Drafting A Financial Blueprint

recommends putting $1,500 toward Tiffani-Shae’s account and $500 toward Tyler’s. Freeman’s choice is the Future Scholar 529 College Savings Plan. As South Carolina residents, the Starkses will receive a state income tax deduction for their contributions. The plan has several age-based, diversified portfolios, as well as other investment choices. William and Julanda can learn more at www.futurescholar.com.

Go back to school. Freeman says William may want to get his CPA certification before his master’s in accounting or M.B.A. “It will cost less than a master’s degree and will raise his marketability, which is the primary goal.”

Julanda getting a master’s in nursing definitely makes good sense, says Freeman, adding that there is a shortage of skilled nurses and demand probably won’t decrease any time soon. Freeman also points out that with the bigger salary William could make as a CPA, he would be better able to pay for his master’s degree or help Julanda out with hers. Freeman says the Starkses should view going back to school as an investment based on the expected cash payoff. While they must be careful about taking on additional debt, if the payoff is substantially higher incomes, they will have a greater capacity to handle paying off their debt.

Put off the entrepreneurial venture for now. Freeman says William should wait on pursuing the vending machine opportunity. Running a business is not easy, even when it is part time. While the vending business is legitimate and can be lucrative, it can be hard to break into, cautions Freeman. “Established firms may be already servicing the most desirable locations. And while there could be opportunities with smaller businesses or new businesses, it could take years to accumulate enough of those to generate any meaningful income.”

Financial Snapshot: William & Julanda Starks

*ACCORDING TO KELLEY BLUE BOOK.