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Covenant Financial Group of Pontotoc, 8 E Marion Street, Pontotoc, MS (2026)

05/31/2026

Should Students Take Out Loans… or Should I, the Parent, Borrow Instead?

This is one of the most emotional financial decisions a family will make. By the time you get here, acceptance letters are in, the excitement is high, and the pressure to “make it work” can be strong. I have seen good decisions made in this moment, and I have seen families create long-term strain because they felt like they had to say yes to everything.

There is no one-size-fits-all answer, but there are some guiding principles that can keep you grounded. First, you have to take care of your own plan. There is no loan for retirement. If taking on parent debt puts your long-term security at risk, that is too high a cost. Helping your child is important, but it cannot come at the expense of becoming a financial burden to them later.

Second, clarity matters. Before anyone signs for anything, there needs to be a clear understanding of who is responsible for repayment. If the student is borrowing, they need to understand what that payment will look like after graduation. If the parent is borrowing, that needs to be a conscious decision, not something that just “happened” in the process. Assumptions are where problems begin.

Third, start with the least expensive money first. Scholarships and grants come first. Then look at what can be reasonably cash-flowed. Savings come next, and borrowing should be the last step, not the first. When loans are necessary, federal student loans are often more flexible than private loans, especially when it comes to repayment options.

Fourth, keep the future in view. A good rule of thumb is that a student’s total debt should be manageable based on their expected starting income. Loading a student with debt that limits their ability to move, work, give, or build a life is something to think carefully about. On the parent side, borrowing large amounts can delay retirement, increase stress, and limit flexibility in later years.

There is also an emotional side to this that should not be ignored. As parents, there is a natural desire to give your children every opportunity. That is a good thing. But sometimes the most loving decision is also the most disciplined one. Choosing a school that fits the financial plan, setting limits, and having honest conversations about cost are all part of that.

At the end of the day, this is not just a math decision. It is a life decision. The goal is not just to get through college, but to position both the student and the parents for a healthy financial future. When you approach it with clarity, discipline, and a willingness to say no when needed, you put your family in a much stronger place long term.

“A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous.” Proverbs 13:22

05/21/2026

I’ve Heard a UTMA Account Can Hurt Financial Aid… Is That True?

This is one of those statements that gets repeated a lot, and there is some truth to it. A UTMA account is considered the child’s asset, and in the financial aid formula, student-owned assets are typically assessed at a higher rate. So yes, it can have an impact. But that is only part of the picture, and it does not automatically make it a bad choice.

A UTMA account comes with several advantages that are often overlooked. The first is flexibility. Unlike a 529 plan, the money is not limited to education expenses. It can be used for anything that benefits the child, whether that is college, starting a business, buying a car, or helping them get started in life. That flexibility is valuable, especially if you are not certain what path your child will take.

It is also simple. There are no restrictions on how the money must be used, no penalties for changing direction, and fewer rules to manage along the way. What you save is available when the time comes without needing to qualify expenses or meet specific guidelines.

There can also be tax advantages. While UTMA accounts are subject to the kiddie tax rules, a portion of the earnings may be taxed at the child’s lower rate. For some families, that creates a level of tax efficiency compared to holding all investments in the parents’ name.

But one of the most overlooked benefits, and honestly one of my favorites, is the teaching opportunity it creates. A UTMA naturally opens the door to bring your child into the conversation. Instead of money just “showing up” when they turn 18 or 21, you can walk with them through it over time. You can show them how the account grows, explain why you invested the way you did, and let them see the difference between spending and building. It gives you a real, tangible way to teach patience, discipline, and stewardship. In a world where a lot of young adults are handed money with no context, this allows you to raise someone who understands what they have and how to manage it. That long-term impact can be just as valuable as the dollars themselves.

UTMAs also offer broad investment flexibility. You are not limited to education-focused investments, which allows you to build a portfolio based on your goals rather than specific account rules.

They can even play a role in estate planning. Contributions are considered completed gifts, which can help reduce a taxable estate while still benefiting the child during your lifetime.

Finally, a UTMA does not have to stand alone. In many cases, families use it alongside other strategies, such as a 529 plan, to balance flexibility with education-specific benefits.

