The WRONG college savings plan can COST YOU | Prepaid College Savings Plans
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- Опубліковано 8 сер 2022
- In this video, I'm comparing the Florida prepaid college savings plan to the 529 college savings plan. The Florida prepaid plan has a guaranteed benefit but are the costs really worth it?
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This is what I needed! Thank you
thank you! I think you're the only one single person discussing these 529 plans. Much help you've been Travis.
thanks for watching!
I was told signing up for FL prepaid or 529 plan causes most kids to not be considered or be passed over for scholarships. That’s why I’ve been hesitating to open an account. 😢
Will my 529 plan reduce my scholarships?
Not sure if you caught this, but at 1:16 you say that you use the Prepaid plan. Then at 1:25 you say you don't. This threw me off a little because I know numerous people who use both prepaid AND 529 for extra costs. I had to go back and listen again. LOL
Your opinion is well-stated, and you make the most common arguments against Prepaid plans. I guess for most people it's important to know your kid. In our case my daughter is in middle school, and she's A-/B- in most basic subjects. I don't see a big change coming, so it's less likely she will be accepted at any out-of-state or foreign schools. If I had to bet on her I'd say IF she goes to college, it will be in Florida. So in our case the prepaid plan makes sense, coupled with additional savings in a 529.
I had to listen again as well and I think it was a mistake. He corrects it later in the video to say that he uses the Florida and the Utah 529 plans and not the Florida Prepaid.
Savings plan...I did mess up. sorry for confusion here.
How come you have two 529’s different states? Also if I were to open my state (WI) 529 plan I could use funds come college time for instate or out of state college? Is that correct? Thanks
I have two because I just opened the Florida one and kept saving. There isn’t s huge difference in many of the plans. Yes, you can use any 529 plan anywhere.
So I came away from this video thinking I should just do the FL 529 savings acct instead of that and a 1-yr university prepaid plan. However, I was also realizing that in your white board return examples, you’re probably assuming that you are investing the same amount to the 529 that you would be for the U-4 prepaid plan, but what if you can only invest $90/month plus random gifts from family? We were considering using $45 a month to go into a 529 and the other $45 to pay monthly toward 1-yr of university to benefit from the locked in rate. Can you please comment on this with any thoughts, advice, guidance?
ua-cam.com/users/shortsnkYLlbeX82o?feature=share
Invest in stocks or put like $10.000 ( start with ) in an online only banking account .
Is this a question?
@@TravisSickle No but a suggestion.
Sorry if this was addressed, but why did you choose the UTAH 529 vs any other state?
Going to make a few videos on this shortly
Hi, sorry I’m confused you said you have 4 kids and you used the Florida prepaid and the Utah 529. And the sentence after you stated you don’t use the prepaid. Please clarify ?
I misspoke, I use the Florida 529 plan and the Utah 529 plans.
I also have a video series tracking my kid's 529 plans.
How do you feel about the prepaid plan now that we are in a high-inflation environment?
The same, I will never use it for my kids.
IMO all those state specific plans are to be avoided. You’re pigeonholed into staying in that state. What if your kid gets into a prestigious pit of state or European school? Giving yourself options is always the best play.
I agree. 529 plans or other are better in my option too. But it’s not common for kids to end up in a foreign school.
I don’t cover foreign schools but the 529 plans may still qualify.
@@TravisSickle Very true. I would just lean in the direction of having your options open. You never know where life will take you.
You get your money back if you don't use it
I would not pay for out of state college fees for my child nor would I let her get in debt to pay the outrageous cost of out of state college fees.