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Patrick Logue

CFP®
Personal Finance, Retirement, Investing
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“Pat Logue CFP® is passionate about helping families save FOR College and ON College while keeping an eye on Retirement Planning and/or paying off student loans.”
Firm:

Prudent Financial Planning

Job Title:

Owner/Financial Advisor

Biography:

Patrick Logue, CFP® professional, is a fee-only Financial Advisor and founder of Prudent Financial Planning LLC.  He specializes in College Planning and has completed the Capstone College Partners Course in College Planning.  Pat is passionate about helping families plan for college while working towards retirement.  He is a member of the National College Advocacy Group (NCAG), XY Planning Network, and National Association of Personal Financial Advisors (NAPFA).  With 20 years of experience in financial services, including 3 years in the Development Office at a non-profit, Pat is intimately familiar with Investments, Tax Planning, and Charitable Giving Strategies.  Pat also provides expertise in Wealth Management, Inter-Generational Wealth Transfer, and Estate Planning.  He enjoys hiking, running, coaching, and spending time with his wife, Erin, and their 2 children. 

Assets Under Management:

$6 million

Fee Structure:

Monthly Fee
Hourly Fee
Project-Based Fee

CRD Number:

4589561

Insurance License:

#W395385

Disclaimer:

Disclaimer: Prudent Financial Planning LLC (“PFP]”) is a registered investment adviser offering advisory services in the State of Florida, Illinois, and in other jurisdictions where exempted.  Registration does not imply a certain level of skill or training. The presence of this material on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by PFP in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of PFP, unless otherwise specifically cited.  Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

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    College Tuition, Investing, Mutual Funds, Stocks
Is my money in the right place for a college student with a moderate amount of savings?

Congratulations on your scholarship.  I specialize in College Funding, and Student Loans.  I can't say if your money is in the right place as I do not know the current allocations of your portfolio or how much risk you are taking.  But, what I can tell you is that the cost of college tuition is inflating at about 6% per year.  This means that if you plan on attending a school that costs $50k per year in today's dollars, that same school may cost you an average of $63,000 per year in just 3 years.  

I can also tell you that you may have to pay taxes on your stocks and mutual funds when you sell them to pay for college (assuming they are held in taxable accounts).  There is a silver lining here though.  First, if your income stays close to $20,000, you will pay 0% on your Long-Term Capital Gains (stocks and mutual funds you hold for more than a year before you sell).  Also, you will only have to pay 12% tax on your Short-Term Capital Gains.  This would be for stocks and mutual funds that you sell if you have not held them for at least one year.   

You could consider funding a 529 Savings Plan as the funds you invest will grow tax-deferred and they can be withdrawn tax-free as long as they are used at a qualifying institution for Qualifying Higher Education Expenses. Check to see if your home state has a 529 Plan and if they offer any tax incentives. You may want to contact a Certified Financial Planner® and take a Risk Tolerance Questionnaire.  This will help determine how much risk you are comfortable taking.  They can also assess how much risk you are currently taking.  The final piece of the puzzle will be determining how much risk you need to take with your investments to meet your goal.  I hope this helps.  Feel free to visit my website to learn more about who I am and how I help clients reach their goals.    

January 2019
    Debt, IRAs
Is there a suggested percentage allotment to put toward your IRA while paying down credit card and student loan debt?
January 2019
    Banking, Investing, Real Estate
What is the safest way to earn a higher interest rate on our money than by using our traditional savings account or a money market account?
July 2018
    Annuities, Stocks, Starting Out
What are the pros and cons of annuities versus stocks?
July 2018
    Banking, Career / Compensation, Small Business
Should I take a lower salary working for my family or pursue a higher paying job for a good company?
0% of people found this answer helpful
July 2018