Are There Better Options Than a 529 Plan For College Savings?

The question was what other saving can you have for COLLEGE other than 529...................you didn't answer the question.

I have been doing $2500 a year since my daughter was born earning an average of 11% a year. This should be enough to cover at least 3 years of in-state. Now that she is 12, in addition to the $225 a month into the 529, I am putting $100 into a Fidelity account each month as well to add some flexibility in terms of market performance over the next 6 to 8 years. I will open a Fidelity custodial account when she hits 13 to teach her about investing and savings. Once she gets a W-2 job, we will open a Roth IRA start matching anything she puts in it.

For me growing up, the idea of forced scarcity clicked when my parents switched from saying "we can't afford that" to "that's not part of the budget". In my mind, it went from being a matter of total dollars and cents in the bank to a matter of discipline, responsibility, and strategy. That's when the wheels started really turning in my head.

I was hoping for a lot more detail!

Didn't get any actual advice

I like parking a portion of kid's college money in the Roth IRA. I have access to the Mega Backdoor, but don't need to max that out to hit personal saving goals. That keeps it flexible (Less of a penalty if they don't use the entire 529 account), so they can decide for themselves how important the expensive education is.

2:05: I'm assuming you're referencing a UTMA/UGMA, and I see that these are factored in student aid calculations. What are the benefits of saving for things like weddings in a UTMA rather than a personal brokerage?

What about 529 and custodial working against financial aid?

Hi. Are we allowed to switch 529 companies. Do you have a tutorial on how to do that? Thanks.

What about an IUL as an alternative?

What would you recommend for someone in the military who moves around a lot and doesn’t always know where they are going to move? How do I choose which state to buy the 529 plan in since I may not be in that state when they are college age

If you make alright money you can basically tell your kids that they can go to a community college and then any in-state university and just cash flow it. In my state, community college is 1200 a semester for full time and in state university is 3500 a semester for full time. It’s not cheap but a decent savings account can simply cash flow that

Yay Chick-fil-A!! We have one in walking distance, so I'm expecting that either Chick-fil-A or the produce place (also walking distance) will be a first job for my guy once he's old enough.

Can you do a video discussing the new changes to the 529B plan that allows you to roll unused funds to a ROTH IRA or other IRA accounts please? It's new.

And now they can be transferred to a Roth IRA up to 35k!

a lot of talking without answering the question.

Cash Value Custom WL

I would add that not all 529s are made equal. They often have different tax advantages, requirements for those advantages (including residency when invested and which college is attended when withdrawn), historic performances, etc. This person should shop around before picking one.

If you are not maxing out a roth just put it in there. If college is free then cool more retirement if not you can take it out for college expenses

Fill in the blanks- Investing helps in ________