There are a lot of reasons why people choose not to have a 529 plan for their kids. For one, it can be a lot of work to set up and manage. Additionally, there are other ways to save for college, such as through a Roth IRA or other investment account. Finally, some people simply don't like the idea of having their money tied up in one place.
In this episode of the Quiet Wealth I will talk about why we don't have a 529 plan for our kids. For us, we want them to know that they can go wherever they want and that we will support them financially no matter what. Ultimately, the decision of whether or not to have a 529 plan is a personal one. There are pros and cons to both sides, and you should do what feels right for you and your family. Get ready to build & share the wealth, let's dive in.
In this Episode:
[00:00 - 05:42] • Welcome to the Quiet Wealth Podcast.
• How you do not have to pay for your children's college.
• A 529 plan and what it does? Pros& Cons Savings Plan vs Pre-paid Tuition plans
• The cost of college has even grown faster than inflation. The plans are restrictive.
[05:43]
• How we decided that one of my daughters will not go to a regular collegiate institution.
• Reasons why a 529 plan is a bad idea for you and your child.
• The decision of your child would heavily affect your 529 plan.
• The 529 plan penalty fees is double the amount that you would pay then a mutual fund.
• It could hurt your child's chances of getting financial aid.
[10:30]
• Alternatives for 529 plan.
• How to get a degree in medicine without paying student loans?
[15:03 - 17:01] • The most important thing that you can give your children is not to take care of you in retirement. See you on the next Episode.
Build Wealth | Create Impact | Leave A Legacy
Episode Highlight :
" The two of the best gifts you can give them rather than paying for their college,
is prioritize your own financial journey and gift them financial education.."
-Camilla Jeffs
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