How to Save for College - 529 Plans - how much /mo to cover 100%?

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How to save for college or rather how much money should you be investing and contributing into your 529 plan (529 account) per month? Well, how much you save and invest per month depends on what your college goals are for your kid(s) & in this video I share the methodology to how my wife and I decided on our monthly 529 account contributions.
If your college savings goals are to save enough money to pay for 100% of all the costs incurred while your child is in school...then you'll have to save a lot of money...even more of you're considering private colleges or out of state college tuition.
If you got started late or are not able to financially save enough to cover 100% of the costs - THAT IS COMPLETELY FINE! Don't feel like a bad parent if you're not able to cover everything....c'mon...be realistic here. We all have sacrifices we need to make. But, that doesn't mean you can skip out on making a plan...you still need to make a plan.
Hope you found a nugget or two in this one. Cheers!
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ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
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DISCLAIMER: I am not a financial adviser or a certified public accountant. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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Опубликовано:

26 июн 2023

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Комментарии : 8

@Financial_Awareness Год назад

This is how easy Financial Planning is: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-X7FduGvPbsY.html Should you invest AFTER tax or PRE tax: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-OQUAkNeCtfk.html Hope this video helps you brainstorm your own financial plan about your kid's college. If you're not saving enough /month...its ok...something is better than nothing. You're doing great!!!

@DP-lx1jn 3 месяца назад

It won’t let me do the check option.

@roburb73 Год назад

We're doing a UTMA. Would it make sense to also do a 529? My wife and I plan on funding our son's college if he goes. Additionally, if they use our income he'll never qualify for tuition assistance. 🤷

@Financial_Awareness Год назад

@roburb73 - Hey Rob! Sorry for the delay in my reply. If you’re funding the utma sufficiently then I believe you’ll be fine with just that. We got started on the 529 train from early on & added the utma later for them with their chore money…so that account is substantially smaller than our 529’s. Lots of pros and cons to several options…you might have seen one of my other vids where I go into more detail on each of these options. For us, what rubbed me the wrong way about utma’s was that the money HAD TO legally become our daughters when the turn 25 (in Florida; might be different in other states). With the 529, the money belongs to my wife and I…which is how we wanted the ownership structured. Lots of great options with just using a normal individual brokerage investing account as well and just emotionally labeling it “for college.” Like I said though, if you’re funding sufficiently for the goals you’ve laid out then you’ll be good. Appreciate you checking this one out!

@jamesstpatrick8493 2 месяца назад

400 A kid that's be impossible with 3 kids

@Financial_Awareness 2 месяца назад

Under the context of that mindset, you are correct. …but it happens…and people do it…and more. Imagine a higher income than what you have now. Imagine the order of what you would do first for your family/yourself. Now imagine how long it would take you to arrive at that point…are you willing to see it through for that long? Now imagine some people have been doing exactly what you’re doing and even started at a worse position than wherever you’re at now…and ask yourself if you have the maturity, stamina, and determination to see through a financial plan long enough to make it happen for your situation. My wife and I are 6 years into reaping the benefits that took over 4 years of planning & sacrifice & $210k of debt. If you’re willing to sacrifice and do something to improve your situation…then $400 a kid is not impossible…you just haven’t mapped out your plan of how you would do it yet…and others have. You’re probably capable of accomplishing much more than you’ve been challenged to do thus far in your life. I bet you could do $400/kid x3…only a matter of how long it would take to get there and if it’s a high enough priority for you. Really is as simple as that. Appreciate you taking the time to check out the vid! Cheers!

@davidk6006 5 месяцев назад

Complete waste of time video. Guy just mentions names of titles of books he has read, and explains "his reverse engineering genious". After about excessive minutes of driving and bad sunglasses he annouces that he is saving $400 a month per child. He doesn't reason how he comes to that number, just announces it. Then, in the grande finale, sunglasses explains that he is planning to buy a "3 bedroom" where his kids go to school, to make rental money. Thanks, dude.

@Financial_Awareness 5 месяцев назад

Solid analysis. Not every vid is a banger. Sorry bro. Wish I could give you your time back. For our goals, which is to cover 100% costs of four years of undergrad, $400/mo was the right number for us. Say, for example, a family/parent wanted to only cover tuition (and not books/housing/food/transportation) then something closer to $100-150/ mo would prob work. 🤷🏼‍♂️ At the end of the day, saving something is better than nothing. I’m proud of you for jumping online and researching this topic…that determination and behavior will likely set you up for much success….and I hope you accomplish your college saving goals. Appreciate you, David! Cheers.