Back to School and Little Brown Bats
In this edition of the Flying Point Update we're going to talk about the value of work flexibility, 529 education savings accounts, and little brown bats.
Top of Mind
Today was Will's first day of second grade. As I watched him head off with his backpack and that mix of excitement and nerves that comes with a new school year, I couldn't help but reflect on what an incredible summer we've had together.
We spent hours outside having Maine fun. Digging for clams in the mudflats, searching for wildlife, camping in the yard, fishing on Grandma’s boat, and dealing with some unexpected house guests in the form of little brown bats (more on that later). We went bird watching, kayaking, swimming, the list goes on and on. It was fantastic. As much as I welcome a little peace and quiet in the house, I’m going to miss having the kids around all the time.
One of the things I'm most grateful for is having the flexibility in my work to be present for these moments. Being able to adjust my schedule around summer camp pickups, spontaneous adventures, and those inevitable childhood emergencies is something I don't take for granted. It's a reminder of why I love what I do professionally - helping families build the financial foundation that gives them more choices about how they spend their time.
The reality is that financial planning, at its core, isn't really about money at all. It's about creating the freedom to focus on what matters most to you, whether that's spending summers with your kids, pursuing meaningful work, or having the peace of mind that comes with knowing you can handle whatever life throws at you. Every family's version of "what matters most" looks different, but the goal is the same: building a plan that supports the life you actually want to live, not just the one you think you're supposed to want.
As we transition from the relaxed rhythms of summer back to the structured routine of the school year, it's a good time to think about what we want the coming months to look like and how our financial decisions can support those priorities.
Worth Knowing
With back-to-school season in full swing, it's a perfect time to review 529 education savings plans. If you haven't started one yet or have been contributing irregularly, the beginning of a new school year is an excellent time to establish or increase your contributions.
529 plans are one of the most flexible education savings tools available. Your contributions grow tax-free, and withdrawals for qualified education expenses are never taxed. What many families don't realize is how broad those qualified expenses have become. Beyond traditional college tuition, 529 funds can be used for trade schools, vocational programs, graduate school, and even some professional certifications. You can also use up to $10,000 per year for K-12 private school tuition.
The power of 529 plans really shows over time through compound growth. A monthly contribution of $200 starting when a child is born could grow to over $80,000 by age 18, assuming a 6% annual return. Even modest contributions add up - $100 per month over 18 years could result in nearly $40,000 for education expenses.
Maine residents get a small additional benefit: up to $1,000 per beneficiary in state tax deductions for contributions, though this is subject to income limits.
Don't let perfect be the enemy of good here. If $200 per month feels like too much, start with whatever amount feels manageable and increase it over time. Many 529 plans allow automatic contributions as small as $25 per month. The important thing is to start, even if you're starting small.
Mark Your Calendar
September 15th: Q3 estimated tax payments are due, plus final deadline for calendar year S-Corps and partnerships to file 2024 returns (with extension)
October 15th: Final deadline for individual returns with extensions
With the kids back in school and routines settling in, this is also a good time to schedule your year-end tax planning review, especially with all the recent tax law changes.
Maine Wildlife Facts
If you live in Maine, you’re familiar with summer guests. Most of the time guests are welcome, but we had several little brown bats take up temporary residence in our house this summer, which led to some interesting professional bat mitigation services. Will and Frank were absolutely fascinated by our unexpected house guests.
Little brown bats are incredibly common in Maine and are actually beneficial neighbors - a single bat can eat up to 1,000 mosquitoes per night! They're tiny creatures, weighing only about as much as a quarter, but they can live well beyond 10 years in the wild.
What's remarkable is their echolocation system. Little brown bats emit high-frequency sound waves (mostly above human hearing range) and use the echoes to navigate and hunt in complete darkness. Their echolocation is so precise they can detect objects as thin as human hair and distinguish between different types of insects while flying at full speed.
Maine's little brown bats hibernate in caves, mines, and other protected areas during winter, but during summer they often roost in barns, attics, and chimneys. While fascinating creatures, bats in the house are best handled by professionals due to health and safety concerns.
These Maine wildlife facts have been brought to you by Will (7) and Frank (3), Flying Point Advisors' on-staff naturalists.
Questions about any of this? Just reach out - I read every email and love hearing from you. Thanks for reading. You'll hear from me again in about two weeks.
-Mike