YOUR FINANCES

Financial Wisdom for College Students

By Bennett Whitlock, CRPC ® Private Wealth Advisor

Is your son or daughter heading to college? If the answer is yes, it’s an exciting moment in your child’s life. But, financially, it can also be a paralyzing time if they do not have a principled approach for managing money. Out on their own for the first time, your child has an opportunity to sharpen their financial skills for the future, but they are vulnerable to mistakes. Thankfully, regular chats about money can help get them on the right path. Here are some suggested financial topics to cover with your college-aged child:

Expected financial contributions. College costs have skyrocketed in recent years. Tuition, room and board, books and travel can readily exceed $100,000, depending on what school your child attends. Your family situation will dictate how you manage these costs. Students who carry some financial responsibility for their education tend to be more invested in the outcome. Before your child starts college, be clear about whether or not you expect them to share some of the costs and how much they need to contribute. If you or your child take out loans for school, discuss who will be responsible for repayment after graduation. Budgeting and spending. For many young adults, college is the first time they will be responsible for their expenses of daily living. Help your student create a realistic budget for campus life. Encourage smart decisions around discretionary spending. For example, it’s not uncommon for students with meal plans to eat out several times a week, but that’s an expense that can be avoided. Likewise, indulging in a latte or late-night pizza on a regular basis adds up over four years. Risks to financial reputation. Help your student see how their financial actions in college can affect their future. Some employers run credit checks on prospective employees, meaning if your child has debt or unpaid bills, it can adversely affect hiring decisions. Landlords and mortgage lenders also look at credit scores. So, talk to your child about how to use credit cards responsibly. Property protection. Most students bring a cell phone and a laptop to school with them. They may have other valuables that would be costly to replace. College campuses are not immune from theft. Let your student know they need to be vigilant about keeping their personal possessions safe. Discuss whether rental insurance makes sense. It may provide the protection your student needs while at school. Daily account monitoring. Cell phones and laptops are not just for homework and social media. Help your student get in the habit of monitoring their bank account on their electronic devices. Daily check-ins can help students avoid overspending and spot fraud if it occurs. They also should take care to avoid using public or unsecured Wi-Fi when conducting financial activities online. Financial check-ins. Talk about how you will discuss money matters while they are away at school. Set up weekly or monthly financial chats so you can review expenses, reset expectations, adjust budgets and so on. If problems arise, you have a standing appointment to work things out. These conversations can help prepare your son or daughter for a relationship with a financial advisor. When the time is right, encourage them to find a professional who can help them set and achieve financial goals over a lifetime.

Bennett C. Whitlock III, CRPC ® , is a Private Wealth Advisor and Managing Director with Whitlock Wealth Management, a private wealth advisory practice of Ameriprise Financial Services, Inc. Contact him at 703-492-7732 or visit whitlockwealth.com.

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Since 1894, Ameriprise Financial has helped millions of Americans feel more confident about their financial future. As an Ameriprise financial advisor, I remain true to our vision of always putting clients first. Discover the one-to-one attention you deserve, call me today at 877.WHITLOCK.

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Private Wealth Advisor

Whitlock Wealth Management

A private wealth advisory practice of Ameriprise Financial Services, Inc.

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Prince William Living’s calendar is prepared several weeks before the magazine is printed. As we all know, at the end of March, Governor Northam issued a stay-at-home order through June 10, 2020. Normally, our June calendar would be full of local festivals and fairs, concerts, and Father’s Day and early summer events.

Since that won’t be the case this year, we encourage you to check out the online events listed here.

Several local yoga studios and gyms are offering online classes. Libraries and churches and other businesses are offering online stories and gatherings. Where feasible, local businesses are offering some or all of their services online. And, the Prince William Chamber of Commerce (pwchamber.org) has been offering webinars.

We also encourage you to order takeout and delivery, as available, from local restaurants.

june

Occoquan Virtual 5k Through Wednesday, June 10 The Town of Occoquan is sponsoring a virtual 5K through June 10. All proceeds will go to VFW Post 7916, The Good News Community Kitchen and the Occoquan Historical Society’s Mill House Museum, who have agreed to use any proceeds to purchase gift certificates from town businesses. To participate in the virtual 5K, individuals register online and then walk, run, hike, bike, kayak, canoe or SUP a distance of 5K (3.1 miles) on their own anywhere, including on a treadmill in their home, sometime between now and 11:59 p.m. on June 10. More information and registration here: occoquanva.gov/ occoquan-virtual-5k/. Manifestation Mondays @ Lotus Mondays, June 1, 8, 15, 22, 29 | noon to 1 p.m. Online Set your intention for the week with this manifestation meetup! Join Rob Pritchard, Master Healer and LOA Facilitator, and Uma Alexandra Beepat, owner of The Lotus and The Light Metaphysical Center, Amazon Best Selling Author and Spiritual Teacher, as they guide you through a meditation to clear your mind and quiet the mental chatter. Please email info@ thelotusandthelight.com for details. Prince William Living Presents Breakfast with an Expert Thurs. June 4 | 8 a.m. Online

Join us for information from an expert, who will give you actionable advice you can put to work immediately in your business. RSVP princewilliamliving.com/ breakfastwithanexpert.

