Podcasts about college savings

What happens when your child's college fund becomes a business opportunity fund, or neither?   Most business owners feel trapped by a painful dilemma: save for their kids' education in accounts they can't touch, or keep capital available for business opportunities. But what if this choice is based on outdated assumptions about how education and entrepreneurship actually work?   In this episode, we explore why traditional college savings can backfire for business families, and reveal a flexible strategy that prepares your children for success whether they choose Harvard, trade school, entrepreneurship, or paths not yet invented.   Key Quote: "I was saving for the future I thought my kids should have, instead of preparing them for the future they might actually want."   What You'll Discover: Why 529 plans can trap business owners when opportunities arise (and what happened to the agency owner who missed a $200K acquisition) The hidden FAFSA impact most business owners don't know about their college savings How the SECURE 2.0 Act creates new options for unused 529 funds (plus the gotchas to watch for) A real strategy that funded both college tuition AND business growth during COVID Why teaching kids about money might be more valuable than giving them money   Perfect for: Business owners torn between funding their children's future and maintaining capital flexibility for business growth, plus parents questioning whether traditional college savings fit their entrepreneurial family's reality.   Listen now to discover how education funding for business families should actually work in an unpredictable world.   Ready to evaluate your education funding strategy? Check out this week's Wealthy Wednesday for the Business Owner's College Funding Flexibility Guide mentioned in the episode.   Interested in our Freedom Retreat? Text Freedom to 513-447-6501 to start the application process.   00:00 Introduction: The College Savings Dilemma 00:50 Welcome to Wealth Wisdom Financial Podcast 01:41 The Challenge of College Savings for Business Owners 01:56 Carlos' Story: A Business Owner's Dilemma 05:17 The Changing Landscape of Higher Education 06:14 Sarah's Story: Missed Opportunities 08:16 Introducing the Bank on Yourself Strategy 08:24 Marcus' Story: Flexibility in Education Funding 09:26 The Benefits of a Flexible Financial Strategy 10:31 Common Objections and Recent Law Changes 16:35 Elena's Story: Adapting to Uncertain Times 19:57 Conclusion: A New Approach to Education Funding 23:17 Special Announcement: Freedom Retreat for Business Owners   Watch on YouTube here: https://youtu.be/AS6VJqZIsEI 

Too restrictive or a key part of a military families financial planning? Today's episode is a no-holds-barred discussion about the pros, cons, and real-life strategies behind 529 plans. Episode Summary: In this episode, Spencer and Jamie dive deep into the world of 529 college savings plans—a tax-advantaged tool designed to save for qualified education expenses. They explore the basics of how 529 plans work (after-tax contributions, tax-free growth, and penalty-free withdrawals on qualified education expenses) and highlight recent changes that expand their flexibility beyond just college tuition. The conversation unfolds as Spencer raises his skeptical questions, while Jamie defends the plan's benefits by sharing personal experiences and strategies. From multi-generational planning to overcoming the challenge of overfunding, the discussion covers everything you need to know to determine if a 529 plan fits into your family's financial strategy. Key Discussion Points & Takeaways: Understanding 529 Fundamentals: Contributions are made with after-tax dollars, but the account grows tax-free, and withdrawals for qualified expenses (college, K–12 tuition, apprenticeship programs, computer equipment, and internet access) remain tax-free. Jamie explains the flexibility and evolving nature of 529 plans, including options to roll over funds to a Roth IRA (subject to annual limits and other restrictions) if the money isn't immediately needed for education. Flexibility vs. Restriction: Spencer shares his concerns about the plan's restrictions and whether the benefits favor high-income families more than those who might truly need the tax advantages. Jamie counters by emphasizing that the primary goal is to ensure your child's educational expenses are covered, while also noting that any “overfunding” isn't a total loss—it comes with backup options like beneficiary changes and penalty adjustments if funds are withdrawn for non-qualified purposes. Practical Money Management: Real-life insights on how to balance your overall financial strategy: build a solid retirement plan, clear debt, and then contribute to a 529 plan once you've established your own financial security. Jamie outlines his personal approach, including how much he's contributed over the years and his strategy for managing contributions as his children get closer to college age. Discussion of exit strategies: potential rollovers, transferring balances between beneficiaries, and even using scholarship funds to unlock part of the 529 savings without penalties. Generational and Strategic Considerations: Beyond college savings, the episode explores whether 529 plans can serve as a mechanism for a multi-generational legacy—providing educational support for nieces, nephews, or future grandchildren. The balance between maximizing tax-free growth and maintaining account flexibility is a recurring theme, with both hosts stressing the importance of aligning a 529 plan with your broader financial plan. Actionable Insights for Listeners: Evaluate Your Priorities: Before you start pouring funds into a 529 plan, ensure you've taken care of high-priority items like debt repayment and retirement savings. Start Early: Open an account when your child is young. Even small, regular contributions can accumulate significantly over time. Customize According to Your Needs: Understand that the “perfect” plan isn't one-size-fits-all. Consider factors like potential state tax deductions, investment options (like Vanguard 529's low-cost index fund style), and your own financial situation. Plan for Flexibility: Keep in mind exit strategies (such as rollovers to Roth IRAs and changing beneficiaries) so that if your situation changes, you're not locked into funds you can't use as intended. If this episode sparked some thoughts about your child's educational future or your family's financial planning, drop us a message on Instagram or visit our website at MilitaryMoneyManual.com.  Links mentioned: Kate Horrell's College Savings resources Episode 124 w/ Kate Horrell Episode 165 w/ Daniel Kopp FINRED flyer on 529s For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call. Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com. If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.

