“As the founder of D.M. Wealth Management, Inc. and commitment to financial planning excellency, Peggy Doviak is dedicated to the fiduciary standard and helping people plan their prosperity!”
Firm:

DM Wealth Management, Inc.

Job Title:

Founder

Biography:

Peggy Frazier Doviak, Ph.D., has been a CERTIFIED FINANCIAL PLANNER™ practitioner and portfolio manager since 2003. An adjunct professor since 2005, currently teaching in the master's of Family Financial Planning program at Oklahoma State University, she has taught thousands of financial advisers in certification courses, including the CFP(r) and CRPC designations, along with graduate courses.

Peggy entered finance in 2003 after her mother was taken advantage of by a stock broker in the dot.com crash, and she has been a financial education advocate her entire career. In 2007, she served on the task force for the Oklahoma State Department of Education’s “Passport to Financial Literacy,” Oklahoma’s financial education curriculum mandate. She is a former member of the Advisory Board for the Journal of Financial Planning and is on the Academic Committee of the Financial Planning Association. She was recently appointed as an advocate for the Women in Finance initiative (WIN) by the CFP Board of Standards, and she is a graduate adjunct professor at Oklahoma State University.

Additionally, Peggy Doviak is a syndicated radio host, public speaker, and author. Her book, 52 Weeks to Prosperity--Ask Peggy Doviak, is being released August 7, 2018, and is available for preorder on Amazon.

Peggy and her husband, Richard, enjoy traveling. She loves her cat, Pumpkin, and her horse, Maggie.

Education:

PhD, Education, University of Oklahoma
MS, Finance & Financial Analysis, College for Financial Planning
MA, Creative Writing, University of Central Oklahoma

Assets Under Management:

$20 million

Fee Structure:

Fee-Only

CRD Number:

4608727

Disclaimer:

Investing is risky, and you can lose money. Consult your CPA, attorney, or CERTIFIED FINANCIAL PLANNER(tm) practitioner, as your situation may be different than the questions and articles you are reading.

All Answers
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    Asset Allocation, Bonds / Fixed Income, Stocks, Starting Out
Is it too early to start a portfolio for my one-year-old child, and would it be better to start off with a stock or a bond?
100% of people found this answer helpful

Congratulations on your new baby! Starting an investment account is fine, assuming that your own financial situation is solid. If you have an emergency fund, are saving for retirement, and don't have high-interest consumer debt, then helping your child's financial future is a great plan. You will need to make two different decisions. First, what kind of account do you want to open, and second, what kind of investments (stocks or bonds) should the account have.

If you want to create an account that helps fund college expenses or private school tuition, then your state's 529 plan would work well. However, it's possible your child might receive a full-ride scholarship or not attend college at all! If either of those happen, the funds would have to be used by another approved family member, or the growth would be taxed and penalized.

If you want to create an account that gives your child free access to the money when he or she is grown, then an UGMA (Uniform Grant to Minor's Account) or UTMA (Uniform Transfer to Minor's Account) could be used. Remember, though, that UGMAs and UTMAs can be used for anything the child wants once they have access to the funds, even garage band drum kits!

I would also like for you to consider a Coverdell Education Savings Account (Coverdell ESA). Although they can only be funded up to $2,000 per year, and there are parental income limits ($220,000 married filing jointly), the great thing about the Coverdell is that it can be used for any approved elementary or secondary school activity. This means if you have given birth to an athlete, a trumpet player, or a debater, you can pay those school expenses with your Coverdell funds. Additionally, when your child goes to college, the remaining funds can be rolled into a 529 plan. Like 529 plans, Coverdells are funded with after-tax money, but the growth is income tax free when it is used to pay for any approved school expense.

Once you have chosen the account, you will want to choose the investment. Given your investment timeline, if your risk tolerance allows it, you would probably have better growth in stocks. However, rather than choosing a single stock, you might be safer and would certainly be more diversified in a stock index fund. If you buy a fund that tracks the S&P 500, you will own small pieces of 500 different companies. Yes, single stocks can be home runs, but they can also strike out. Index funds are more likely to earn market-equivalent returns. Bond funds are good for income, but you would need to expect very little growth.

If you have questions, talk to a CERTIFIED FINANCIAL PLANNERtm practitioner about how to establish whatever type of account you choose and then how to select appropriate investments for it. Best of luck! Peggy

4 days ago
    College Tuition, Debt, Personal Finance
Is it smarter to pay off the $7,500 balance on a home equity line of credit (HELOC) at 5% interest, or pay off the balance on two credit cards?
100% of people found this answer helpful
March 2018
    IRAs
Can I contribute to a Roth IRA and still participate in my employer-sponsored retirement plan?
60% of people found this answer helpful
November 2016
    Stocks
Why do the indices of the DOW and S&P 500 move together?
60% of people found this answer helpful
October 2016
    Debt, Retirement, Annuities
What strategy should I use to attempt to pay off both my secured and unsecured debts at the same time?
60% of people found this answer helpful
December 2017