Stephen Dissette is an investment advisor representative with Horter Investment Management. He is a graduate of Northwestern University and served as an officer in the United States Navy. As a young boy, Stephen watched his grandfather work until his final days, unable to retire. His father also had to work into his 70's. This personal experience ignited Stephen's passion and desire to help guide pre-retirees and retirees towards their preferred financial future.
Ricky introduces a conversation with Steven Dissette about saving and investing for children in an environment of higher inflation and rising education costs. The episode focuses on tax-advantaged accounts, including 529 plans and Coverdell accounts, as well as how account ownership can affect future financial aid eligibility.In this episode:
Why investment returns need to outpace inflation to preserve future purchasing power.
How college costs may be experiencing higher inflation than the broader economy.
The role of 529 plans and Coverdell accounts in tax-advantaged education savings.
Ricky’s experience trying to establish a new Trump account for his son, including the roadblocks he encountered.
The difference between parent-owned and child-owned assets.
Why ownership matters when a student completes the FAFSA and applies for federal financial aid.
How the same $10,000 balance can have a different aid impact depending on whether it belongs to the parent or the student.
A preview of a future episode covering contribution limits, account rules, and differences between education savings options.
Timestamps:00:00 - Introducing Steven Deset and the topic of investing for children 00:23 - Why higher inflation changes long-term investing decisions 01:16 - The challenge of rising college costs and preserving purchasing power 01:45 - Why education investing is increasingly important 02:10 - 529 plans and Coverdell accounts explained at a high level 02:38 - Ricky’s attempt to open a Trump account for his son 03:40 - Comparing parent-owned and child-owned investment assets 04:17 - How asset ownership affects FAFSA and financial aid 04:47 - Transitioning to Steven’s discussion
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