You've been jamming money into your retirement accounts for years now. When is it okay to slow down? Joe Anderson, CFP®® and Big Al Clopine, CPA spitball for Ron and Veronica in Indiana today on Your Money, Your Wealth® podcast 528. Plus, how can Scott in Illinois bridge the gap from age 55 to retirement income at 57? How should Big Juan in Texas pay for college? Should he convert his TSP to Roth? Can he retire at 55 And finally, Frank and Jane Drebin in Wisconsin are 46 and 47 and wondering if their plan for retirement in 5 years is just a pipe dream. Free financial resources & episode transcript: https://bit.ly/ymyw-528 DOWNLOAD The Retirement Readiness Guide for free WATCH What Happens to Your 401(k) & IRA at Retirement? On YMYW TV CALCULATE your free Financial Blueprint ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:13 - Can I Take My Foot Off the Gas on Saving for Retirement? (Ron and Veronica, IN) 09:48 - Watch What Happens to Your 401(k) & IRA at Retirement? On YMYW TV and Download The Retirement Readiness Guide 10:43 - How to Bridge the Gap from Age 55 to Retirement Income at 57? (Scott, IL) 20:04 - How to Fund College? TSP to Roth Conversions? Retirement at 55? (Big Juan, TX) 24:45 - Calculate Your Free Financial Blueprint 25:45 - We're 46 and 47, Is Our Retirement Plan a Pipe Dream? (Frank and Jane Drebin, WI) 32:26 - Next Week on the YMYW Podcast

On this week's Money Matters, Scott and Pat guide a multi-millionaire through the decision of whether a lake house makes sense as an investment. They also help a father navigate the potential overfunding of a college savings plan. Plus, Victoria Bogner, Allworth's Head of Wealth Planning, joins the show to discuss why having the right estate plan is critical, especially for those in second marriages. She shares creative strategies to prevent unintentional disinheritance, ensure assets are properly allocated, and maximize investment potential. Join Money Matters:  Get your most pressing financial questions answered by Allworth's CEOs Scott Hanson and Pat McClain live on-air! Call 833-99-WORTH. Or ask a question by clicking here.  You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.

Saving for your children's college education is one of the most important financial decisions you'll make as a parent. With the cost of higher education rising steadily, it's a great idea to start planning early and understand your options.

As an optimzer, Jamie was concerned about how to perfect his family's GI Bill strategy. In the middle of a discussion (after we wrapped up last week's podcast recording with Daniel), we hit record for this non-standard format. As Jamie allows himself to be vulnerable and curious about the words he used, Daniel is able to help him work through some anxiety and negative feelings.  You'll also hear some tactical advice for using and sharing the GI Bill. Links we mentioned: Financial Therapy certificate Daniel and Spencer both earned through Kansas State Wise Stewardship Financial Planning Daniel Kopp is a fee-only, fiduciary financial planner and founder of Wise Stewardship Financial Planning where he helps young widows and widowers as well as servicemembers get their financial lives in order by aligning their money with their values. He is also an Air Force veteran after almost 9 years as an officer on active duty during which he served as an Air Battle Manager participating in combat deployments and training opportunities all across the world. Outside of his official military commitments, Daniel has always had a passion to help servicemembers and their families master their finances where he served as a volunteer financial counselor during most of his time on active duty. For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call. Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com. If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.

Host Jonathan Hughes first talks with Julie Shields-Rutyna to answer a mailbag question about rolling over unused U.Fund 529 savings into a Roth IRA. Then Jonathan talks with Deputy Director of the Massachusetts State Treasury's Office of Economic Empowerment Samantha Perry. They discuss the BabySteps college savings incentive program, how it started, the progress it's made, and planned efforts for its future.

Episode Summary:In this episode, Nate Reineke and Ben Utley explore the best college savings goals for doctors. They discuss strategies for saving effectively for education expenses and address listener questions about donor advised funds (DAFs), 529 accounts, retirement planning, and the overall financial implications for medical professionals and their families.Key Takeaways:1.Tax Benefits of DAFs: Donor advised funds may provide significant tax advantages when donating to charities.2.Building Educational Wealth: 529 accounts serve as a practical method for families looking to save for college expenses.3.Health Insurance Considerations: Physicians should factor in health insurance costs during retirement planning, including options for delaying Medicare enrollment.4.Retirement Account Strategies: Understanding the differences between traditional and Roth retirement accounts contributes to effective tax planning.5.Value of Relationships: Quality time with family enriches personal relationships and can impact financial priorities.Call to Action:For more information, visit www.physicianfamily.com.Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.Closing Thought:Remember, you're not just making a living; you're making a life. Pursue what lights you up!

YFP Co-Founders, Tim Ulbrich and Tim Baker answer two listener submitted questions about growing income and saving for your child's college education. Summary In this episode, Tim Ulbrich, PharmD and Tim Baker, CFP tackle two listener submitted questions. Cory from Arizona seeks advice on how pharmacists, in addition to cutting expenses, can increase their income to achieve their financial goals. Amanda from Minnesota, inquires about 529 college savings plans and balancing it with other financial priorities. Mentioned on the Show YFP YouTube Channel YFP Blog: 19 Ways to Make Extra Money as a Pharmacist YFP 388: Entrepreneurial Journeys in Pharmacy: Lessons on Growth and Success YFP 384: Beyond Salary: Negotiating Yoru Value in the Workplace YFP Blog: 7 Things to Consider Before Starting a 529 Plan YFP 368: How Much is Enough for Kids College  YFP Book a Discovery Call YFP Disclaimer Subscribe to the YFP Newsletter Tim Ulbrich on LinkedIn Tim Baker on LinkedIn YFP on Instagram YFP Facebook Group

For the first time this year, on the 2024-25 FAFSA, students are no longer required to report cash gifts from a grandparent or contributions from a grandparent-owned 529 savings plan. As Peter with Richon Planning explains to Erin Kennedy, that means, grandparents can now use a 529 plan to fund a grandchild's education without impacting the child's financial aid eligibility. Peter also walks through the benefits of contributing to a 529 plan, including perhaps the biggest perk following the passage of the SECURE Act 2.0: up to $30,000 of unused funds in a 529 account can be rolled over into a Roth IRA for your grandchild, giving him or her a leg up on retirement planning! If you'd like to talk about how to open a 529 account, or if you'd like to learn about other ways to help your grandchildren financially, please call Peter at (919) 300 - 5886 or visit www.RichonPlanning.com

