"An investment in knowledge always pays the best interest."
                                                   - Benjamin Franklin, 1706-1790

529 Plans - Mythbusters!

529 College Savings Plans

Sometimes I hear people expressing concern about whether or not they should even utilize one. 

I’ll get questions like what if my kid doesn’t want to go to college?

Or, what if they get a scholarship?  The money will be wasted.

Or, won’t that money count against us and my kid won’t get financial aid for going to school?

What I've found is that often procrastination can be a sweetly deceptive game we can play with ourselves on the reasons why we may want to put off saving.  Let’s be quite candid, savings get in the way of spending on pleasurable items we want now.  

In the absence of saving, what we are now passing on to the child who may decide they need to go is the very real possibility that they will have to fund it through student loans that can really cripple their financial start out into adult life when they’re done their education. And student loan debt is very unique in that it can’t be discharged in a bankruptcy like credit card debt can. So it is very important to weigh out what you’re really putting at risk here due to a fear of saving too much.  Procrastination can be very convincing when it’s making its argument.

Let’s address those questions in your head directly in a discussion about 529 College Savings Plans.  We can then put a good strategy in place so you can give your child, grandchild or loved one the best start as possible. Some states even throw in a state income tax deduction just for doing the right thing!

Below is a video debunking some common myths about 529s.  I also have some great ideas on how to make it easy for loved ones to chip in for college savings.  Use my scheduling link on my website or in my email footer to find a time for complementary consultation and we can see what options are available for you.