What’s your biggest question or concern when it comes to saving money for your child’s education? When life is happening, being able to save extra towards education can be challenging enough. Compound that challenge to save with the common stress most parents feel about the path their children will take in five, ten, or even twenty years from now.
Culture has, for right or wrong, steered most students towards the 4-year college degree. But what if your child wants to pursue a skilled trade or the military after high school? In this week’s episode of The Money Guy Show, we talk about all the ways you can plan for your child’s education and which tools will be most flexible for you no matter what path your child takes.
Helping to save money towards your child’s education is a tremendous step in setting them up for financial independence. Here’s what you can look forward to in this episode:
- Learn the basics of education planning
- Find out what a 529 Plan is and why it’s good
- Find out what a Coverdell Plan is and why it’s also good
- Understand the difference between education savings accounts
- Know what your options are if your child doesn’t need the money you saved for them in a 529 Plan (scholarship or military)
- Know what types of post-secondary education you can use a 529 Plan for
- Learn what you can do with a 529 Plan if your child doesn’t pursue post-secondary education
- Prioritize education planning and retirement planning
- Discover ways you can help save financial assets for your children towards other goals (i.e. weddings, home purchase, their own financial independence)
Resources we mentioned on the show:
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