#203: Learn to save on the cost for college. Chris and college funding expert Brad Baldridge discuss common mistakes, leveraging 529 plans and tax benefits, types of financial aid, creative tactics to maximize savings, and much more. Brad Baldridge, founder of Baldridge College Solutions and Taming the High Cost of College, is a Certified Financial Planner® who has helped hundreds of families plan and pay for college, their retirement, and more. Link to Full Show Notes: https://chrishutchins.com/saving-money-on-college-brad-baldridge Partner Deals Maui Nui: 20% off the most nutrient-dense red meat with code ALLTHEHACKS Vuori: 20% off the most comfortable performance apparel I've ever worn Daffy: Free $25 to give to the charity of your choice Cultural Care: Get $250 off flexible childcare with international au pairs DeleteMe: 20% off removing your personal info from the web For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals Resources Mentioned Brad Baldridge: Website | Newsletter Free Scholarship Guide for Busy Parents Free Financial Aid Calculator 529 Plan Investment Options: A Quick Guide for Parents 7 Quick Tips for FAFSA Season The Best Student Loan Options for 2024-25 3 Last-Minute Strategies to Save on College Costs CSS Profile: Everything You Need to Know to Complete the CSS Profile Wealthfront: 529 Plan Rakuten ($40 for new members) Credit Cards: Rise Student Card Robinhood Gold Card U.S. Bank Smartly Card Gift of College Gift Cards CardPointers Pro (50% off here) ATH Podcast: Membership Chris' Newsletter Email us for questions, tips, deals and feedback Full Show Notes (00:00) Introduction (02:08) Biggest Mistakes People Make When Planning to Pay for College (03:18) Early Stage Planning vs. Late Stage Planning (05:56) Tax Benefits & Advantages for College Savings (16:40) How Your Assets Impact/Doesn't Impact Need-Based Financial Aid (18:01) Recent Big Change On The FAFSA (22:41) What Is The CSS Profile? (27:31) The Different Types of Financial Aid (30:24) How to Plan for Scholarships (35:50) Transferring from A Local Community College to A Competitive College (37:49) Saving Strategies for Families with Higher Income (42:57) Ways to Utilize Student Loans (48:13) Student Loan Forgiveness Programs (50:36) Brad's Final Takeaway (51:57) How Much Money Can Families Save on College Costs? (52:36) Where to Find Brad & His Services (53:16) Utilizing Credit Cards for College Tuition (55:08) How to Maximize Gift of College Gift Cards (1:03:35) Brad's Disclosure Connect with Chris Newsletter | Membership | Twitter | Instagram | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today on the podcast, we welcome back Mark Berg. Mark is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Mark served as a client manager at a fee-only financial planning firm, and he has provided fee-only financial guidance since 1995. He holds a bachelor's degree in economics from Wheaton College and is a certified financial planner practitioner and NAPFA-registered financial advisor. He served on the national board of directors for the National Association of Personal Financial Advisors from 2008 through 2011. In the spirit of full disclosure, Timothy Financial is the firm that my husband and I use for financial planning. I have no financial relationship with the firm other than that we pay them for their services.BackgroundBioTimothy Financial Counsel“Mark Berg: Hourly Financial Planning Is ‘A Vast Blue Ocean,'” The Long View podcast, Morningstar.com, March 28, 2023.Funding for College“529 Plan Tips for Grandparents to Save for College,” by Emma Kerr, usnews.com, Sept. 7, 2021.“How to Allocate Assets for College Savings,” by Christine Benz, Morningstar.com, Jan. 19, 2022.“Morningstar 529 Ratings: The Best Plans of 2024,” by Hyunmin Kim, Morningstar.com, Oct. 29, 2024.“What to Do With Extra Money in Your 529 Plan,” by Amy Arnott, Morningstar.com, June 30, 2022.“The Best Way to Save for College,” by Christine Benz and Susan Dziubinski, Morningstar.com, Oct. 11, 2022.

Robert Farrington discusses financial literacy for families, emphasizing strategies to navigate college funding and avoid student loan debt. Highlights

Saving for college can feel like a daunting challenge for many parents, especially with tuition costs rising faster than inflation. In this episode, Dr. Disha breaks down a variety of college savings options and discusses the pros and cons of each, along with their impact on financial aid eligibility. From the popular 529 plans and prepaid tuition options to less common choices like Coverdell ESAs and custodial accounts, she provides a comprehensive guide to help parents make informed decisions about funding their child's education. Dr. Disha also emphasizes the importance of balancing college savings with retirement goals, ensuring that parents don't jeopardize their own financial future. With actionable steps and insights, she empowers listeners to build a college savings plan that fits their unique family situation. Top 4 Takeaways: Start Early & Automate: Begin saving ASAP and set up automatic contributions to take advantage of compounding interest. Use 529 Plans as a Go-To: 529 Plans offer great tax benefits and flexibility for most families. Compare state options for the best fit. Diversify Savings Vehicles: Consider using a mix of 529s, brokerage accounts, and custodial accounts to balance flexibility and aid impact. Review Annually: Reassess your plan each year to stay aligned with changing goals and college costs. This episode is sponsored by PearsonRavitz– Helping physicians safeguard their most valuable assets.  This episode is also sponsored by FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today. —--- If you enjoyed the show, find and follow Dr. Disha everywhere else: Twitter Website Facebook The Frugal Physician's Facebook Group YouTube  ----------- Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.

In this episode of the Money Meets Medicine Podcast, hosts Justin Harvey and Dr. Jimmy Turner examine the complexities and strategies of saving for children's college education. They argue that a 529 plan, while useful, is not the ultimate solution for funding education. The hosts share their personal experiences and offer alternative savings options, including prepaid tuition plans, scholarships, and Roth IRAs. They emphasize the importance of having philosophical and practical conversations about the purpose of higher education and how to incorporate family values into financial planning. Additionally, they discuss the importance of teaching children about money, giving them financial responsibilities, and considering non-traditional educational pathways.   Save $100 on a student loan consult: https://moneymeetsmedicine.com/slp  Looking for a free-copy of the best-selling Physician Philosopher's Guide to Personal Finance? Download it here: https://moneymeetsmedicine.com/freebook Need disability insurance from a source you can trust? Visit https://moneymeetsmedicine.com/disability 

Host Jonathan Hughes talks with Bronwyn Crick, a recent college grad, about how she was able to pay for both undergraduate and graduate school with her 529 college savings account.

