Financial Fitness

[LIVE WEBINAR] An Inside Look at Qualifying for College Financial Aid

I help clients through life situations that impact their financial fitness.

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Topic: An Inside Look at Qualifying for College Financial Aid

Time: December 8, 7:00PM

An Inside Look at Qualifying for College Financial Aid
Hi Everyone, Jonathan Peters here for another segment of my financial fitness videos. 
Today, I want to talk to you about something that is on our mind if we have younger kids. It’s all about college planning
As a parent of two college graduates, I know how exciting the college planning process can be. I also know how overwhelming it can be. So most parents unfortunately stumble through the process learning as they go. This is a big mistake, that could cost 10s of 1000s of dollars. 
Now, did you know that thousands of families miss out on millions of financial aid grants and scholarships each year, because they’re just unfamiliar about the process. One of the reasons for this is how confusing it is. There are a variety of financial aid sources available, which also adds to the confusion. So for instance, there are grants, merit, scholarships, work, study jobs, and loans, along with a few others. So I know we want to give our kids everything. But the price tag of private college these days, is coming in north of 80,000 a year on some schools, it is very hard to justify paying that much for an education. After they graduate, at 22 years old, with no financial aid…think of it, they would be in debt for hundreds of 1000s of dollars. 
Now, I’m sure the question on your mind is, how am I going to pay for this
And is there a way for me to qualify for any financial aid? 
And if so, how much? And the most important question that I have is, where do I start? 
On December 8 at 7pm, I’m hosting a second webinar that gives you an inside track on qualifying for college financial aid. 
A few key points you will want to hear:
How your income investments and savings shape your financial aid approach.
The four biggest influencers of financial aid awarded?
  • Seven Ways to maximize the financial aid received.
  • PLUS, the best way for grandparents to help without jeopardizing need based aid, and also the five primary sources of financial aid along with a few other topics. 
  • If you’re available and want to get a good inside look on qualifying for financial aid, please join me on

    The encore live webinar is on 
    December 8 at 7pm. Click the link below and register early.

Video Transcript

Hi there, Jonathan Peters here for my next installment or my financial fitness video series. Today, I want to talk about Roth conversion spin in the news a lot lately. So let’s talk a little bit about it. Do you have a traditional IRA? Or do you have a Roth IRA?

I know I have a traditional IRA, and majority of my clients also have them since they basically been around for many years, a lot longer than Roth. A question I want to ask you, where do you think taxes are going? Do you think they’re going higher, or lower. And that’s why I bring up this example about Roth conversion, Roth IRA conversion, let’s break it down.

If you have a traditional IRA, which I do as well, let’s just say you have $100,000, and you want to convert it to a Roth IRA. Now, with a traditional, you have to pay taxes right away. So if you’re in the 25%, tax bracket, taking out 100,000, it would cost you 25,000, leaving you with $75,000 left. So if you have a Roth IRA, and you have 75,000, let’s give them put them side by side. And let’s say in 20 years, your traditional IRA of 100,000, grows to a million, let’s say, you converted that. And now your Roth IRA has $1 million after 20 years with the same $75,000. Now, on a Roth IRA, you’re 75,000 worth a million dollars, you’re not paying any taxes on it.

With a traditional IRA, let’s just say, you started with 100,000, it’s now a million dollars, the same equivalent as a Roth IRA. You’re in a 25% tax bracket now, do you know what your tax bracket is going to be in in 20 years from now? We know what they’re proposing down in Washington. So think about that. Would you like a million dollars tax free, or a million dollars with a tax liability attached to it? And we don’t know where what that number is going to be?

So that’s why I asked, it might fit to think about an IRA conversion. One thing I will also want to talk about being that there are income limits on Roth IRAs is it’s called a backdoor conversion. Simply what that is, is you invest money in your traditional IRA, and convert it right away to your Roth IRA. So if you contribute $6,000 into your traditional IRA, you pay taxes only on the $6000 that go into your Roth IRA on the conversion. That is it. It’s because of these income limits that this can be done. It’s not a tax dodge, it is strictly legal. Okay. If you have any questions on something like that to see if you qualify, please don’t hesitate to call. Jonathan Peters here. Thank you for watching.


Roth IRA contributions are subject to income limits. A Roth conversion is a taxable event. Improper contributions may result in penalties. Consult with a tax advisor before making any decisions regarding Roth IRA contributions or conversions.

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