How do you save for your children's education? In this video, Scott Donnell and Chad Willardson welcome the “accidental financial guy,” Robert Farrington from The College Investor.
They discuss when it’s a good time to start teaching your children about money, the Y.E.S. acronym, why 529 plans are worth looking into, and the different approaches you could have, in regards to saving for college, depending on your children’s age. ● Starting as early as you can, obviously with age-appropriate money education for your child, is something Robert recommends to all parents. ● Robert always likes to approach paying for college using the Y.E.S. acronym: you, Educational savings, and then general savings. ● Chad points out that many parents over invest in putting money away for college and over invest in their own retirement. This is a mistake because you can’t get scholarships, grants, or student loans for retirement… ● For Robert, getting a 529 plan or leverage taxable investing are the two bread and butter ways to approach saving for education. ● Beware: there are plans that are marketed nationally, but they're all housed by states. ● Remember: a parent could be the account owner of a 529 plan. This is important to keep in mind because while 529 plans do impact your financial aid (though they only count towards 5.64% on the FAFSA), grandparent-owned 529 plans don’t impact your financial aid one bit.
gravystack.com/smart gravystack.com/igniter smartmoneyparenting.com smartmoneyparenting.com/followus TheCollegeInvestor.com The College Investor Audio Show - /thecollegeinvestor.com/audio-show The College Investor on YouTube - youtube.com/c/thecollegeinvestor The College Investor on TikTok - tiktok.com/@thecollegeinvestor Previous episode - TRIGGER WARNING: Shocking Stats About College - https://video.smartmoneyparenting.com/46 Backer.com Upromise.com Smart, Not Spoiled: The 7 Money Skills Kids Must Master Before Leaving the Nest by Chad Willardson - amazon.com/Smart-Not-Spoiled-Skills-Leaving/dp/1544524269 Value Creation Kid: The Healthy Struggles Your Children Need to Succeed by Scott Donnell and Lee Benson - amazon.com/gp/aw/d/1636801463/ref=tmm_pap_swatch_0?ie=UTF8&qid=&sr= Scott Donnell on LinkedIn - linkedin.com/in/donnell-scott Chad Willardson on LinkedIn - linkedin.com/in/chadwillardson Scott Donnell on Instagram - instagram.com/imscottdonnell Chad Willardson on Instagram - instagram.com/chad.willardson Scott Donnell on TikTok - tiktok.com/@imscottdonnell
