To start, if you have leftover 529 funds and your child/niece/nephew/grandchild has completed their undergraduate degree...then you my friend have earned my respect and I most certainly hope you subscribe to the channel. Seriously, if you have a small amount of money that is somewhat meaningless to you...just liquidate the account - you've earned it - don't let anyone tell you what to do with it.
That said, there are more efficient ways to handle excess 529 money and I discuss them in the video. Towards the end I mention the 10% penalty being on the gains, but I did not emphasize enough that you are also subjected to paying income tax on the gains as well...not the entire final liquidation of the account - just the gains (which is likely smaller than the total).
Hope you found a nugget or two in this one. Cheers!
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Timestamps / Chapters
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Music: Epidemic Sound - I Wanna Go Down (Instrumental Version)
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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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31 июл 2024