So yes, a UTMA can impact financial aid, but that should not be the only factor in the decision. The better question is how it fits into your overall plan and what you are trying to accomplish long-term for your child.

Proverbs 22:6
“Train up a child in the way he should go; even when he is old, he will not depart from it.”

05/12/2026

Is a 529 Plan Really the Best Way to Save for College?

I had a conversation with a family a while back that stuck with me. They did not start with a big lump sum or some perfect plan. What they did was simple. Every birthday, every Christmas, instead of letting all the money go toward toys that would be forgotten in a few months, they took a portion of it and set it aside. Sometimes it was fifty dollars, sometimes a little more, sometimes a little less. Over time, it added up. Nothing dramatic year to year, but over ten or fifteen years, it became something meaningful.

That is really the heart behind a 529 plan. It is not about finding the perfect investment or timing the market. It is about giving your money time to grow with some structure around it. A 529 allows those dollars to grow tax-deferred, and when used for qualified education expenses, those withdrawals are tax-free. Over time, that tax advantage can make a noticeable difference compared to saving in a regular account.

Another benefit is control. The parent or grandparent owns the account, which means the child does not automatically gain access at a certain age. If plans change, you can also change the beneficiary, which gives flexibility if one child does not end up using the funds the way you expected.

These plans are also more flexible than they used to be. While they are primarily designed for college, they can be used for certain trade schools, technical programs, and even some K through 12 expenses. There are also newer provisions that may allow unused funds to be rolled into a Roth IRA for the beneficiary within certain limits, which helps address the concern of overfunding.

You may also hear about newer ideas, sometimes referred to as “Trump accounts,” which have been discussed as additional long-term savings vehicles with potential tax advantages. The details can shift with legislation, but they reflect a broader push toward giving families more options when planning for future education and expenses.

At the end of the day, whether a 529 is the right fit depends on your situation. But the principle remains the same as that family. Consistency over time, even in small amounts, can turn into something that makes a real difference when that college bill shows up.

Proverbs 13:11
“Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”

05/07/2026

Wilson, our oldest, is graduating this year, and it has me thinking about all the conversations I have with families walking through this same season. Over the next few weeks, I want to answer some of the most common questions I get about college and planning for it, and offer a little practical guidance from a dad who is right there in it with you. To all the seniors stepping into this next chapter, I wish you a life that is purposeful, grounded, and full of opportunity.

What is FAFSA and How Does the Formula Actually Work?

If you have a child heading toward college, you’ve likely heard of the FAFSA, but for most families, it feels like walking into a room where everyone else knows the rules except you. One way I like to explain it is this: think of the FAFSA like sitting down with a college and opening your financial “playbook.” They are not trying to judge you; they are simply trying to figure out what part of the cost you can reasonably handle and where they might step in to help.

The FAFSA is the application used to determine eligibility for financial aid, including grants, scholarships, work study, and student loans. Even if you think you will not qualify, many schools still require it for merit-based aid. In most cases, it is part of the process whether you like it or not.

At its core, the FAFSA answers one question: how much can this family contribute? It calculates a number called the Student Aid Index based primarily on income, along with assets, household size, and number of children in college. Income carries the most weight, which means the timing of things like bonuses or investment sales can matter more than where your money is sitting.

Before you fill it out, you will need your tax return from two years prior, income records, current account balances, Social Security numbers, and a list of schools. The form is more streamlined than it used to be, but having everything ready makes it much smoother.

Timing matters more than most people realize. The FAFSA typically opens around October, and many schools award aid on a first-come basis. The earlier you complete it, the better positioned you are.

At the end of the day, the FAFSA is just a formula. But like most things in financial planning, going in prepared instead of guessing can make a real difference in the outcome.

Proverbs 27:12
“The prudent sees danger and hides himself, but the simple go on and suffer for it.”

03/25/2026

March Money Madness: The One Mistake I See Too Often. Going It Alone.

March Madness reminds us of something important. Great teams are not just talented. They are coached. They have someone on the sideline watching the whole floor, calling timeouts, making adjustments, and keeping the team focused when emotions run high.

Financial planning works the same way.

This is not about having someone pick stocks for you. It is about having a trusted person in your corner who cares about the outcome and helps you stay on track long enough to win.

