What’s The Difference Between a 529 and ESA? 

thanks!

This is incorrect. You can use a 529 for any education whether it’s elementary school or trade school or college

@@toohda yes you are correct I forgot they revised the 529 plan in the Tax Cuts and Jobs Act 2017 to allow up to $10k for elementary expenses. However the limit is small. Most elementary or H.S. private schools cost more than $10k.

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There’s only 9 states that still do them

@@harrychufan Yeah, unfortunately I think while they are a great deal for the parents, they weren't so great a deal for the state.

Lady, you pick the funds like you would for your retirement accounts.. nothing crazy there

I dont really understand the prepaid concept. Say tuition costs $10k/ year for public university currently. How much would i need to contribute and when? Why is it worse or better

Yes many choices - become a plumber or dental hygienist at a trade school, transfer account to your other kid(s), transfer to grandkid (might have to wait another 20 years), move to parent (ever dream of being a chef or learn the banjo during retirement?), take out the contributions (but not the growth) penalty and tax free, which probably will be most of the account. Maybe leave what little remains (the growth) to pay for future grandkids private pre-school, elementary, high school, college, or trade school. Private pre-school would be something like an English speaking family sending the little ones to a French immersion school, day care does not count. I can't speak a word of French buy my now high school kids are not only fluent, but they actually speak with a French accent. I wish my own parents would have done for me what my wife and I have done for our kids because I'd likely be in a different place in life.

Yes...? It's a pretty common saying

If you have a kid that wants to start a business then college will benefit them.

The only advantage to an ESA, is if you had maxed out the yearly contribution to a 529, but wanted to invest more money in your kid's education. Then you could have an ESA on top of the 529. But if you had to choose between the 2, there is literally no reason why someone would choose a ESA over 529.

@@thelogicaldanger 10k for 10 years, that's almost 100k. That should be more than enough.

@@saulgoodman2018 I would agree, so practically, I see no need for an ESA. That was the only reason I can figure why someone might actually use one.

The biggest advantage of the ESA that I'm aware of is that it gives you much more flexibility in investment choices, whereas the 529 is usually limited to select mutual funds you have to pick from. But the $2,000 limit on the ESA is a HUGE disadvantage that I think may outweigh that one advantage.

Being able to choose your index funds at a 0.03% expense ratio is a huge advantage for ESA. Whereas some states have outrageous expense ratios close to or above 1%

Gambled? It's not gambled. Might be poorly invested, but not gambled.

It's not a gamble, it's an investment. It works very similar to a 401(K) or IRA account. You'll have gains/losses throughout the years, but it will overall grow in the long run.

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