In this video, I'm going to go over exactly what a 529 College Savings Plan is and walk you through the different key factors you should be looking for when you're considering opening one up.
Simply defined, a 529 is a state sponsored tax advantaged education savings plan designed to be used for qualifying educational expenses, including school tuition, room & board fees, books & supplies and even college meal plans.
The first 529 plan was founded at the Michigan Education trust in 1986 as a College Tuition Savings plan, but over the years as more and more 529s began to emerge, the definition has grown to cover more types of educational expenses - and most recently in 2019, this investment vehicle's scope expanded to include K-12 private school tuition as well as registered vocational and trade school tuition, - like culinary institutes, cosmetology academies and film schools.
529 School Look Up Tool:
✔️✔️✔️✔️✔️✔️✔️✔️
Don't forget to LIKE & SUBSCRIBE!
Hitting the LIKE button helps get my video in front of more viewers like you!
--------------------------------------
💰💰
NEW TO THE STOCK MARKET & INVESTING?
Check out my Beginner's Guide to the Stock Market:
💵💵
GET FREE STOCKS!
📌 One From RobinHood (Just sign-up with my link below.)
📸📸
LIKE WHAT YOU SEE IN MY VIDEOS?
- Camera:
- Lens:
- Bokeh Tree:
- Aputure Temp LEDs:
- Background Teal Hues:
- Rest Of My Gear:
👨💼👨💼
WANT TO BE LIKE TONY STARK?
❕❕❕
DISCLOSURE: Above links may be affiliate links.
If you click on them and buy something, I may receive a small commission.
But using these links are ALWAYS 100% FREE for you - Costs You Nothing.
Thank you for supporting the channel!
--------------------------------------
👉 FOLLOW DANIEL'S BREW!
- Website:
- TikTok:
- Instagram:
- YouTube:
- Medium:
- Twitter:
--------------------------------------
☕☕
ABOUT DANIEL'S BREW
15+ years of corporate experience in large Fortune 500 companies has given me a unique look at how some the most successful people in the world manage their personal finances, investments and careers.
The professional, financial and life lessons I’ve learned over the years has led me to work for some of the most valuable brands in the world, go from living paycheck-to-paycheck to a path of early retirement and have truly opened my eyes to what success and happiness really mean.
As someone who loves teaching and mentoring up-and-coming talent, I’d love to share all that I’ve learned with you, my viewers - as my way of paying it forward.
So, as they commonly say in the corporate world, “Let’s grab a coffee and chat.”
- Daniel’s Brew
--------------------------------------
⚠️⚠️
DISCLAIMER
The content in this video is strictly the opinion of Daniel's Brew and is for entertainment purposes only. It should not be considered professional financial investment or career advice. Investing and career decisions are personal choices that each individual must make for themselves in accordance with their situation and long term plans. Daniel's Brew will not be held liable for any outcome as a result of anyone following the opinions provided in this content.
--------------------------------------
#529 #Collegesavingsplan #educationfund #danielsbrew #FinancialPlanning# 529collegesavingsplan #529plan #529planexplained #collegesavingsaccount #saveforcollege #savingforcollege #personalfinance #howtostartsavingforcollege #studentsavings...(read more)
LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA
529 College Savings Plan Fully Explained! (Beginner's Guide To 529s in 2020) As the cost of college education continues to rise, it has become increasingly important for families to plan and save for their children's future. One popular avenue for saving for college is utilizing a 529 college savings plan. If you're new to the world of 529s, don't worry! In this beginner's guide to 529s in 2020, we will walk you through the basics and explain how these savings plans can benefit you and your family. What is a 529 College Savings Plan? A 529 college savings plan is an investment account designed to help families save for future education expenses. It is named after Section 529 of the Internal Revenue Code, which established the plan in 1996. 529 plans are sponsored by states, state agencies, or educational institutions, and each plan offers different investment options. How does it work? When you open a 529 college savings plan, you contribute after-tax dollars into an investment account. The money in the account grows on a tax-deferred basis, meaning you won't owe any taxes on the investment gains as long as the funds are used for qualified education expenses. These expenses typically include tuition, fees, books, supplies, and even room and board. It's important to note that the funds can only be used for post-secondary education expenses, such as college or vocational school. What are the benefits? The main advantage of a 529 college savings plan is the potential for tax savings. Since contributions are made with after-tax dollars, you won't owe any federal income tax on the investment gains when you withdraw the funds for qualified expenses. Additionally, some states offer state income tax deductions or credits for contributions made to their own 529 plans, further reducing your tax burden. Another benefit is the flexibility and control provided by 529 plans. As the account owner, you have the power to decide how the funds are invested. Most plans offer a range of investment options, such as mutual funds and target-date funds, allowing you to choose a strategy that aligns with your risk tolerance and timeline. Furthermore, you can change the beneficiary of the plan at any time, meaning if one child doesn't use the funds, you can transfer them to another eligible family member without incurring tax penalties. Are there any limitations or drawbacks? While 529 plans offer numerous advantages, there are a few limitations and potential drawbacks to consider. One limitation is the usage restrictions. As mentioned earlier, the funds can only be used for qualified education expenses; otherwise, you may be subject to income taxes and penalties. Therefore, if your child decides not to pursue higher education or receives a scholarship, you may face limitations on how the funds can be used. Moreover, there is a possibility of investment losses. Like any investment, a 529 plan is subject to market fluctuations, meaning your account balance can go up or down depending on the performance of your chosen investments. It's crucial to regularly review and adjust your investment strategy as your child's college years approach. Understanding the basics of a 529 college savings plan is essential for any parent looking to save for their child's future education expenses. By utilizing the potential tax advantages, flexibility, and control offered by these plans, you can establish a solid foundation to help alleviate the financial burden of college. Remember to research the options available in your state and consult a financial advisor to ensure you make informed decisions that align with your family's goals. https://inflationprotection.org/a-comprehensive-beginners-guide-to-understanding-529-college-savings-plans-in-2020/?feed_id=133218&_unique_id=64f7744140fda #Inflation #Retirement #GoldIRA #Wealth #Investing #529 #529collegesavingsplan #529plan #529planexplained #529planproscons #529vs #best529collegesavingsplan #best529plans #best529plans2020 #bestcollegesavingsplan #collegeplanning #collegesavingsaccount #collegesavingsfund #collegesavingsplan #financialadvice #howtostartsavingforcollege #moneysavingtipsforcollegestudents #personalfinance #saveforcollege #savingforcollege #savingforkidscollege #universitysavings #FidelityIRA #529 #529collegesavingsplan #529plan #529planexplained #529planproscons #529vs #best529collegesavingsplan #best529plans #best529plans2020 #bestcollegesavingsplan #collegeplanning #collegesavingsaccount #collegesavingsfund #collegesavingsplan #financialadvice #howtostartsavingforcollege #moneysavingtipsforcollegestudents #personalfinance #saveforcollege #savingforcollege #savingforkidscollege #universitysavings
Comments
Post a Comment