Do you have a desire to learn how to put money away now to prepare for the day that your child goes to college? If so, we have you covered! You are about to learn everything you should know about 529 College Savings Plans.
In this episode of The His & Her Money Show, we have Abby Chou, one of the founders of College Backer. College Backer helps you to create a solid savings plan for your child’s future college education expenses.
[bctt tweet=”It’s never too early to save for college.” username=”hisandhermoney”]
The 529 College Savings Plan acts as a savings plan to help parents provide for the future college expenses of their children. It can be used for private and in-state schools. It also includes graduate and trade schools. The 529 Plan is flexible and can be used to pay for books and other expenses.
According to Abby, you can see a significant difference between paying for the same investments. 529 College Savings Plans are designed to significantly affect financial aid since it’s considered a parent’s asset.
[bctt tweet=”It pays to plan in advance.” username=”hisandhermoney”]
Her team recommends opening a different account for each child. You can take advantage of your child’s years of growth. If the child earns a scholarship, you can take out funds from the plan without a penalty. You can also use the money to pay for other school expenses.
CollegeBacker helps parents open tax-advantaged 529 College Savings Plans in minutes, and then invite family and friends to contribute. Plus, with CollegeBacker Gifts, anyone can kickstart a child’s college fund.
College Backer users can use their credit or debit card to fund the account. You can set-up monthly recurring plans for grandparents and other relatives. This allows users to customize their URL for money-giving occasions like Christmas, birthdays, and christenings so other people can contribute.
WHAT YOU WILL LEARN
- How College Backer can help you and your family
- Definition of a 529 College Savings Plan?
- What is the scope of a 529 College Savings Plan?
- The advantages of using College Backer.
- Are there taxes and fees incurred when withdrawing money?
- What will happen if you already have an existing 529 College Savings Plan?
- How to start a 529 Plan
RESOURCES MENTIONED
- Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
- College Backer (https://collegebacker.com/hisandhermoney) = His and Her Money Show listeners can enjoy a special promotion from College Backer. If you start saving and put $20, they will put an additional $20.
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