Today's parents have better ways to save for their kids' college than existed a generation ago. So, are you making the most of your college savings program?It's been less than 30 years since Congress authorized the tax-advantaged 529 plans. More options soon followed. Mark Biller joins us today with the pros and cons of several college-savings programs.Mark Biller is Executive Editor and Senior Portfolio Manager at Sound Mind Investing, an underwriter of Faith & Finance. The Rising Cost of CollegeOver the past few decades, the cost of higher education has increased at a rate much higher than general inflation. Today, more than half of college graduates leave school with student loans, and the average debt load has nearly doubled in the last 15 years. For parents, saving for college can be daunting, but starting early is essential. For instance, if you have 14 years to save for a child's education, you'll need to set aside about $520 per month to cover 70% of the four-year cost at a public institution. Waiting until your child is older will require much larger monthly contributions.One of the most important strategies is involving your children in the savings process. Helping them understand that any unmet costs will turn into debt in the future can encourage them to contribute through savings, summer jobs, scholarships, and financial aid. This also teaches them the value of disciplined saving.Best Programs for College SavingsWhile there are many options available for college savings, there are specifically three key vehicles: Coverdell Education Savings Accounts (ESAs), 529 Plans, and Roth IRAs. Each has its own strengths and weaknesses.1. Coverdell Education Savings Accounts (ESAs)Coverdell ESAs offer flexibility in investment choices, allowing parents to make specific investment decisions and adjust their portfolios as needed. However, there are income limits for contributors and a maximum contribution of $2,000 per year, which may not be enough if you're starting late in the game.2. 529 PlansThese plans have become the most popular option for college savings. They offer tax-free growth on your investments as long as withdrawals are used for qualified educational expenses. Many states also provide tax benefits for contributions to 529 plans. While they don't offer the same investment flexibility as Coverdell ESAs, they allow higher contribution limits and have no income restrictions, making them suitable for high-income families. Age-based portfolios, which automatically adjust investments as your child gets closer to college, can simplify the process for busy parents.3. Roth IRAsRoth IRAs are typically associated with retirement savings, but they can also be useful for college savings. You can withdraw contributions without penalties to pay for college expenses. However, you'll need to be at least 59½ years old to avoid penalties on earnings. Roth IRAs provide the flexibility to use the funds for retirement if your child doesn't need them for college.Choosing the Right OptionWhen it comes to saving for college, it's not necessarily about choosing one program over another. Parents can use a combination of these accounts, such as contributing to both a Roth IRA and a 529 plan. The key is to start early to maximize the benefits of compounding. The earlier you begin saving, the less you'll need to set aside each month.With the rising cost of college, saving early is crucial to minimizing student debt for your children. Whether you choose a Coverdell ESA, 529 plan, Roth IRA, or a combination, the important thing is to take action. Don't put this off. The earlier you make a decision to start contributing, the more you can get compounding working for your earnings.For more detailed information on these college savings options, you can visit Sound Mind Investing and read their full article, “Making the Most of Your College-Savings Program,” at SoundMindInvesting.org. On Today's Program, Rob Answers Listener Questions:My question was about the 401(k) left to me by a dear friend who passed away. I'm 80 years old, and I understand I can't leave that 401(k) to anyone else as a beneficiary. I wanted to know if I could roll it over, put it in something else, or even take a penalty to access the funds since I'm not sure I'll be able to use it for very long, given my age. I was surprised to hear that I might be unable to name a beneficiary for the inherited 401(k), so I wanted to see if that was true. My auto insurance has significantly increased over the last two years, and it went up again with my latest policy renewal. I want to look for another auto insurance company, but I'm specifically looking for one that is biblically based and doesn't give money to organizations that go against my values. I'm already a Christian Community Credit Union member, so I wondered if they or any of their partners offer auto insurance options that align with my Christian beliefs.I'm a nurse who had to apply for Social Security benefits about 18 years ago when I got sick. I feel I was shortchanged on my benefit amount compared to others, even those with lower incomes and education. I didn't have a lawyer when I applied, and I'm concerned I wasn't adequately credited for my work history starting at age 13. I can get by because I was able to sell a home, but I'm wondering if I can now get a lawyer to try to increase my Social Security benefits since I believe I was unfairly treated when I initially applied.Resources Mentioned:Sound Mind InvestingMaking the Most of Your College-Savings Program (Article by Mark Biller and Matt Bell - Sound Mind Investing)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Today’s parents have better ways to save for their kids’ college than existed a generation ago. So, are you making the most of your college savings program? On today's Faith & Finance Live, Mark Biller will join host Rob West with the pros and cons of several college-savings programs. Then Rob will answer some questions on various financial topics. See omnystudio.com/listener for privacy information.

September 9, 2024 ~ September is National College Savings Month, and the Michigan Education Trust is encouraging families to plan for their children's future education. Guy, Lloyd, and Jamie talk with MET executive director Diane Brewer about tips for preparing for the rising costs in education.

College costs are rising every year. The projected cost of a four-year college degree in 2035 is estimated to be almost $500,000. Saving for your child's college education can feel overwhelming. When is the “right time” to start saving? On this episode of the Dentist Money Show, Matt, Victoria, and Ryan review four ways to save for your child's education. Book a free consultation with a CFP® advisor who only works with dentists. Get an objective financial assessment and learn how Dentist Advisors can help you live your rich life.  