George Mason SBDC Webinar: Legal and Administrative Steps to Start a Business (PW County) Thurs. June 4 | 4 to 6 p.m. Online Presented by Bernard Ferret, Mason SBDC Senior Business Counselor and Serial Entrepreneur. Prepare your business for opening day! Learn about essential steps to start your business from legal forms, tax registration, company name, finance, employees and a foundation for your business plan. Webinar information: clients.virginiasbdc.org/reg. aspx?mode=event&event=110400019.

Women’s Wedding Network Wed. June 10 | 11:30 a.m. Online Most of the wedding industry is closed to the public. Learn how the wedding industry can adapt and survive during this time. For more information: bridesandweddings.com/womens-weddingnetwork/

Spilled Ink Fri. June 26 | 7 p.m. Online Spilled Ink is an open mic night that celebrates the written word. Join local authors, poets and scribblers as they read their work. All are welcome to listen or read! Be brave! All material must be at a PG-13 rating or below (spilledinkva.com).

Prince William Living Lunch With the Publisher Wed. June 17 | noon Online Are you an advertiser with Prince William Living or interested in becoming one? Meet the people behind greater Prince William’s premiere lifestyle magazine, as you learn about getting your press releases published, tying into the power of our social media presence, visibility packages that increase your reach to targeted consumers and tips on how to focus on your message. RSVP at princewilliamliving.com/ lunchwiththepublisher.

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adhere to new rules and attempt to adjust our business model at the same time,” he said. “Finally, it became a little too much to handle. With so many things changing so quickly, we took 12 days and shut down Preston’s to take a breather and plan out what our new direction was going to be.”

When they re-opened April 13, they instituted new safety guidelines, issued proper protection and held training sessions. Then he turned his attention to the menu.

“We have a different family-style dinner each night and have put together other specials that run all week long,” he said, noting that the menu is posted on their Facebook page. “We also saw a need for the community to have a mini-market where our customers can put together and order food staples Monday through Wednesday, then pick them up on Fridays.”

McNamara said he is thankful that although sales are only about 35% of what they were prior to the pandemic, he has been able to keep some employees working.

“I try not to think of how much money the business is losing during this time; instead I try to be optimistic and remember this too shall pass and when it does we will figure everything out,” he said. “That probably makes me a bad businessman, but our family pub is way more than just a business to us. It’s an oasis where families, friends and colleagues come together over great food and cold drinks to tell our stories, laugh and take jabs at each other. It’s a place that makes us feel human, and we will do everything in our power to keep Preston’s alive and well.”

A Twist: Drinks … to Go

A week after restaurateurs adjusted to new delivery/pick-up requirements, the governor ordered the Virginia Alcoholic Beverage Control Authority to allow restaurants to sell beer and wine to go. That was fantastic news for Trummer’s Coffee and Wine Bar, located at 14013 Promenade Commons Street in Gainesville.

“We used to serve over 1,000 people per week, which was mostly dine-in. My guess would be 8% was takeout?” said owner Victoria Trummer, noting that although they are offering a limited menu, they are serving all of their specialty cocktails. “Our signature cocktails, including the Titanic, which has a frozen component, are all available for takeout. It has been a huge draw! We are also offering bottles of beer and wine.”

McNamara said his pub quickly found a way to accommodate orders for drinks to go.

“We offer cocktails in pouches, like Capri Suns, and in quart containers,” he said. “Anyone can order whatever they would like, and we will make it. We also offer growler fills, bottled beers and bottles of wine.” “The margaritas are our hot item. People were asking for it since the day we changed to carry-out only,” said general manager Oscar Bonilla. Sangria, he said, is also a popular order.

Donovan said Blue Ridge has sold a lot of Blue Ridge Punch and Orange Crush.

“A lot of our guests are still surprised that this option is now available in Virginia,” he said. “We also sell a lot of wine bottles and six packs of beer.”

Pires agreed that customers are grateful for the ability to pick up drinks with their meals.

“Sangria, wine and mojitos have been in demand,” she said.

Sweet Endings

Victoria Wu of Cakes by Happy Eatery, at 9685 Liberia Ave Ste 107 in Manassas, said the pandemic couldn’t have hit at a worse time: Her second-generation bakery does a majority of its business from March through June.

“The bakery's business is based on gatherings and celebrating key moments,” she said. “When restrictions and stay-at-home orders were initiated, business declined right away. Birthday parties could not be held. Wedding couples had their ceremonies and receptions postponed. Everyone was experiencing some unknown and trying to grasp the situation. The bakery was very quiet for a few days as the new normal was being defined.”

The bakery’s “new normal” resulted in shorter hours and smaller batches. In addition to desserts, the bakery also started offering items from their catering menu.

“As families were staying at home, they wanted different meal options, so the catering menu was amended to include some comfort foods, such as chicken pot pies, pot roast, beef and mushroom ravioli, plus our most requested Norwegian meatballs in a brown gravy sauce,” she said. “While parties are being cancelled/postponed, birthday celebrations continue. Instead of large cakes, people are enjoying the smaller and custom designed cakes inspired by the original party theme.”

While the restaurant experience may not be available, in many cases the food still is. Take a look around, find just what you’re craving, and opt for pick-up or delivery.

Marianne E. Weaver (mweaver@princewilliamliving.com) is a freelance editor and writer. She earned a BA from the University of Pittsburgh and an MJ from Temple University.

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