to decide which college is the right one for them. This is the first step in a life full of decisions they will have to make on their own, so help them find the trust and confidence in themselves to build a life they’re proud of. —Jeffrey Campbell

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Retiring During a Recession 3 Guidelines to Ensure a Stable Future

DON’T LET EMOTIONAL ATTACHMENT GUIDE YOUR DECISIONS. Saving for retirement is almost inherently tied with joyful thoughts of financial stability in your golden years. So, when something like a recession threatens that security, it’s easy to react irrationally. Before deciding what to do with your retirement funds, make sure your decisions are rooted in logic, not fear or anxiety. If you don’t know where to start, contact a financial advisor for guidance. DON’T WORRY ABOUT WHAT YOU CAN’T CONTROL. Even for financial experts, the markets are notoriously hard to predict. Rather than expend energy wishing you could sway the market, focus on making changes where you have control. You can control where your assets are invested, when you claim Social Security, and how you spend your money, among other things. Think about how you can change these factors in your favor and don’t worry about the rest. STRESS-TEST YOUR FINANCES. While conducting a stress test might sound a little abstract, it’s something that many financial advisors can help you do with your retirement accounts. Stress-testing your finances can help you determine if now is the right time to retire or if it’s better to wait just a little bit longer. Even if things look bad right now, that could change in a year or two. As the market recovers, so do your chances of a peaceful retirement.

A few months ago, several news sources confirmed what savvy American businesspeople already suspected: The United States is currently in a recession and has been since February 2020. While a recession isn’t good for anyone, it’s especially concerning for those nearing retirement age. Those who were planning on retiring this year might be having second thoughts — for good reason. Rest assured, however, that if you’ve had fears about retiring this year, you can still go ahead with your plans as long as you keep a few things in mind.

Hold the Salt Don’t Let Food Seasonings Sabotage Your Health

With so much emphasis on what foods you should eat to be healthy, it’s easy to overlook an important element of the cooking process: seasoning. You can find thousands of premixed seasonings on the market, and although adding dashes to your food seems inconsequential, the seasoning may actually turn your healthy foods into unhealthy foods. And the main culprit, in this case, is salt. Salt is a popular component of many premade seasonings because of its flavor-enhancing abilities. The label on your favorite mix should tell you exactly how much salt it contains. If it’s high on the ingredient list, you’re better off finding a substitute. High-sodium seasonings will promote water retention if used too liberally, which may lead to weight gain. The American Heart Association recommends consuming no more than 2,300 mg of salt a day. Ideally, adults would consume only 1,500 mg of salt daily. Removing salt from your seasoning repertoire may be difficult because it does enhance flavor. But alternative spices, when paired with the right food, can be great substitutes and have numerous health benefits. Here are a few.

• For pork: garlic, onion, sage, pepper, oregano

• For fish: curry powder, dill, dry mustard, marjoram, paprika, pepper

• For vegetables: pepper, parsley, cumin, dill, chives, basil, paprika

Try not to use more than 1/4 teaspoon of dried spice or 3/4 teaspoon of fresh spice per pound of meat or veggies. And for the best flavor, add ground spices to your food about 15 minutes before the end of cooking time. Add whole spices at least one hour before. Remember, salt doesn’t have to be the enemy — in moderation, it helps your body stay properly hydrated and helps deliver nutrients more efficiently. But too much can quickly lead to negative side effects, and with granules that are hard to see, it can be easy to go overboard. Instead, experiment with the hundreds of incredible spices available, and you might just open up a whole new world of great flavors and healthy habits.