Rachelle Vanderzanden and Corey Janoff revisit the topic of saving for college in this episode of Financial Clarity for Doctors.  We walked through some basics on this topic a few years ago, but things change over time!  Some of the topics covered include: Discussing how you would like to support your children with higher education. Establish some goals! The increasing costs of higher education. Savings ahead of time vs paying out of pocket as expenses arise. Different types of accounts that can be used to fund education. Recent changes for 529 college savings plans. Tune in for more on ways to save and recent developments in college savings planning.  Keep in mind that this may be one of many financial goals, and one important step is to make sure you understand where this fits on your priority list.  There are loans for school; there are not loans for retirement. For more financial planning tips from Corey and Rachelle, find them on social media! LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance  Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

Illinois State Treasurer Michael Frerichs joins Lisa Dent to talk about a new law signed into law by Gov. J.B. Pritzker that will allow unused college savings to be rolled over into retirement plans. Follow The Lisa Dent Show on Twitter:Follow @LisaDentSpeaksFollow @SteveBertrand Follow @kpowell720 Follow @maryvandeveldeFollow @LaurenLapka

Host: Mindy McCulley, MS Extension Specialist for Instructional Support, Family and Consumer Sciences Extension, University of Kentucky   Guest: Kristen Jowers, MS Extension Specialist for OneOp Kristen Jowers, Extension Specialist for OneOp, delves into strategies for to maximizing college savings as families continue to face the escalating costs of a college education. From the staggering costs of tuition and fees to the benefits of the Kentucky Saves 529 plan, this episode provides invaluable insights for parents, grandparents, and guardians. Discover how early and consistent savings can lighten the financial burden and explore the power of compound interest and tax advantages. Kristen shares her personal journey of applying for scholarships and offers practical advice on how students can make college more affordable. Learn about the importance of merit-based scholarships, the new FAFSA process, and strategies for responsible borrowing and repayment of student loans. Don't miss this comprehensive guide to navigating the financial landscape of higher education, complete with special tips for military families. For more information about this topic and other MoneyWi$e topics, visit: MoneyWi$e Newsletter MoneyWi$e Website MoneyWi$e Facebook Page KY Saves KY Scholarships and Grants StudentAid.Gov GI Bill Benefits Connect with FCS Extension through any of the links below for more information about any of the topics discussed on Talking FACS. Kentucky Extension Offices UK FCS Extension           Website           Facebook           Instagram           FCS Learning Channel    

When planning for your child's future education, one powerful tool at your disposal is the 529 plan. You may already be familiar with the basics of this tax-advantaged savings vehicle, but have you heard about "superfunding" a 529 plan?

Hosted By: Matt Murphy CFP® & Aaron Bert CFP® Matt Murphy CFP® and Aaron Bert CFP® take your calls and provide expert answers to your questions on WDBO 580AM. Submit your questions to:  1-844-220-0965 M.Murphy@FinancialGroup.com •  Aaron@FinancialGroup.com   The post New for 2024: How to take advantage of unused college savings money appeared first on On The Money Podcast.

I'm super excited about today's episode because we have the amazing Ann Garcia, also known as The College Financial Lady, joining us and we're diving into all things college planning!Ann is a certified financial planner and the author of How to Pay for College who is a sought-after expert that has developed a fantastic framework for creating your own college plan.So, what does that framework look like? Well, Ann breaks down financial tasks and family conversations by your child's life phase-making the whole process so much more manageable and clear.As a parent of twins who graduated debt-free from college, Ann brings both professional and personal experience to the table. So, whether you're just starting to think about college or deep in the planning process, this episode is packed with practical advice and insights.Ready to dive in and learn how to plan for college like a pro? Let's get started!Anna's Takeaways:Intro (00:00)Financial Tasks & Conversations For Parents & Students (02:06)College Savings, Paths & Flexibility (08:39)Saving For College, Financial Aid & Budgeting (13:26)Balancing Priorities & Creating A Personalized Budget (20:15)Scholarships - Involving Students In The Process (27:14)How Parents Can Support Their High School Students (30:28)Managing Expectations (35:40)About Ann Garcia:Ann Garcia is a Certified Financial Planner and go-to expert on paying for college. She is the author of the critically-acclaimed "How to Pay for College" and a sought-after media guest who's been quoted in the New York Times, the Wall Street Journal, and U.S. News and World Report, to name a few. Ann recently launched an interactive online course to help parents (and their advisors) affordably build saving for college and applying for aid into their broader financial plan. As a parent whose twins just graduate debt-free from college, Ann's expertise expands beyond FAFSAs and 529s — she understands the emotional components of helping your child set and achieve goals for their future. Outside of financial planning, Ann is an avid runner, skier and fan of middle school rock concerts.Rate, Review, & Follow on Apple PodcastsMoney Boss Parents! Welcome to Anna's Money Boss Parent podcast, your go-to resource for mastering money management while raising a family. Join me as we explore practical tips, expert insights, and inspiring stories to help you achieve financial success and create a brighter future for your loved ones. Don't forget to subscribe, rate, and review the show to support our mission of empowering parents like you to take charge of their finances and build a prosperous life for their families. Let's thrive together on this incredible journey!FREE GUIDE- Kid Money Boss: School isn't teaching my son about Money. It's up to us Parents. Here are 9 tools I am using to team my son, everything I never learned as a kid.Guest websites:https://howtopayforcollege.com/Masterclass- for older kidshttps://www.facebook.com/collegefinancialladyhttps://www.linkedin.com/in/ann-garcia-cfp/

A review of Virginia's state-run investment plans provided some good news earlier this week, but questions about whether the legislature should step in to reprioritize those funds were raised. Brad Kutner has more. 

While 529 college savings plans are popular for their tax benefits and flexibility, it's worth exploring other avenues to give your family more opportunities and variety for saving for your kids' college education.Today we are looking at Roth IRAs and real estate which offer unique benefits, such as tax-free growth and potential rental income, that could provide more flexibility and financial stability for your family's future beyond college for your kids.Join me in exploring how you can diversify your savings approach and ensure a bright future for your children.Anna's Takeaways:Intro (00:00)529 College Savings Plans Drawbacks (04:03)Using Roth Iras & Real Estate For College Savings (08:14)Alternative Ways To Fund College Education (12:44)Rate, Review, & Follow on Apple PodcastsMoney Boss Parents! Welcome to Anna's Money Boss Parent podcast, your go-to resource for mastering money management while raising a family. Join me as we explore practical tips, expert insights, and inspiring stories to help you achieve financial success and create a brighter future for your loved ones. Don't forget to subscribe, rate, and review the show to support our mission of empowering parents like you to take charge of their finances and build a prosperous life for their families. Let's thrive together on this incredible journey!FREE GUIDE- Kid Money Boss: School isn't teaching my son about Money. It's up to us Parents. Here are 9 tools I am using to team with my son, everything I never learned as a kid.Website & Links mentioned:Websites Where You Can Open Accounts: Vanguard, Fidelity, Charles Schwab.#210 – 529 College Savings Plan: Getting Started [Part 1#211 – Maximizing 529 Plans: Tax Benefits and Best Practices (Part2)

What is the best way to SAVE for COLLEGE?

