Great video. I will be a first time father in June and am looking into a 529 plan. I understand the power of compounding and will invest in a 529 plan that is equity based. Thanks for the great 529 videos!
Very helpful! This is exactly what I've been thinking. 529 would be attractive only if the tax benefits outweigh expected net return (i.e. after-tax return) from investment on my own. I think we should be very careful on this dimension.
To help mitigate this risk of the plan not growing enough, am I allowed to transfer the plan to my unborn grandchildren? I have three children my oldest is 14 youngest 8, I figure the chances of one of the three having a child that eventually goes to college is worth the risk ONLY if I can transfer to them? Is the fact they are unborn relevant?
Jenny A I ended up doing just a custodial account where i will transfer it to my daughter when she becomes of age. The downside is there really arent any tax advantages but i have full range of products to choose from which i like. I am very active in keeping up with the markets and investing and i wanted to choose companies she would be excited about owning such as mcdonalds and disney. I hope this helps
@@TravisSickle what if my kids are 10 and 11. What would be the best way to proceed, roth IRA, index, 529, esa? I can contribute 1000 a month starting this time next year when all our debt is gone so I basically have 6-8 years to save. I need to be aggressive
529 plans are getting a lot better. It also depends on your state and your situation. If you have a state income tax or not. Which costs you want to cover. There is not one plan that’s best for everyone.
Sickle Hunter Financial Advisors what if you make too much for a Roth IRA? I have 3 kids. For the 1st 2 I did the Florida prepaid. For my baby, I started a 529 when she turned 1.
Great video. I will be a first time father in June and am looking into a 529 plan. I understand the power of compounding and will invest in a 529 plan that is equity based. Thanks for the great 529 videos!
So whats a better option than the 529?
Very helpful! This is exactly what I've been thinking. 529 would be attractive only if the tax benefits outweigh expected net return (i.e. after-tax return) from investment on my own. I think we should be very careful on this dimension.
It's all hindsight but the 529 plans are getting much better than a few years ago.
Thank you for posting this video..
To help mitigate this risk of the plan not growing enough, am I allowed to transfer the plan to my unborn grandchildren? I have three children my oldest is 14 youngest 8, I figure the chances of one of the three having a child that eventually goes to college is worth the risk ONLY if I can transfer to them? Is the fact they are unborn relevant?
Thank you for the info! It helped me reach my decision about how I would like to save for my daughters education!
Excellent, if you need more help let us know.
What did you choose ? I’m still looking
Just posted another 529 plan video to help you choose.
Jenny A I ended up doing just a custodial account where i will transfer it to my daughter when she becomes of age. The downside is there really arent any tax advantages but i have full range of products to choose from which i like. I am very active in keeping up with the markets and investing and i wanted to choose companies she would be excited about owning such as mcdonalds and disney. I hope this helps
Very helpful! As you also talked about the changes had made in 2020, is there anything need to be updated in this video?
Yes, I've added more videos since on different 529 plans. Check them out on our page. If you have more questions let me know.
very helpful thank you!
What happens to the money if the child doesn’t go to college?
You still have it. You can switch beneficiaries or cash it out. Cashing out will have taxes and penalties.
nice video, thanks !
You're Amazing! Thank you
What do you thing of an index universal life insurance policy as a juvenile savings???
What age and what’s the money for?
@@TravisSickle what if my kids are 10 and 11. What would be the best way to proceed, roth IRA, index, 529, esa? I can contribute 1000 a month starting this time next year when all our debt is gone so I basically have 6-8 years to save. I need to be aggressive
Okay so dont invest in 529 plan
What's a good college fund to invest in?
529 plans are getting a lot better. It also depends on your state and your situation. If you have a state income tax or not. Which costs you want to cover. There is not one plan that’s best for everyone.
Sooooooooo where do I invest then? Lol
Isn't a Roth IRA only for retirement?@@TravisSickle
Sickle Hunter Financial Advisors what if you make too much for a Roth IRA? I have 3 kids. For the 1st 2 I did the Florida prepaid. For my baby, I started a 529 when she turned 1.
@@chrissanchez352 We have this problem some years and we (spouse and I) each do backdoor Roth IRA contributions annually.
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