... Here are a couple of my FAVORITE MONEY BOOKS: For the beginner… The Total Money Makeover: For the experienced… The Millionaire Fastlane: Financial wellness programs are supposed to help people become more financially confident and secure. We want to help people get fully invested in themselves and their future. The Expedition Money financial wellness program is unique. First, I have designed it based on my personal journey from financial stability to failures to success. I have built the programs and content to share step-by-step processes to solve the most common financial challenges and delve into subjects that most programs don’t want to tackle. Second, I have designed this program to help people take massive action. Instead of simply trying to slowly and slightly improve on some metrics, Expedition Money aims to move people out of financial struggles into financial stability. And for those that achieve stability, this program will help propel them to financial success and focus on realizing the dreams that are often forgotten. Last, often the people that need help the most are those that can least afford it. That’s why my aim is to make this one of the most affordable and yet effective programs available. Much of what I’ve developed here is free for people with a desire to learn. Some courses and content are available for purchase at low costs so that just the people that desire and can benefit from specific content can get. And when an employer, bank, credit union, agency, church or other institution wants to subscribe to the program, all of the content and lessons are free to their membership. We want to provide a way that your organization can be fully invested in the wellbeing of your people. At Expedition Money, I believe that financial wellness is a journey, one that can last a lifetime. That’s why I want to help as many people as possible have access to ideas and tools that will create massive change in their lives. Because financial wellness isn’t about being wealthy with money - it’s about being wealthy with life....(read more)
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When it comes to saving for college education, parents have a lot of options available to them. The two most popular ways are 529 plans and Roth IRAs. Although both of these options have tax advantages, there are some unique benefits to using a Roth IRA for college savings that make it the better choice for some families. First off, let's remind ourselves of what each of these options entails. A 529 plan is a tax-advantaged savings plan specifically designed for education savings. These plans are sponsored by states, state agencies, or schools and offer tax-free growth and withdrawals as long as the funds are used for qualified education expenses. Contributions to a 529 plan are made with after-tax dollars, and many plans offer state tax benefits. On the flip side, Roth IRAs are individual retirement accounts that allow you to make annual contributions and allow your investments to grow tax-free. Unlike traditional IRAs or 401(k)s, contributions to Roth IRAs are made with after-tax dollars. However, withdrawals in retirement are tax-free, which makes them a popular choice for savers who believe that their tax rate in retirement will be higher than their current rate. So, why use a Roth IRA for college savings instead of a 529 plan? Here are a few reasons: 1. Flexibility One of the biggest advantages of using a Roth IRA for college savings is flexibility. With a 529 plan, the funds must be used for qualified education expenses. Otherwise, you'll face penalties and taxes. With a Roth IRA, however, you can use the funds for whatever you want. If your child decides not to go to college, or if they get a full-ride scholarship, you won't be penalized for using the funds in other ways. 2. Retain control over the funds Since a Roth IRA is an individual retirement account, the account owner (the parent) retains full control of the funds. This can be a huge advantage for families if they want to change the beneficiary or retain control over what the funds are used for. With a 529 plan, the beneficiary has some control over the funds once they reach a certain age and the account owner has fewer options to change that. 3. Maximize retirement savings Another advantage of using a Roth IRA for college savings is the ability to maximize your retirement savings. Since contributions to a Roth IRA are after-tax dollars, you can withdraw your contributions at any time without penalties or taxes. This means that if you don't end up using the funds for college expenses, you can still use them for retirement savings. With a 529 plan, contributions are specifically earmarked for education and cannot be used for other purposes without penalty. In conclusion, while a 529 plan is a good option for many families, a Roth IRA can be a more attractive option for families looking for flexibility, control over the funds, and a way to maximize their retirement savings. Ultimately, the decision to use a Roth IRA or 529 plan will depend on your individual financial situation and goals, so it's important to consult with a financial advisor to determine which option is best for you. https://inflationprotection.org/opting-for-roth-ira-over-529-plan-for-college-expenses-why-it-makes-sense/?feed_id=89538&_unique_id=6440a32104731 #Inflation #Retirement #GoldIRA #Wealth #Investing #education #fi #financialeducation #financialfreedom #FinancialIndependence #financialliteracy #financialtools #financialwellbeing #financialwellness #FIRE #income #investing #investmentmanagement #lifehacks #money #passiveincome #productivity #realestateinvesting #Retirement #stockmarket #success #wealth #RothIRA #education #fi #financialeducation #financialfreedom #FinancialIndependence #financialliteracy #financialtools #financialwellbeing #financialwellness #FIRE #income #investing #investmentmanagement #lifehacks #money #passiveincome #productivity #realestateinvesting #Retirement #stockmarket #success #wealth
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