Want to make college more affordable? Listen to this episode with Ann Garcia, CFP® as she explores scholarship funding for college. Discover different scholarship types, application strategies, and the importance of early planning to minimize debt. Make sure you catch these tips to help set up your child's financial future. Listen and Learn:Explore three main scholarship types to help reduce college costsHelpful tips to research colleges and find scholarship opportunitiesHow to look for local scholarships to reduce the rising costs of collegeGet ahead of rising tuition fees by using 529 plansResources:Purchase Ann's bookCheck out Ann's website recommendations: College Data and College Navigator.Check out the FAFSA resource pageCheck out's Ann's FAFSA resource pageRead: ‘Running Out of Road' for FAFSA CompletionVisit the CSS ProfileDiscover scholarship directories here and hereAnn Garcia has been featured on three past Women's Money Wisdom episodesEpisode 170: The Case for 529 Plans for College Savings with Ann GarciaEpisode 132: Paying for College with Ann GarciaEpisode 86: Demystifying the FAFSA Form with Ann Garcia.Links are being provided for information purposes only. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

Host Jonathan Hughes talks college savings investing with Cory Latham, Managing Director and 529 Relationship Manager at Fidelity Investments.

  Join us as we welcome Regina Robinson, Award-Winning Global Speaker, Best Selling Author, Educational Coach, and the #1 College Admissions Expert. Regina shares her expertise on how scholarships can significantly ease the financial burden of college.    With years of experience in teaching and coaching, she provides practical strategies for securing scholarships and navigating the admissions process.    Tune in for invaluable tips to help you choose the right college and fund your education effectively.    Don't miss this chance to learn from the best in the field!   Resources   It$ My Money Academy https://www.itsmymoneyacademy.com/home/courses    Winning The Game of College Admissions https://www.suited4success.org/winningthegameofcollegeadmissions    Connect with the host, Patrina Dixon   +Instagram https://www.instagram.com/itsmymoney_/    +Facebook https://www.facebook.com/profile.php?id=100013355082005    +Twitter https://twitter.com/itsmymoney_    +YouTube https://youtube.com/c/It%E2%80%99sMyMoneywithPatrinaDixon    +Pinterest https://pin.it/5x8rOTp    +Website http://www.itsmymoneyjournal.info/    Connect with guest, Regina Robinson +Instagram https://www.instagram.com/s4scollegebound/    +Website https://www.suited4success.org/winningthegameofcollegeadmissions   

Jennifer Gartenberg, Managing Director at Mesirow, joins Jon Hansen on Your Money Matters to take a deep dive into 529s. Jennifer explains how to set up an account and where the money goes if the child gets a scholarship. Jennifer also explains how they are great vehicles to save for college and how you get […]

Welcome to another thrilling episode of Passive Income Pilots, where we navigate the high-flying world of passive income opportunities. Today, we're joined by Joe Fairless, a titan in real estate investment and co-founder of Ashcroft Capital. Joe is renowned for his groundbreaking "Best Ever" conference, which is exactly where our hosts first crossed paths. In this episode, Joe shares his expert insights on how strategic networking can transform real estate investments into massive wealth. Buckle up as we dive into a conversation that's all about elevating your investment game through powerful connections.Timestamped Show Notes:(00:00:20) Introduction and overview of the episode.(00:04:10) Introduction of Joe Fairless and his background in real estate.(00:05:40) Importance of networking in building wealth through real estate connections.(00:10:20) Strategies for identifying lucrative real estate opportunities.(00:15:30) Value-add strategies and examples of successful projects.(00:20:20) Discussion on managing risks and ensuring consistent returns in real estate.(00:25:20) Advice for aspiring real estate investors and the importance of education.(00:30:10) Insights into future trends and emerging opportunities in real estate.(00:35:20) Q&A session with Joe addressing audience questions.(00:40:20) Recap of key takeaways and final thoughts from Joe.The Best Ever ShowBest Ever Conference Ashcroft CapitalRyan's 40th Party PictureRemember to subscribe for more insights at PassiveIncomePilots.com!Join our growing community on FacebookCheck us out on Instagram @PassiveIncomePilotsFollow us on X @IncomePilotsGet our updates on LinkedInHave questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you on the next one!

It doesn't matter if you have adult children, young children ,or your a child yourself. The idea of paying for college never goes away.But there is some good news for those who are seeking to help pay for higher education for their loved ones.There are some new rules coming out through the Department of Education for the revised Free Application for Federal Student Aid better known as the (FASFA). So if you're thinking about higher education for your grandchildren or your children...Tune in as we explain the new "grandparent loophole" that improves the attractiveness of 529 plans on this episode of Financial Advisors Say the Darndest Things.

It doesn't matter if you have adult children, young children ,or your a child yourself. The idea of paying for college never goes away.But there is some good news for those who are seeking to help pay for higher education for their loved ones.There are some new rules coming out through the Department of Education for the revised Free Application for Federal Student Aid better known as the (FASFA). So if you're thinking about higher education for your grandchildren or your children...Tune in as we explain the new "grandparent loophole" that improves the attractiveness of 529 plans on this episode of Financial Advisors Say the Darndest Things.

Seniors, are you unhappy with the colleges that have admitted you? Or, have you not yet applied? For this episode, our host Ian Fisher will be talking with College Coach admissions counselor Brittany Preston about what to do when you aren't excited about your admits, and Nicole Doyle about colleges that are still taking applications. For those with younger students, College Coach finance colleague Laurie Peltier will be joining him to discuss options for saving for college.