• For beef: bay leaf, marjoram, nutmeg, pepper, sage, thyme

• For chicken: marjoram, oregano, paprika, rosemary, tarragon, chili powder

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TAKE A BREAK

Skip the Student Debt

We all know how expensive college can be. The bills can pile up fast, and in many cases, paying that debt off can take years, if not decades, especially if private loans are involved. That said, if you have kids who are getting ready to graduate high school, then don’t let the cost of higher education scare you away. If you can’t pay out of pocket, you can help your child apply for loans, but if you’re looking to mitigate debt, or eliminate it entirely, here are some other popular options. GRANTS Grants are similar to scholarships in that they don’t need to be repaid. Many colleges, states, and other organizations award grants based on a number of factors, like academic standing and the income of one or both parents as reported on the Free Application for Federal Student Aid, better known as FAFSA. A great starting point for parents who are helping their kids look for grants is the Federal Student Aid website: StudentAid.gov/understand-aid/types/grants. WORK-STUDY Depending on your child’s financial need, their college or university may be able to set them up with a part-time position with an hourly rate on campus. Work-study positions are often community-service oriented and/or matched with the student’s field of study, and the jobs in these programs may be on or off campus. Alternatively, students can also look for other on-campus jobs that aren’t part of a work- study program. Before the school year starts, many schools post job openings for positions like computer lab assistants or event caterers. PRIVATE SCHOLARSHIPS There is no shortage of private scholarships. The challenge is finding and applying for them. This can take time, but it’s often worth the effort. If you can’t find any scholarships your child is eligible for online, then try using an app like Scholly. It’s designed to help students and parents find and apply for scholarships without having to search all over the internet. Another great resource is your student’s high school guidance counselor. They often have resources about local and regional scholarships that may be worth looking into. 3 Ways to Pay for College That Aren’t Loans

The Most Famous Art Heist You’ve Never Heard Of Meet the Man Who Stole the ‘Mona Lisa’ One hundred and nine years ago this month, one man — or was it three? — fled from the Louvre Museum in Paris, carrying what would quickly become the world’s most famous painting: Leonardo da Vinci’s “Mona Lisa.” Historical accounts of the theft agree only on who was the ringleader: 30-year-old Louvre handyman Vincenzo Peruggia. At some point on Aug. 21, 1911, Peruggia lifted the glass case he himself had constructed to house the “Mona Lisa” and stole the painting. Some versions of the story say Peruggia was assisted by two brothers, fellow Italian handymen Vincenzo and Michele Lancelotti. Peruggia successfully spirited the painting back to his one-bedroom apartment, where it lay concealed in a false-bottomed trunk for more than two years. Peruggia was eventually caught attempting to sell the painting in Italy and spent eight months in jail.

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6110 Mayfield Road, Mayfield Hieghts, OH 44124 www.mayfieldheightscpa.com 440-720-0959 INSIDE THIS ISSUE

The Best Ways to Support Your Teen’s College Decision Retiring in 2020? Follow These 3 Steps! Is Seasoning Sabotaging Your Health? Meet the Man Who Stole the ‘Mona Lisa’ How to Pay for College Without Loans

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3 Fun Family Activities for Fall

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GARDENING, GOLD, AND PHOTO SHOOTS 3 Fun Family Activities for Fall

GET GARDENING. Fall is the time for harvest, but if you want to enjoy flowers in the spring, it’s also a time for planting. The cooler autumn air is easier on plants, but the soil is still warm enough for roots to grow before the ground freezes for winter. Tulips, daffodils, and hyacinths are all spring bulbs that need to be planted in the fall. Do a little research with your family to determine the best time to start planting in your area. PAN FOR GOLD. Here’s one that’s really off the beaten path: Take your family on an adventure panning for gold! Start by planning a road trip out to an old ghost town. Many of them have great tourist attractions that include gold panning. You probably won’t get rich, but it will still be a fun story. If you’re not able to make the trip, you can always create a gold panning operation

at home! Visit MessForLess.net/panning- for-gold-activity for a great step-by-step guide on how to go panning for gold in your own backyard. PLAN A FALL PHOTO SHOOT. It’s time to freshen up those family pictures hanging around the house. The changing leaves provide a beautiful background for any family portrait. Better yet, the cooler temperatures mean that an outdoor photo shoot won’t be nearly as uncomfortable as it would be in the summer. You can take your pictures by the trees in the front yard or make a day trip of it. What about pictures at the corn maze or pumpkin patch? It’s never too soon to start planning this year’s holiday card.

It’s fall, which means social media will soon be saturated with pictures of your friends enjoying “classic” fall activities. Photos of leaf peeping, apple picking, and the occasional scarecrow run rampant. But rather than following the herd, you can make your family the trendsetter of unique fall activities! Here are a few outdoor endeavors your family will love.

Spend this fall outdoors and create great new memories with your family!

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