Brookfield/Elm Grove Monthly

Page 2A • Freeman Brookfield & Elm Grove 262-542-2500 Hours: M-F 8 a.m.- 5 p.m. 801 N. Barstow St., P.O. Box 7, Waukesha, WI 53187 The FREEMAN How to reach us Established in 1859 Brookfield & Elm Grove T H I S M O N T H If you have a news tip from the Brookfield/Elm Grove area, contact 262-513-2644 or news@conleynet.com To advertise in "Brookfield & Elm Grove This Month" call the advertising department at (262) 513-2624. 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Freeman subscription rates • By in-county mail 13 weeks............$36 26 weeks............$66 52 weeks..........$120 • Out-of-county mail 13 weeks.............$51 26 weeks............$99 52 weeks..........$192 Easy buy .....$10 a month with credit card Electronic edition ......$10 a month with credit card Circulation Dept. To reach the Circulation Department call 542-2501 or go to www.gmtoday.com/wfhelp. MARCH 2016 EHO FEATURE PROPERTY BROOKFIELD 19160 Ashbourne Lane $1,950,000 PIN 57875 BROOKFIELD 615 Talon Trail $1,375,000 PIN 50805 MENOMONEE FALLS N52 W21428 Taylors Woods Drive $595,000 PIN 22375 BROOKFIELD 17800 Parish Drive $545,000 PIN 26345 BROOKFIELD 17905 Versailles Avenue $520,000 PIN 17995 $1 BILLION CAREER SALES • $67 MILLION SOLD IN 2015 MARK PATTON • JAMES RICCABONI PAT BITTERBERG • STEVE BAUMAN 247790009 262/289-2822 patton@shorewest.com BITTERBERGGROUP@SHOREWEST.COM 247929016 Come Join the Fun! The ABCs of funding higher education By Chris Bennett Special to The Freeman BROOKFIELD — What would you rather do — argue with your child over cleaning his room or sending too many text messages, or engage in a meaningful conver- sation about college finances? Arguing about putting down the phone and doing laundry is likely easier than explaining how an application for federal student aid works. But if you don't take steps to educate your children you put them at a marked disadvantage. Schools largely leave the topic untouched in a formal classroom setting. It is up to you to ensure your child has a basic understand- ing of how higher education is properly financed. "We're the richest country in the world, but we don't teach people how to manage money or save it properly," said Cindy Storm Fisch- er, president of Storm Fischer Investment Group in Brookfield. "We're amazingly creative in how to spend it, but we don't teach how to save or spend properly." The average cost of sending a child to a four-year public univer- sity is over $75,000 today, which means if you have a young child you can expect to pay over $150,000 when his or her time comes, according to the website www.sav- ingforcollege.com. According to a Wall Street Jour- nal article from May of 2015 the class of 2015 is the most indebted ever. The price of college is sky- rocketing at a time when Ameri- cans have likely never cared less regarding learning about money or investing. As a result, student loan debt is skyrocketing. In 1993, the average graduate left college with less than $10,000 in student loans. Those in the class of 2015 averaged $35,000 in loans. For perspective, the Manufactur- er's Suggested Retail price for a 2016 base model Ford F-150 pickup truck is $26,428. Start adding options and the price quickly leaps past $30,000. The MSRP for a base model 2016 Honda Accord sedan is $22, 205. Choose a package other than the base with a modest slate of options and the price easily nears $30,000. Could you have afforded a brand- new pickup truck or brand-new sedan in your early 20s? The 529 plan Storm Fischer counts 36 years of experience in investing and finan- cial advising, and recommends checking the site www.savingfor- college.com, which contains infor- mation on 529 plans, how to still get financial aid if you set money aside, and much more. "It's a wonderful resource," Storm Fischer said. "It helps folks find a lot about 529 plans in every state and a lot of the rules that go along with different ways to save for college." A 529 plan is a common savings tool for college. According to www.savingforcollege.com, it is an educational savings plan operated by a state or educational institu- tion, and is designed to help fami- lies set aside funds for future col- lege costs. Almost every state offers a 529, and there are rules and guidelines specific to each state concerning taxes and deductions. Wisconsin offers Edvest and Tomorrow's Scholar. "529s are great deals for people," Storm Fischer