Parents Start Saving for College?

A resident of Nebraska, Kirby Spencer McDonald is the founder and president of Illuminate Financial Group. Kirby McDonald offers wealth accumulation, life insurance, retirement, and education planning advice to his clients at the financial advisory firm.

According to a college savings study done by Fidelity Investments, a leading financial services firm, 42 percent of parents regret starting a college fund late for their child. The study found that, on average, parents start a college fund when their child is six and a half years old, which most financial advisors consider late.

According to the advisors', parents should start a college fund when their child is born because the monthly payments made and interest earned could be a third or more of the college fees by the time their child goes to college.

For example, if at birth a parent puts $50 a month in a 529 college savings plan, they’ll have about $21,000 saved by the time their child is 18 years. Currently, a four-year degree at an in-state university costs on average $36,556 according to the College Board. With $21,000 saved, this parent will have more than half of what is required to take their child through college at current rates.

Revitalize Omaha’s Neighborhoods

Kirby Spencer McDonald is an established presence in the Omaha, Nebraska, community who emphasizes knowledgeable, transparent investment advice with Illuminate Financial Group, LLC. Among the charitable organizations that Kirby McDonald supports is the Abide Network, which was established in 1989 in North Omaha and works to revitalize underserved neighborhoods through a “Lighthouse Leader” approach.

As CEO Josh Dotzler, son of the nonprofit’s founders, describes it, the Abide mission is one that encompasses stronger families and residential communities that are more safe. This is accomplished through training and supporting a next generation of leaders who are committed to remaining in the neighborhoods they serve.

A major Abide commitment has centered on renovating in excess of 70 local homes in just a few years. Another extended project has involved expanding facilities on a 24-acre campus that was formerly home to the Nebraska School for the Deaf. With the addition of a gym and fitness center, the property now encompasses 208,000 square feet of community space. One annual volunteer-driven highlight is a Christmastime campaign that encompasses toy distribution, hot meals, and food to eat at home with the family.