“Plans succeed with counsel.” Proverbs 20:18

Here are my five reasons for having a trusted advisor;

1. Someone to slow the game down
When markets move fast or life changes suddenly, emotions take over. A trusted advisor helps you pause, think clearly, and avoid decisions you cannot undo. Sometimes the best move is not a move at all.

2. Experience you cannot Google, Chat, or Imitate
Most people face major financial decisions only a handful of times. Retirement transitions, Social Security timing, tax interactions, legacy planning. Advisors see these situations repeatedly. That experience helps spot problems before they show up on the scoreboard and make changes to the game plan to avoid fouls and penalties.

3. Accountability to stick with the fundamentals
Like free throws win games, boring fundamentals win financially. Saving consistently, rebalancing, planning, and staying disciplined. A trusted advisor helps keep you making shots even when the crowd is loud.

4. Coordination instead of guesswork
Investing, taxes, retirement income, and legacy planning all affect each other. Without coordination, small decisions can create unintended consequences. A good advisor helps connect the pieces so they work together instead of against each other.

5. Confidence going into the final minutes
Studies consistently show that people who work with advisors report higher confidence and satisfaction around retirement readiness than those who go it alone. Confidence does not come from chasing returns. It comes from having a plan and someone walking through it with you.

Closing Coaching Thought

Individual highlights do not win championships. They are won by teams that prepare, adjust, and finish strong. Having a trusted advisor is not about guarantees. It is about having someone invested in helping you lift the trophy at the end of the season.

That wraps up the March Money Madness series. Smart planning, attention to detail, and trusted guidance are what turn good seasons into championships.

03/20/2026

March Money Madness: Legacy Mistakes That Could Void Even the Best Season

March Madness is full of teams that had a great regular season but never made it to the finish. One mistake at the end and everything before it stops mattering.

Legacy planning works the same way. You can save well, invest wisely, and make good decisions for decades, but if key details are ignored, the outcome can unravel quickly.

“A good man leaves an inheritance to his children’s children.” Proverbs 13:22

Here are the 4 legacy mistakes that can erase even the best financial season.

1. Not updating beneficiaries after life changes.
Marriage, divorce, births, deaths, and remarriages all require updates. Many people assume their will controls everything, but beneficiary forms often override it. An outdated designation can send assets to the wrong place, regardless of intent.

2. Naming beneficiaries incorrectly on IRAs and qualified plans
How beneficiaries are listed matters. Improper designations can limit distribution options, accelerate taxes, and reduce flexibility for heirs. This is one of the most common and least understood planning mistakes.

3. Not having a will or trust in place.
Without proper documents, state law decides who gets what and when. That process is public, slow, and often expensive. A strong investment record does not protect against poor legal planning.

4. Failing to name powers of attorney in case of impairment
If incapacity occurs and no authority is in place, families may be forced into court to manage finances or make decisions. This creates stress at the exact moment clarity is needed most.

Closing Coaching Thought

You do not want your season decided by a technicality. Legacy planning makes sure the work you did actually reaches the people you intended, the way you intended.

Next week, we will wrap up the series with March Money Madness: Why Going It Alone Can End Your Season Early, and why coordination often matters more than individual decisions.

03/11/2026

March Money Madness: Tax Mistakes That Can Bust Your Bracket

Taxes are not exciting. They are not flashy. But just like missed free throws, small tax mistakes quietly change the final score.

I talk to my kids all the time about how details matter. When we are at a ballgame, they want a pretzel. But what they really want is a pretzel with cheese. If I forget the cheese, the pretzel is technically fine, but it is not what anyone hoped for. One small oversight changes the whole experience.

Taxes work the same way. The income is there. The return gets filed. But missing key details can turn a good outcome into a frustrating one.

“The simple believe everything, but the prudent give thought to their steps.”
Proverbs 14:15

Here are three common tax mistakes that knock people out of the tournament:

1. Not tracking deductions and reductions throughout the year
Mileage, business expenses, charitable giving, and other deductions often go unclaimed simply because they were not tracked. Relying on memory at tax time is like realizing you forgot the cheese after you are already back in your seat. The opportunity is gone.