said. "The money you put in gets withheld income- tax-free, but only if you use it for qualified expenses." A Coverdell Education Savings Account is another vehicle for col- lege savings. Similar to a Roth IRA, the Coverdell allows for an annual non deductible contribu- tion into a designated investment trust account. The fund grows free of federal income taxes. Withdrawals should also be tax-free. The website, www.savingsforcollege.com, con- tains a great deal of information on Coverdell Education Savings Accounts. Storm Fischer said an individu- al retirement account might also be a suitable means to save for col- lege. In a Roth IRA the principal portion, which is the amount you contributed, can be withdrawn for any reason free of taxes and penal- ties. You can take out as much you put in tax-free to pay for college and withdraw the earnings por- tion when you turn 59 1/2 years old. Do not overlook inflation or expected increases in tuition when planning education savings. Storm Fischer said the inflation cost of tuition is two to three times the normal cost of inflation. Work with kids to plan for college costs Fiserv recognized by Fortune as a 'Most Admired Company' BROOKFIELD — Fiserv, Inc. announced Feb. 19 it has been named to Fortune magazine's 2016 list of World's Most Admired Companies for the third consecutive year. Brookfield-based Fiserv, a leading global provider of financial services technol- ogy solutions, serves 13,000 clients worldwide, includ- ing financial institutions ranging from the largest banks to neighborhood financial institutions. "We are humbled to be recognized among some of the best companies in the world. I couldn't be more proud of our more than 21,000 associates world- wide who are committed to serving our clients with distinction every day," said Jeffery Yabuki, president and chief executive officer of Fiserv, in a statement. According to the announcement, thousands of executives, directors and analysts are asked to rate companies based on nine criteria including innovation, people man- agement, use of corporate assets, social responsibili- ty, quality of management, financial soundness, long- ter m investment value, quality of products or ser- vices and global competi- tiveness. www.fiserv.com Submitted photo Recognizing the young women of Brookfield and Elm Grove BROOKFIELD — Two local residents were recognized by the Distinguished Young Women program, formally Junior Miss of America, which promotes scholarship, leadership and talent. Brooke McArdle, left, a junior at Divine Savior Holy Angels, was named the Distinguished Young Woman of Brookfield. According to the announcement, she swept awards in all five categories of the program: scholastic, talent, interview, self-expression and fitness. She won overall interview, as well as talent for her violin perfor- mance, "Theme from Schindler's List." Darby McManus, right, a junior at Brookfield East High School, was named the Distinguished Young Woman of Elm Grove 2017. The two will advance to the Distinguished Young Women of Wisconsin state program to represent their communities in August. Each has already qualified for a full-ride scholarship to Troy University in Alabama, should she choose to attend. SCORE Southeast Wisconsin names new chapter chair MILWAUKEE —SCORE South- east Wisconsin announced that Joyce Goulet has been named chap- ter chair for the nonprofit organiza- tion that offers free mentoring to startups and existing small busi- nesses. Founder and former managing principal of The Goulet Group, Goulet's career covers a wide range of industries and professional ser- vice organizations, including health care, insurance, telecommu- nications, IT, accounting, legal, advertising, and state government. Goulet said a major focus for SCORE in 2016 is to connect with larger companies on business guid- ance and consulting. www.scoresewisconsin.org Waterstone Financial CFO Hosack resigns WAUWATOSA — Waterstone Financial, Inc. has announced that its chief financial officer, Allan Hosack, gave notice of his inten- tion to resign effective March 1 from the company and its sub- sidiary WaterStone Bank. For the interim, Mark Gerke has been appointed chief financial offi- cer. Gerke has served as controller and principal accounting officer of the company since 2014 and as con- troller of the bank since 2005. www.wsbonline.com

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