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Santa Clarita Financial Advisor: Prepare Your Kids For Their Financial Future Now

2017-06-03 13:44 [INVESTING] Source:Netword
Guide:Whether your children are still in high school, are headed off to college or just received their degree, a Santa Clarita financial advisor...

Home » Santa Clarita News » Arif Halaby - Total Financial Solutions » Santa Clarita Financial Advisor: Prepare Your Kids For Their Financial Future Now

Santa Clarita financial advisor Arif Halaby of Total Financial Solutions

Show host Arif Halaby and co-host Jeff Girard on KHTS AM-1220's "Total Financial Solutions Safer Money Hour."

Santa Clarita Financial Advisor: Prepare Your Kids For Their Financial Future Now

Posted by: Melissa Lampert in Arif Halaby - Total Financial Solutions, Santa Clarita Latest News June 2, 2017 - 12:53 pm 68 Views

Whether your children still have a year or two left of high school, are headed off to college or just received their degree, a Santa Clarita financial advisor is encouraging parents to set their kids up for a successful financial future. Don’t miss a thing. Get breaking KHTS Santa Clarita News Alerts delivered right to your inbox.

It may be many millennials’ instinct to get all their information online, but Arif Halaby, a Certified Estate Planner and president/CEO of Total Financial Solutions, warns that this can be a big mistake.

“Sometimes they think the answer is to do some (online) research, and you end up sometimes missing the boat,” Halaby said. “You get parts of terms correct, so you might make financial choices going down the road that is based on a false premise, and that can end up costing you money in the long run.”

Related: Santa Clarita Financial Advisor Recommends Residents Know Their Retirement Account Options

To help your children avoid falling victim to this, Halaby encourages parents to talk to their kids to make sure they’re getting the “right” advice, and to do so long before the child is in a position to make their own financial decisions.

“Having those conversations early on are key — not 10 minutes before they graduate high school,” said Jeff Girard, Halaby’s co-host on KHTS AM-1220’s “Total Financial Solutions Safer Money Hour.” “There has to be a plan developed with you and your young person who’s becoming an adult.”

For those with ambitions of going to college after they graduate high school, Halaby recommends creating what he called a student loan management plan.

“How are you going to pay off your loans, kids?” he said. “There are a couple of options they might have depending on the career that they’re working on and where they live, etc.”

For example, your child can take advantage of what’s called an income-based repayment plan that takes a percentage of their income every month, helping them to afford their payments when they’re just starting out, and adjusting as their income increases.

Those who want to pursue a service-based career like a nurse or firefighter can utilize a repayment plan that typically allows them to make 120 payments over 120 months, and then forgives their remaining debt.

“There will be no more student loan payments because you have chosen a career field in which others are benefiting,” Halaby explained. “That’s the public service element.”

Halaby added that now is the time to have these conversations with your children if you haven’t already, as the school year is wrapping up and students are graduating from high school and college.

“This is the time of year,” he said. “Make sure that your young people, your kids are getting the right advice so that they can achieve success.”

Ed. Note: This article is a KHTS Community Spotlight based on the latest “Total Financial Solutions Safer Money Hour” radio show on KHTS AM-1220.

Total Financial Solutions offers assistance with preparing for retirement and financial planning in Santa Clarita and the surrounding valleys. Santa Clarita financial advisor Arif Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. As a well-known financial planner, Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners financial planning tips and guidance for dealing with today’s ever-changing financial needs from the perspective a financial advisor.  

Total Financial Solutions, Inc.

24322 Main Street

Newhall, CA 91321

661-753-9683

800-990-7344

Do you have a news tip? Call us at (661) 298-1220, or drop us a line [email protected]

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