2. Missing tax credits that directly reduce what you owe
Credits reduce taxes dollar for dollar, yet many people never check eligibility. Over time, these missed opportunities quietly add up and change the final score.

3. Ignoring how income brackets affect Social Security and other income
Additional income can trigger higher taxation on Social Security, push income into higher brackets, or affect Medicare premiums. Without planning, more income does not always mean a better result.

Closing Coaching Thought

March Madness is decided by small moments. Taxes are, too. Paying attention to details throughout the year keeps small oversights from turning a winning season into disappointment.

Next week, we will continue with March Money Madness: Legacy Mistakes That Can Void Even the Best Season, where the details matter even more.

03/02/2026

March Money Madness: Investing Mistakes That Might Cost You the Championship

Every March, I find myself thinking about basketball. Like a lot of people, I fill out a bracket, study matchups, listen to predictions, and still end up with a bracket that is completely busted by the end of the first weekend. No matter how much thought goes into it, predicting a tournament is a seemingly impossible task.

That got me thinking about money and life. We spend a lot of time trying to predict outcomes, but the areas where we actually win are rarely about guessing the future. They are about preparation, discipline, and paying attention to the small things we can control. March Madness is a good reminder that while brackets are fun, real wins in finance and life come from habits and planning, not perfect predictions.

I was never great at basketball. I was not fast, not flashy, and not the guy driving the lane and dunk. But there was one thing I could do. Free throws.

I would stand at the line and take the same shot over and over. Same form. Same routine. Same result. Those one-point baskets added up, especially late in the game. Championships are not won on highlight reels. They are won by players who can calmly make the shot they have practiced a thousand times.

Investing works the same way.

“The plans of the diligent lead surely to abundance.”
Proverbs 21:5

Here are my 3 investing mistakes that knock people out of the tournament.

1. Chasing hype instead of sticking to a strategy
Chasing last year’s winners, reacting to headlines, or going all in on one hot sector feels exciting. It also creates inconsistency. By the time something feels obvious, much of the opportunity is already gone. A steady strategy beats trendy picks over time.

2. Reacting emotionally to short-term market swings
Markets move. That is normal. Fear and excitement turn normal movement into permanent mistakes. Emotional reactions are the equivalent of rushing bad shots instead of trusting fundamentals.

3. Confusing luck with skill
A short run of success can create overconfidence. One good season does not make a repeatable process. Long-term results come from discipline, not streaks.

Closing Coaching Thought

Free throws are not glamorous, but they win games. Investing is not about brilliance. It is about repetition, patience, and preparation. Making the same smart decisions over and over may not feel exciting, but those small, steady wins add up over time.

02/28/2026

Start Aligning

On February 20, 1962, John Glenn became the first American to orbit the Earth. That moment did not begin with a launch. It began years earlier with a decision to align effort, discipline, and belief toward a goal that once seemed impossible.

Big dreams are rarely achieved by accident. They require alignment. Time, preparation, sacrifice, and consistency all moving in the same direction. Dreams fade when intentions stay abstract. They grow when action follows conviction.

Alignment means choosing to start before conditions feel perfect and continuing when progress feels slow. Growth often comes from steady faithfulness, not dramatic moments.

Wisdom reminds us, “The soul of the diligent is richly supplied” Proverbs 13:4.

So the question worth asking this week is this. What dream deserves consistent effort instead of continued delay?

02/18/2026

When Alignment Requires Courage

Congress passed the 13th Amendment on January 31, 1865. The very next day, Abraham Lincoln signed it on February 1, 1865, even though his signature was not legally required.

We rightly recognize both Lincoln and Congress for their willingness to lead. They chose alignment over convenience and action over silence, making clear where they stood and what kind of good they were committed to advancing in the world.

Alignment is about more than words or beliefs. It is about choosing to do what is right, even when doing nothing would be easier. In finances, in leadership, and in life, real growth often begins when we decide to be a force for good.

Wisdom reminds us, “To do righteousness and justice is more acceptable to the Lord than sacrifice” Proverbs 21:3.

So the question worth asking this week is simple. Where are you being called to align your actions with doing good in the world today?

Covenant Financial Group of Pontotoc

05/31/2026

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