Will Duke and Daisy's retirement spending plan work? If you're a fan of hearing Joe Anderson, CFP® and Big Al Clopine, CPA debate, you're in luck today on Your Money, Your Wealth® podcast 475, as they disagree on assumptions when it comes to retirement planning. The EASIretirement.com calculator says Chuck in South Carolina could convert even more to Roth, and the fellas spitball on the pros and cons. Plus, what should Chuck's asset allocation be for his daughters, and how should Scott in Kansas City's parents allocate their assets? Can Rothaholic undo his Roth conversion? Brian Fantana and his wife are in their 30s and want to retire at 60. Are they on track? Ricky in Alabama wants to avoid Medicare's IRMAA, or income related monthly adjustment amount. Should he spend from his IRA or from his Roth? Daniel in Whittier wants to know what exactly counts for IRMAA income, anyway? And finally, Elisa in Fremont wants to know, with the new SECURE Act 2.0 rules, when can you transfer 529 college savings funds to Roth? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-475 Timestamps: 00:00 - Intro 01:07 - Will Our Withdrawal Rate Be Too High If We Retire in 3 Years? (Duke and Daisy, Charlotte, NC) 10:50 - Withdrawal Strategy Guide Retirement calculator 11:28 - EASIretirement.com Says I Should Convert More to Roth. Asset Allocation for Daughters? (Chuck, SC) 22:13 - Can I Undo My Roth Conversion? (Roth Aholic) 27:55 - In Our 30s, Want to Retire at 60. How Are We Doing? (Brian Fantana, WA) 30:36 - What's the Right Asset Allocation for Aging Parents? (Scott, Kansas City, MO) 32:00 - Free financial resources: Choosing a Financial Advisor blog Small Business Tax Filing Guide 2024 Tax Planning Webinar Retirement Lifestyles Guide 32:51 - IRA vs. Roth for Living Expenses? (Ricky, Birmingham, AL) 35:50 - What Counts for Medicare IRMAA? (Daniel, Whittier, CA) 39:49 - SECURE Act 2.0: When Can We Transfer 529 College Savings to Roth? (Elisa, Fremont) 44:44 - The Derails

If you or your child were enrolled in a California public school in first grade through high school in 2021-22, you might have money for college waiting for you. More than a year and a half ago, California launched a big initiative to help children from low income families save money for college. It's called the California Kids Investment and Development Savings program, or just CalKIDS. The program has the potential to serve 3.6 million kids, but only a tiny fraction of those have signed up to activate their accounts. Who's eligible for CalKIDS? And what needs to happen to get the word out to more families? Guests: Elizabeth Jonasson Rosas, Board trustee, Fresno Unified School District Lasherica Thornton, Reporter, EdSource Read more from EdSource: What to know about free money waiting in state-funded savings accounts | Quick Guide Few low-income Californians claiming kids' free money in college savings accounts Find out if you or your child is eligible here Education Beat is a weekly podcast hosted by EdSource's Zaidee Stavely and produced by Coby McDonald.

This week's show covers ETF's, College Savings options, and lots of email questions and estate planning-related content.

Figuring out how to cover college expenses often means navigating a bewildering range of options, programs, and plans. As the financial burden of higher education grows, so does the decision-making complexity for those pursuing a degree. Some even wonder whether college is still a worthwhile investment. On this episode of Financial Decoder, Mark Riepe discusses the variables around saving and paying for college with Senior Research Analyst Chris Kawashima. Read Chris Kawashima's article "8 Mistakes to Avoid When Planning for College Costs."Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Investing involves risk, including loss of principal.Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Qualified education expenses can include tuition, fees, books, supplies, equipment, and room and board. Certain costs associated with tuition, participation in a registered apprenticeship program, or payment of a qualified education loan up to $10,000 may also be considered qualified educational expenses. The availability of tax or other benefits may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distribution, or other factors. Clients should consult a qualified tax advisor to discuss their individual situation.Investors should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available in such state's qualified tuition program.Please note that this content was created as of the specific date indicated and reflects the author's views as of that date. It will be kept solely for historical purposes, and the author's opinions may change, without notice, in reaction to shifting economic, business, and other conditions.The Schwab Center for Financial Research is a division of Charles Schwab & Co.DefinitionsVenn diagram: A diagram illustrating the relation of specific items through labeled circles and the areas where they overlap.(0324-NDC7)

Figuring out how to cover college expenses often means navigating a bewildering range of options, programs, and plans. As the financial burden of higher education grows, so does the decision-making complexity for those pursuing a degree. Some even wonder whether college is still a worthwhile investment. On this episode of Financial Decoder, Mark Riepe discusses the variables around saving and paying for college with Senior Research Analyst Chris Kawashima. Read Chris Kawashima's article "8 Mistakes to Avoid When Planning for College Costs."Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Investing involves risk, including loss of principal.Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Qualified education expenses can include tuition, fees, books, supplies, equipment, and room and board. Certain costs associated with tuition, participation in a registered apprenticeship program, or payment of a qualified education loan up to $10,000 may also be considered qualified educational expenses. The availability of tax or other benefits may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distribution, or other factors. Clients should consult a qualified tax advisor to discuss their individual situation.Investors should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available in such state's qualified tuition program.Please note that this content was created as of the specific date indicated and reflects the author's views as of that date. It will be kept solely for historical purposes, and the author's opinions may change, without notice, in reaction to shifting economic, business, and other conditions.The Schwab Center for Financial Research is a division of Charles Schwab & Co.DefinitionsVenn diagram: A diagram illustrating the relation of specific items through labeled circles and the areas where they overlap.(0324-NDC7)

Are you feeling overwhelmed with the thought of saving for your child's college education? Fear not! In this episode we explain the various college savings options along with their tax benefits. We take an in-depth look at various plans weighing their pros and cons to help you make an informed decision. Prepaid Tuition Plans529 PlansUTMAESAsCustodial AccountsWhether you are just starting your journey towards building a college fund or reassessing your current plan, this episode is packed with actionable insights to guide you through this complex arena. So, tune in and let us help you craft a college savings plan that best suits your family's needs and goals.Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Our CPA firm website!Purchase our new business guide!Our Instagram PageOur family page

