Cheryl Winokur Munk

speaker

643 appearances 14 recordings 1 series first heard Mar 2018 last heard Nov 2024

Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Financial Mistakes to Avoid When Sending Kids Off to College · 18 Jul 2023 podcast

Most times that there's an authorization form or forms that the student will have to fill out.

Most times it's online these days.

Oftentimes they'll discuss this at orientation or parents will start getting emails and they'll say, make sure, you know, this is coming up.

Make sure your student grants you access.

And then you just have to go through a multi-step process to get that access.

No, because the colleges assume that because they're adults now, they're really in charge of their finances.

And even though many parents do pay for their education, it's not an automatic right to get access.

So if you make cash withdrawals and 401k loans if they're not paid back on time, that's going to add to the parent's taxable income.

And that could push them into a higher tax bracket, which no one really wants to be in a higher tax bracket.

It also increases what's known as the expected family contribution.

And that figure is used to calculate financial aid.

You could be essentially shooting yourself in the foot.

The other issue is that tapping retirement money means that you might be giving up investment gains on that money.

So there are reasons not to do it.

WSJ Your Money Briefing · Which Debt Is Actually Good to Hold Onto? · 3 Jan 2023 podcast

If you're in solid financial shape and you're young or you're getting into your retirement years, you may be able to earn more by investing the amount it would take to pay off the loan in a higher yielding account. matched

It's just something that's been drilled into people for so many years by parents, friends, relatives, sometimes even trusted advisors. matched

So holding debt can have an emotional toll as well. matched

And there's something just psychologically freeing about being able to say you're debt free. matched

Fixed low interest rate loans, especially if you've got predictable and reliable cash flow. matched

So these include things like a fixed rate mortgage, a home equity line of credit, and credit lines on securities accounts. matched

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