Why does Becca in Florida's advisor "poo-poo" her strategy for funding 529 plans for education? Keith, commenting on Spotify, wants to know about reimbursing yourself from a 529 plan for the scholarship amount used for education without penalty, and Wendy way up in New York wants to know if she should use retirement funds to pay for college and home renovations. Plus, what are the pros and cons of starting Roth conversions for Renee in Wisconsin, and is she on track for retirement? Will the IRS penalize Dan in Michigan for not paying Roth conversion tax in January? With the 5-year Roth clock, how does compounding interest work when Aaron in Ohio changes custodians? And Kirk in Iowa wonders how the Affordable Care Act tax credit works with dependents.  Timestamps: 00:55 - Why Doesn't My Financial Advisor Want Me to Fund 529 Plans? (Becca, FL) 08:19 - Is 529 Plan Self-Reimbursement for Scholarships Okay? (Keith) 10:22 - Should We Use Retirement Funds to Pay for College and Home Renovations? (Wendy, way up in north NY) 18:11 - Pros and Cons of Starting Roth Conversions: Are We On Track for Retirement? (Renee, WI) 28:58 - Is the IRS Going to Penalize Me For Not Paying Roth Conversion Tax in January? (Dan, Milford, MI) 30:38 - Roth 5-Year Clock: Compounding Interest on Rolled Over Retirement Accounts (Aaron, OH) 32:19 - How Does the Affordable Care Act Tax Credit Work with Dependents? (Kirk, IA) 37:11 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-452  ABCs of College Funding - free download Money Saving Tips fro Funding College - YMYW TV How to Save for Education; 529 Plan, Coverdell, Prepaid Tuition and More - on-demand webinar Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

We did it Joe!  After two years of having it as a goal, I finally opened a 529 college savings account for my unborn child(ren). In this episode, I share my experience breaking down the conversation into the following:What is a 529 accountWhy this account versus other investment vehiclesWhy I opened it without having a kidHow im able to open an account pre-kidWhat Happens IF I Make more than one kid?How I actually opened the accountHow much do you need to put away to afford college?What happens if I don't have kidsI havent fugured it all out but I figured it out well enough to start and I always want to share that part.. the journey. Some resources I found arewww.savingforcollege.com www.upromise.comPlease share this episode with a parent or aspiring parent in your lifeThank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs to hear these conversations. Please join our community online at www.therichimmigrant.com or on Instagram at 'Therichimmigrant.'

Should Jackson and Elsa from Wyoming fire their financial advisors and shop for lower fees, or switch to do-it-yourself financial planning? Can 34-year-old Bob in Texas retire early at 50, and what's the best way for him to put an extra $30K to work? How much should 35-year-old Matthew in the middle of nowhere Wisconsin be saving for retirement in pre-tax accounts vs. post-tax accounts? And finally, should Michelle in Minnesota leave excess education savings in a 529 plan or move it to a Roth IRA?  Timestamps: 00:58 - Should We Fire Our Advisors and Go DIY or Shop for Lower Fees? (Jackson & Elsa, WY) 11:51 - Can We Retire at Age 50? Best Way to Put Extra $30K to Work? (Bob, TX) 19:51 - How Much Should We Save for Retirement Pre-Tax vs. Post-Tax? (Matthew, Middle of Nowhere, WI) 28:27 - Excess 529 Plan College Savings: Leave it or Move it to Roth? (Michelle, MN) 35:34 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-446 DIY Retirement Guide - limited time offer, download by Friday 9/15/23! EASIRetirement.com - free retirement calculator Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

What's the best strategy for E-Dog's restricted stock units with his employer, how are RSUs taxed, and how do Roth conversions fit into the mix? Plus, should Jay in Raleigh liquidate his annuities or follow “Stan the Annuity Man's” advice and take the annual payments? Elisa wants to know how a mutual fund portfolio would work in retirement, and what's a good way for listener Joe to invest in bonds in a taxable account to bring his portfolio back into proper balance? Finally, the fellas spitball on Medicare savings vs. Roth conversions for David, and an unrealized gain strategy on an UTMA education savings account for Jay in California. Timestamps: 00:50 - Restricted Stock Units: RSU Spitball Analysis (E-Dog, Boulder, CO) 14:44 - Annuity Retirement Spitball Analysis (Jay, Raleigh, NC) 26:36 - How Would a Mutual Fund Portfolio Work in Retirement? (Elisa) 31:13 - Asset Location: How to Invest in Bonds in a Taxable Account to Rebalance? (Joe) 35:09 - Medicare Savings Vs. Roth Conversions (David, Logan, NM) 40:04 - UTMA College Savings Unrealized Gain Strategy (Jay, CA) 47:05 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-442 Why Asset Location Matters - free guide 6th Annual YMYW Podcast Survey - one randomly-chosen participant will win a $100 Amazon e-gift card! Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

A little ditty about Jack and Diane, who will eventually inherit about $4.5M from Diane's parents. How do they manage the required minimum distributions? Which of three options should Matt take with his inherited IRA? Making the most of your inheritance today on YMYW 435. Plus, Clay wants to know if it's a good idea to take money off the table and rebalance to safer or more aggressive investments, depending on your risk tolerance? Can Elizabeth offset pre-tax IRA losses with the gains from the sale of rental real estate? Is it true that you can make one time contributions from your IRA to your HSA that is, your health savings account? And finally, can Cory gift stock to his daughters and avoid paying the kiddie tax as a way to pay for college? And can Rich supercharge a 529 college savings plan with himself as beneficiary? Timestamps: 00:58 - How Do We Manage RMDs on a Pending Inheritance? (Jack & Diane) 11:31 - Which of 3 Options Should I Take With This Inherited IRA? (Matt, San Diego) 18:57 - Should I Take Money Off the Table and Rebalance to Safety? (Clay, Westerville (Columbus), OH) 23:50 - Can I Offset Pre-Tax IRA Losses With Gains from the Sale of Rental Real Estate? (Elizabeth, Lake Forest) 26:43 - Is It True We Can Make One Time Contributions From IRA to HSA? (Scott, NC) 32:06 - How to Pay for College: Gifting Stock and Avoiding the Kiddie Tax? (Cory, Bethesda, MD) 36:16 - Should I Supercharge a 529 Plan With Myself as Beneficiary? (Rich, NY) 41:17 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-435  Estate Planning Organizer Emotional Investing - YMYW TV Emotionless Investing Guide Episode Transcript Ask Joe & Big Al On Air

How should you think about balancing saving for your own retirement and preparing for your kids' college savings? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.